The Business concept and the Business model

Question 1

Is an idea that is the basis for founding a business. It typically describes how you capture value and your unique selling proposition.

Answer 1

Business Concept

Question 2

A business concept for a high speed rail project that is developed as an early stage idea for an _______________ development program.

Answer 2

Infrastructure

Question 3

A fast moving _________________ company is looking to diversify its business by launching new brand with dozens of products.

They develop over 50 business concepts for the new brand as part of the business development process.

Answer 3

Consumer Goods

Question 4

A _________________ owner develops a number of business concepts for their next project. These concepts will be compared and evaluated.

The winning idea will be developed as a business plan that will be pitched to raised financing from local banks and partners.

Answer 4

Small Business

Question 5

Refer to the broad targets or aspirations that a company aims to achieve. They help define the company’s direction, focus its resources, and guide decision-making.

Answer 5

Business Goals

Question 6

The three key components of business goals are ___________, ___________, & ________

Answer 6

Vision, Mission, and Objectives

Question 7

A company’s __________ is its long-term, overarching goal. It is a statement that describes what the company hopes to achieve in the future and provides a sense of purpose and direction. A company’s ___________ should be ambitious, inspiring, and aligned with its values.

Answer 7

Vision

Question 8

A company’s __________ is its reason for being. It is a statement that defines the company’s purpose, values, and key objectives. A company’s ________________ should be clear, concise, and actionable, and should communicate the company’s unique value proposition to its stakeholders.

Answer 8

Objectives

Question 9

Refers to the products or services that a company provides to its customers. It is the core of the company’s value proposition and is what sets it apart from its competitors.

Answer 9

Business Offering

Question 10

is the rationale for why customers should choose the company’s products or services over those of its competitors. The justification should be compelling and based on a deep understanding of customer needs, preferences, and pain points.

Answer 10

Justification for the Business Offering

Question 11

The Business Proponents?

Answer 11

• Governance and Top Management
• Operating and Support Team
• Organizational Structure

Question 12

Can be defined as: “The system by which entities are directed and controlled. It is concerned with structure and processes for decision making, accountability, control and behavior at the top of an entity. ____________ influences how an organization’s objectives are set and achieved, how risk is monitored and addressed and how performance is optimized”.

Answer 12

Governance

Question 13

Is responsible for establishing policies, guidelines and strategic objectives, as well as for providing leadership and direction for quality management within the organization. It should also establish those responsible and hold them accountable for a wide variety of management system processes.

Answer 13

Top Management

Question 14

goods or service that your going to create

Answer 14

Product Design or Service Design

Question 15

source of materials, equipments needed and production process

Answer 15

Product Procedure

Question 16

cost includes labor, direct materials, factory overhead which serves as a basis in setting up the selling price

Answer 16

Product Cost

Question 17

strategies in promoting your product

Answer 17

Product promotion and positioning

Question 18

fuel businesses with the revenue it generates. It is the heart of business operations, it needs to take a calculated, strategic approach to designing a_________________.

Answer 18

Products and services

Question 19

is the coordination and combination of people, communication, and material components to create quality service.

Answer 19

Service design

Question 20

is the ring capabilities with product and business knowledge to convert ideas into physical and usableobjects.

Answer 20

Product design

Question 21

refers to all those costs which the company incurs to create the product of the company or deliver the services to the customers, and the same is shown in the financial statement of the company for the period in which they become the part of the cost of the goods that the company sells.

Answer 21

Product cost

Question 22

Examples of Product cost mainly include the following expenses:

Answer 22

Direct material (DM)
Direct labor (DL)
Factory overheads (FOH)

Question 23

are those raw materials that can be easily identified and measured.

Answer 23

Direct materials

Question 24

are the employees or the labor force that gets directly involved in producing or manufacturing finished goods from raw materials.

Answer 24

Direct laborers

Question 25

are indirect expense related to manufacturing a finished product that cannot be directly traced in the factory.

Answer 25

Factory overheads

Question 26

The _________________ are the salaries, wages, and benefits (like in insurance) paid to these labor forces against their services.

Answer 26

direct labor costs

Question 27

The cost of material and labor are the _____________ while the factory overheads are the _________________ , all of which are required to create a finished good (or service) ready to sell from raw material.

Answer 27

- Direct costs - Indirect costs

Question 28

 The materials used in the manufacturing process cannot be traced directly as raw materials are indirect materials. E.g., grease, oil, welding rods, glue, tape, cleaning supplies, etc., are all _________________ . It is difficult and not cost-effective to determine the exact expense of ______________ applied to a single unit of a product.

Answer 28

Indirect Materials

Question 29

The workers or employees required for the smooth functioning of the production process but do not get directly involved in creating a finished product are indirect materials. E.g., quality assurance teams, security guards, supervisors, etc., in the manufacturing premise are classified as the ______________ force. The associated costs in their salaries, wages and other benefits are considered ___________ costs.

Answer 29

Indirect Labor

Question 30

 The factory ______________ that fall under the above two categories of factory __________ can be classified as __________________. E.g., electricity expenses cannot be classified as material or labor. Similarly, costs like factory and equipment depreciation, insurance costs, property taxes on factory premises, factory rent or lease, the cost to utilities, etc.;

Answer 30

Other Overheards

Question 31

Product Cost Formula

Answer 31

Product Cost Formula = Direct Labor + Direct Material + Factory Overheards

Question 32

Factory OH Formula

Answer 32

Factory OH = Indirect Labor + Indirect Material + Other Factory OH

Question 33

To determine this cost on a per-unit basis, divide this cost as calculated above by the number of units produced.

Answer 33

Product Cost per Unit Formula = (Total Product Cost ) / Number of Units Produced.

Question 34

are essential elements of a marketing strategy that aim to create awareness, generate interest, and establish a favorable perception of a product or service in the minds of the target market.

Answer 34

Product promotion and positioning

Question 35

Here are some considerations for product promotion and positioning:

Answer 35

Target Audience Unique Selling Proposition (USP): Branding

Question 36

Develop a strong brand identity that reflects the values and positioning of your product. Consistently apply your brand across all promotional materials, including logos, slogans, packaging, and communications

Answer 36

Branding

Question 37

Craft persuasive messages that communicate the value and benefits of your product to the target audience. Determine the most effective communication channels to reach and engage your audience, such as social media, email marketing, content marketing, advertising, public relations, or direct sales.

Answer 37

Messaging and Communication Channels

Question 38

Create high-quality marketing materials that support your promotional efforts. This may include brochures, flyers, product catalogs, videos, website content, social media posts, and customer testimonials. Ensure these materials align with your brand image and effectively convey the key features and benefits of your product.

Answer 38

Marketing Collateral

Question 39

Develop a _______________ that reflects the value proposition of your product. Consider factors such as production costs, competitor pricing, target market affordability, and perceived value by customers. Position your product as offering good value for the price.

Answer 39

Pricing Strategy

Question 40

Determine the most appropriate ________________ to make your product accessible to customers. This could include direct sales, retail partnerships, e-commerce platforms, or wholesalers. Ensure that your ______________ align with your target audience's preferences and shopping behaviors.

Answer 40

Distribution Channels

Question 41

Plan and execute promotional campaigns to create awareness and generate interest in your product. This may involve targeted advertising, social media campaigns, influencer marketing, search engine optimization (SEO), public relations activities, or event sponsorships.

Answer 41

Promotional Campaigns

Question 42

Foster customer engagement by providing exceptional customer service, addressing inquiries promptly, and offering support channels. Encourage customer feedback and leverage positive testimonials to strengthen your product positioning.

Answer 42

Customer Engagement and Support

Question 43

Continuously monitor the effectiveness of your promotional efforts. Track key metrics such as brand awareness, customer engagement, sales performance, and customer satisfaction. Use this data to refine your promotional strategies and optimize your product positioning.

Answer 43

Monitoring and Evaluation