QUESTION COMPLETION STATUS 683

 Question Completion Status:
Question 1 
1.	The term that explains what the business intends to do is called a:
 
	Mission

 
	Vision

 
	VRIO analysis

 
	Value System

Question 2 
The term that explains  how the vision is to be turned into reality is known as the
 
	Mission 

 
	Vision

 
	Value added analysis

 
	SWOT analysis

Question 3 
Which is NOT a characteristic of a good business plan?
 
	tells a coherent, consistent and cohesive customer focused story

 
	clearly defines the market, its prospects, the customers and suppliers

 
	is supported by those that must implement it.

 
	has advisers from competitive businesses.

   
Question 4 
The first port of call for funds for smaller business ventures are
 
	local bankers

 
	family and friends

 
	equity firms

 
	industry gurus

Question 5 
Which is not a component of the Executive summary of a business plan?
 
	Current state of the business

 
	Products and services and the customers

 
	Sources of sustainable competitive advantage

 
	Major obstacles faced

Question 6 
An evaluation of an uncertain future, issues and tactics a business must face is known as
 
	risk analysis.

 
	Regression analysis

 
	ratio analysis

 
	product life cycle.

Question 7 
Obtaining financial and operational data from competitors against which a business can measure its own performance is known as
 
	market research

 
	industry life cycle

 
	marketing mix

 
	benchmarking

 
Question 8 
The concept that describes the different stages of a product from introduction through growth to maturity and decline is known as
 
	product management

 
	ratio analysis

 
	regression analysis

 
	product life cycle. 
Question 9 
Analyzing the fit between a business's resources and opportunities and takes nto account how a business may need to adapt is known as
 
	strategic planning

 
	planning for profits

 
	vision

 
	mission

Question 10 
Using the PEST Analysis, the economic analysis must include
 
	local, national, and supranational issues.

 
	local, national and global economic factors 

 
	changes in technology

 
	shifts in the demographics of the population.

Question 11 
11.The marketing plan include(s) major components which include: 
 
	benchmarking. 
 
	market analysis. 
 
	market strategy. 
 
	both b and c. 
Question 12 
12. The objective of regression analysis (slthough few owners conduct it) is to:
 
	find a function that best deacribes the relationship between the variables.
 
	find the marketing tool that best fits the company and customers.
 
	evaluate the marketing strategies for the benefit of operstions.
 
	none of the above .
Question 13 
Discuss the effects of price elasticity of demand and how it impacts the pricing of business. Include an example in your explanation.





Question 14 
In order for a business to carry out its activity, the owner must develop an: 
 
	company motto 
 
	operational plan 
 
	financial plan 
 
	employee schedules