1.8 What makes a business successful? Flashcards
(15 cards)
What does business success mean?
Achieving business objectives such as profitability, growth, and customer satisfaction.
Why is customer satisfaction important for business success?
Satisfied customers are more likely to return and recommend the business.
How does product quality contribute to success?
High-quality products build trust and encourage repeat purchases.
Why is effective marketing important?
It helps attract and retain customers, increasing sales and market share.
How can financial management lead to success?
Managing costs, revenues, and cash flow ensures stability and growth.
What role does leadership play in business success?
Strong leadership sets vision, motivates employees, and drives performance.
How does innovation contribute to business success?
It helps businesses stay competitive and meet changing customer needs.
Why is a strong brand important?
It increases recognition, trust, and customer loyalty.
How do motivated employees affect success?
They work more efficiently and provide better service.
What is the impact of location on success?
A good location can increase foot traffic and accessibility for customers.
How can adaptability lead to success?
Responding quickly to market changes helps businesses stay relevant.
Why is understanding the target market crucial?
It ensures products and services meet customer needs effectively.
What is the role of technology in business success?
It improves efficiency, communication, and customer experience.
How does reputation affect business success?
A good reputation attracts customers, employees, and investors.
What is the benefit of setting clear objectives?
They provide direction and a way to measure success.
