Entrepreneurship

Question 1

Standardised recipe

Answer 1

Carefully tested recipe used to ensure that the end result is always the same.

Question 2

Target market

Answer 2

a group of people with common needs and interests

Question 3

Danger Zone

Answer 3

tempreture between 5C and 65C , conducive to growth of micro-organisms on food

Question 4

Productivity

Answer 4

a measure of the efficiencyof production, or the rate at which goods or services are produced

Question 5

Marketing strategy

Answer 5

a plan that businesses use to guie them to make decisions about marketing and selling their product

Question 6

Advertising

Answer 6

any suitable method used by a business to inform the public about what it has to sell

Question 7

Pricing strategy

Answer 7

a method that businesses use to price their products or services

Question 8

Financial feasibility study

Answer 8

a study of whether a business will be a success after taking into consideration its total costs and probable revenues

Question 9

Revenue

Answer 9

total amount of money that the business receives for goods sold or services provided during a certain time period

Question 10

Sustainable profitability

Answer 10

mean that you would be able to continue producing your products for a long time to come.

Question 11

Quality Control Stages

Answer 11

• Quality of raw materials
• the production process
• the finished product
• packaging and labelling

Question 12

5P marketing strategy

Answer 12

• Product
• Promotions
• Price
• Place
• People