Putting A Business Idea Into Practice Flashcards
What is a business idea?
A concept for a product or service that meets a need or solves a problem.
True or False: Market research is unnecessary when putting a business idea into practice.
False
Fill in the blank: A _______ is a detailed plan outlining how a business will achieve its objectives.
business plan
What are the four main elements of the marketing mix?
Product, Price, Place, Promotion
What is the purpose of a business plan?
To outline the strategy, goals, and financial forecasts for a business.
Multiple choice: Which of the following is NOT a source of finance for a startup? A) Bank loans B) Personal savings C) Government grants D) Online surveys
D) Online surveys
What does SWOT analysis stand for?
Strengths, Weaknesses, Opportunities, Threats
True or False: A target market is the specific group of consumers a business aims to reach.
True
What is the importance of cash flow in a business?
It ensures that a business can meet its short-term liabilities and operate effectively.
Fill in the blank: _______ is the process of promoting and selling products or services, including market research and advertising.
Marketing
Multiple choice: Which financial statement shows a company’s revenues and expenses over a period? A) Balance Sheet B) Income Statement C) Cash Flow Statement D) Statement of Equity
B) Income Statement
What is a unique selling proposition (USP)?
A feature or benefit that makes a product stand out from competitors.
True or False: All businesses need to register with the government to operate legally.
True
What role does competition play in business?
It drives innovation, improves quality, and can affect pricing strategies.
Fill in the blank: The _______ is a legal document that outlines the rights and responsibilities of the business owners.
partnership agreement
What is the purpose of a feasibility study?
To assess the viability of a business idea before investing resources.
Multiple choice: Which of the following is a method of market research? A) Surveys B) Focus groups C) Observation D) All of the above
D) All of the above
What is branding?
The process of creating a unique name, design, and image for a product in the consumers’ minds.
True or False: Pricing strategies do not affect consumer buying behavior.
False
What is the difference between fixed costs and variable costs?
Fixed costs remain constant regardless of production levels, while variable costs change with production volume.
Fill in the blank: _______ is the act of selling goods and services through online channels.
E-commerce
What is customer feedback important for?
It helps businesses improve their products and services and better meet customer needs.
Multiple choice: Which document outlines the financial plan for a business? A) Business Plan B) Marketing Plan C) Operations Plan D) Strategic Plan
A) Business Plan
What is a break-even point?
The level of sales at which total revenues equal total costs, resulting in no profit or loss.
