Study Guide and Quiz Answers

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1
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In a company's SWOT analysis, which of the following is an example of a strength?

A
A law is passed that decreases demand for the company's product.
B
A demographic trend increases demand for the company's product.
C
The company's employees are efficient and productive.
D
The company doesn't have many competitors.
2
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Health food and exercise are examples of what type of trend?

A
Demographic trends
B
Style trends
C
Technology trends
D
Lifestyle trends
3

Which of the following sections of a business plan comes first but should be written last?

A
Goals and Strategy
B
Executive Summary
C
Products and Services
D
Funding Request
4

In a company's SWOT analysis, which of the following is an example of a threat?

A
The company makes a low quality product.
B
The company's employees have bad morale.
C
There are many competitors in the market.
D
The market is not very saturated.
5

Which of the following sections of a business plan comes first but should be written last?

A
Goals and Strategy
B
Executive Summary
C
Products and Services
D
Funding Request
6

The U.S. consumer market is large, but other markets may offer what advantage?

A
Higher levels of market saturation
B
Better opportunities for growth
C
More demographic trends
D
More entertainment trends
7

Which of the following activities would be most helpful in figuring out what your company's competitive advantages are?

A
Limiting your scope
B
A SWOT analysis
C
Setting company values
D
Demographic research
8

Your company will need a business plan in order to do what?

A
Increase revenue.
B
Identify an opportunity.
C
Pay taxes.
D
Get funding.
10

Which of the following is one of the main things to consider when evaluating a business opportunity?

A
Customer demand for the product
B
Style and entertainment trends
C
The number of employees you plan to have
D
The mission statements of competitors
11

In a company's SWOT analysis, which of the following is an example of a threat?

A
The company makes a low quality product.
B
The company's employees have bad morale.
C
There are many competitors in the market.
D
The market is not very saturated.
12

How does limiting a company's scope benefit the company?

A
It encourages the company to use division of labor.
B
It makes it easier to produce a high quality product.
C
It lowers the company's taxes.
D
It allows the company to hire more employees.
14

The spoken version of your company's purpose is called _____________.

A
An elevator pitch
B
A vision statement
C
Your values
D
Differentiation
15

It's helpful to write a company's mission statement in what way?

A
By comparing the company's products to its competitors
B
By listing the company's values
C
By describing what the company does for its customers
D
By providing a list of product prices
16

What type of trend is caused by changes in the characteristics of a population?

A
A style trend
B
A competitive trend
C
A lifestyle trend
D
A demographic trend
17

If a company's scope is too big, what is likely to happen?

A
The company will face more conflicts of interest.
B
Employees will participate in a SWOT analysis.
C
Employees will have better morale.
D
The company will lose direction and focus.
18

Which of the following is one of the main things to consider when evaluating a business opportunity?

A
Customer demand for the product
B
Style and entertainment trends
C
The number of employees you plan to have
D
The mission statements of competitors
19

In a company's SWOT analysis, which of the following is an example of a strength?

A
A law is passed that decreases demand for the company's product.
B
A demographic trend increases demand for the company's product.
C
The company's employees are efficient and productive.
D
The company doesn't have many competitors.
20

A _____________ is created by a consumer problem, need, or desire.

A
Financial prediction
B
Company scope
C
Competitive analysis
D
Business opportunity

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