Front

What's the main difference between Charlotte's need to pay rent and her desire to snag the latest video game?

Back

Needs are essential, while wants are non-essential but enjoyable

Answer explanation

The main difference is that needs, like paying rent, are essential for survival, while wants, like a new video game, are non-essential but enjoyable. This highlights the distinction between necessary expenses and discretionary spending.

Front

What essential item might Grace need to make her festive holiday dinner a success?

Back

Food for a holiday dinner

Answer explanation

To make Grace's festive holiday dinner a success, the essential item she needs is food for the holiday dinner. While ornaments, candles, and gift baskets add to the celebration, food is the core element of the meal.

Front

Which of the following is NOT one of the five magical components for identifying community needs and wants?
Current state,
Desired future state,
Budget constraints,
Strategy to bridge the gap

Back

Budget constraints

Answer explanation

Budget constraints are not one of the five magical components for identifying community needs and wants. The other options focus on understanding the current and desired states and strategies to bridge the gap.

Front

Ava and her friend Noah are on a mission to boost their company's customer satisfaction. What fun and effective method can they use to uncover what customers really want?

Back

Conducting surveys

Answer explanation

Conducting surveys is a fun and effective method for Ava and Noah to gather direct feedback from customers, helping them understand what customers really want and improving satisfaction.

Front

Ava is throwing a festive holiday bash and wants to ensure she has all the essentials to dazzle her guests. Which of the following is a customer want for holiday-themed products?
- Wrapping paper
- Winter clothing
- Heating fuel
- Grocery essentials

Back

Wrapping paper

Answer explanation

Wrapping paper is a holiday-themed product that enhances gift presentation, making it a clear customer want for a festive bash. The other options, while useful, do not specifically align with holiday-themed celebrations.

Front

Emma is embarking on an exciting entrepreneurial journey and wants to dive into market research. What should be her first adventurous step?

Back

Identifying the target audience

Answer explanation

Identifying the target audience is crucial as it helps Emma understand who her potential customers are, guiding her subsequent research steps like data gathering and competitor analysis.

Front

Why did Mia's new holiday-themed toy become the talk of the town while others didn't, according to Hannah and William?

Back

Because of superior advertising and meeting customer needs

Answer explanation

Mia's toy became popular due to superior advertising and effectively meeting customer needs, which set it apart from others that lacked these advantages.

Front

What magical tool can Aria wield to analyze her market rivals?

Back

SWOT analysis

Answer explanation

A SWOT analysis is a strategic tool that helps Aria evaluate her market rivals by identifying their Strengths, Weaknesses, Opportunities, and Threats, making it the most effective choice for analyzing competition.

Front

What does the 'O' in SWOT stand for?

Back

Opportunities

Answer explanation

In a SWOT analysis, the 'O' stands for 'Opportunities'. This refers to external factors that can be leveraged for growth and success in their business plan.

Front

Avery is excited to unwrap her new holiday-themed gift basket business! Which of the following is a jingle-bell example of a fixed cost for Avery's festive products? Material costs per item, Monthly rent for production space, Seasonal discounts, Advertising based on sales

Back

Monthly rent for production space

Answer explanation

The monthly rent for production space is a fixed cost because it remains constant regardless of the number of gift baskets produced. In contrast, material costs, discounts, and advertising vary with sales.