m3 review quiz

What is a target audience?

• Somebody you should shoot
• Somebody watching a show in theater
• A particular group, identified as the intended customer of your good and/or service.
• Somebody who doesn’t want to buy your product or service

What is an “early adopter”?

• Somebody who takes a child at an early age
• Somebody who uses the product or service before anyone else
• Someone who wakes up at 3 am
• Some who goes to bed early

What is the mass market?

• The market for goods that are produced in large quantities.
• The market for goods that are produced in small quantities.
• The market for protein shakes
• The market for catholics

What is the niche market?

• The market for goods that are produced in large quantities.
• The market for goods that are produced in small quantities.
• The market for protein shakes
• The market for catholics

Define “competition” in business.

• A running race
• A type of trophy
• Businesses that are very different
• Businesses that offer similar products in similar markets

What are customer needs?

• Physical products such as burgers or cars
• Non-physical items such as hairdressing
• The wants and desires of buyers
• People who don’t usually buy products

What is a business resource?

• A type of book
• Where a business sells products
• Where a business finds customers
• Things like factories, intellectual property, important staff, etc

What is a supplier?

• Someone who a business buys good and services from
• Something a customer buys
• Something an employee makes
• Something a social enterprise doesn’t need

What is a fixed cost?

• A cost that changes every week
• A cost that stays the same every week
• The amount it costs to fix something that is broken
• The amount it costs to break a competitor's equipment.

What is a variable cost?

• A cost that changes every week
• A cost that stays the same every week
• A maths problem
• The cost to change business plans