Entrepreneurship and Production Quiz

What is the purpose of a product specification?

• To determine the competitive advantage of the product

• To ensure the product has the same appearance and quality every time it is made

• To identify the target market

• To calculate the production costs

What are the primary costs involved in setting up a new restaurant?

• Equipment costs and delivery costs

• Cleaning costs and faulty goods costs

• Direct labor costs and marketing costs

• Direct material costs and overhead costs

What is the first step in the marketing process?

• Implementation and control

• Situation analysis

• Marketing strategy

• Decisions about the marketing mix

What does the growth stage of the product life cycle indicate?

• Sales are low and advertising costs are high

• Sales are increasing and profits are growing

• Sales are decreasing and the product is being withdrawn

• Sales are stable and the product is well-established

What is the core principle of marketing that focuses on building networks and relationships with customers?

• Satisfy customer needs

• Grow network

• Analyse the competitive advantage

• Produce what customers want

What factor influences production costs related to the price of natural resources?

• Labor

• Technology

• Capital

• Land

What is the main factor to consider in the choice of a suitable product for small-scale production?

• Storage & shelf life

• Stock & equipment requirements

• Finance

• Time

What is the purpose of the marketing control step in the marketing process?

• To ensure the product has the same appearance and quality every time it is made

• To calculate the production costs

• To determine the competitive advantage of the product

• To review market information and monitor the marketing strategy

What are the characteristics of a business that make it better than another business?

• Good reviews and strong brand name

• Lack of finances and untidiness

• Values, attitudes, interests or lifestyles

• Wages, cost of living, and customer spending

What is the main factor to consider in the choice of a suitable product for small-scale production related to the number of products made and variety?

• Time

• Storage & shelf life

• Stock & equipment requirements

• Finance