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Questions and Answers
What is a key factor that limits growth, productivity, and employment in the economy?
What is a key factor that limits growth, productivity, and employment in the economy?
Which technique focuses on creating value by understanding and meeting customer needs?
Which technique focuses on creating value by understanding and meeting customer needs?
What method is advised for adjusting prices to make products more accessible?
What method is advised for adjusting prices to make products more accessible?
What is an important step in effective decision-making?
What is an important step in effective decision-making?
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What principle should you apply to highlight the benefits of your product to customers?
What principle should you apply to highlight the benefits of your product to customers?
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Study Notes
Applied Economics - Chapter 3, Lesson 10
- Principles in Creating a Business: Scalability, big ideas, systems, sustainability are fundamental for success.
- Business Growth: A business must be dynamic and thrive in various economic conditions.
- Vision and Purpose: A business' vision should embody a higher purpose.
- Autonomy and Profitability: A business can thrive independently and be profitable.
- Standards: A business sets standards for success.
- Decision-Making Steps: Identify the decision, gather information, identify alternatives, weigh evidence, choose among alternatives; take action, review decision and consequences.
- Decision-Making Tools: Decision matrix, T-chart, decision tree, multivoting, Pareto analysis, cost-benefit, conjoint analysis.
- Technical Marketing Techniques: Create utility and usefulness in products. Change pricing to match consumer range. Emphasize product's key benefit. Provide value to customers.
- Methods of Competitive Advantages: Cost leadership, differentiation. Defensive strategies: alliances, collusion.
- Business Competition Types: Performance competition, head-to-head, controlling supplies, advertising, distribution, predatory competition, supplier relationships.
- Impact of Suppliers to Business: Quality, timeliness, competitiveness, innovation, finance.
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Description
Explore the principles of creating a business, focusing on scalability, vision, and decision-making. Delve into business growth dynamics and learn various decision-making tools essential for effective business management. This quiz emphasizes the importance of standards and technical marketing techniques in achieving business success.
