Business Analysis Techniques
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Questions and Answers

An enterprise is the ______ or development of a new good or service to be introduced to the market.

formation

Which of the following is NOT a potential risk associated with an enterprise?

  • Expensive to run
  • Increased Customer Flow (correct)
  • Poor Sales
  • Lose to competitors

    • What is the primary benefit of successful enterprise?

  • Financial Reward (correct)
  • Self-Employment
  • Pursue Life Goal
  • Improved Quality of Life

    • Which of the following qualities are essential for a successful entrepreneur?

    <p>Able to spot opportunities (A), Persistent (B), Risk Taker (C), Self Motivated (D), Organized (E), Good Communicator (F)</p> Signup and view all the answers

    A change in demand could be a potential risk for an enterprise.

    <p>True (A)</p> Signup and view all the answers

    Entrepreneurs always make a large profit immediately.

    <p>False (B)</p> Signup and view all the answers

    Match the following motivational categories with their corresponding examples.

    <p>Financial = Profit maximization Non-Financial = Personal satisfaction Community/Social = Addressing a social issue</p> Signup and view all the answers

    Why is investing in digital marketing crucial for businesses today?

    <p>Digital marketing helps businesses reach wider audiences, engage customers, and potentially increase sales in an increasingly digital world.</p> Signup and view all the answers

    What is the main difference between B2C and B2B businesses?

    <p>B2C businesses sell goods and services directly to consumers, while B2B businesses sell to other businesses.</p> Signup and view all the answers

    A ______ good is a physical product that has a longer lifespan, like a refrigerator or a car.

    <p>durable</p> Signup and view all the answers

    Which of the following is NOT a characteristic of an entrepreneur?

    <p>Risk-Averse (A)</p> Signup and view all the answers

    Match the following terms with their definitions:

    <p>Consumer Good = A good sold to individuals for personal use Producer Good = A good sold to other businesses for use in production Commercial Service = A service used by other businesses, like accounting or website design Personal Service = A service used by individuals, like a hairdresser or a bingo hall</p> Signup and view all the answers

    Entrepreneurs are always financially successful.

    <p>False (B)</p> Signup and view all the answers

    Which of the following is NOT a characteristic of a good?

    <p>Intangible (A)</p> Signup and view all the answers

    What does the acronym "BLT" stand for in the context of business writing?

    <p>Brief, Logical, and Targeted (B)</p> Signup and view all the answers

    Non-durable goods are meant to be used or consumed within a short period of time.

    <p>True (A)</p> Signup and view all the answers

    What is a key advantage of services over goods?

    <p>Services are often customized to meet individual needs, while goods are usually standardized.</p> Signup and view all the answers

    The "Leading to" section of a BLT paragraph is meant to provide specific examples that support the main point.

    <p>False (B)</p> Signup and view all the answers

    What is the purpose of the "Because" section in a BLT paragraph?

    <p>The &quot;Because&quot; section explains why the main point is relevant by providing reasoning and connecting it to a broader context.</p> Signup and view all the answers

    In a BLT paragraph, the ______ section should directly address the implications or consequences of the stated point.

    <p>Leading to</p> Signup and view all the answers

    Match the following BLT paragraph elements with their corresponding descriptions:

    <p>Point = Explains why the point is relevant Because = States the main idea or observation Leading to = Discusses the implications or consequences of the point</p> Signup and view all the answers

    What is the primary benefit of using the BLT structure for business writing?

    <p>It helps to organize and clarify your ideas. (C)</p> Signup and view all the answers

    The "Point" section of a BLT paragraph should always include specific data or statistics.

    <p>False (B)</p> Signup and view all the answers

    What is the main purpose of using transition phrases in a BLT paragraph?

    <p>Transition phrases help to create a logical flow between sentences and ensure that each part of the paragraph is connected to the main point.</p> Signup and view all the answers

    Which of the following is NOT a negative aspect of goods?

    <p>You may not get what you want (B)</p> Signup and view all the answers

    A need is an essential item required for survival.

    <p>True (A)</p> Signup and view all the answers

    What is one positive aspect of services?

    <p>You can use the service however you want</p> Signup and view all the answers

    A ______ is an item that you wish to have but is not essential for survival.

    <p>want</p> Signup and view all the answers

    Match the following items with their category (want or need):

    <p>A car = Want Food = Need A vacation = Want Shelter = Need</p> Signup and view all the answers

    Tangible items can be touched.

    <p>True (A)</p> Signup and view all the answers

    What is one negative consequence of wants?

    <p>Wants can become an addiction</p> Signup and view all the answers

    Which of the following is NOT a positive aspect of needs?

    <p>You can keep it safe (B)</p> Signup and view all the answers

    What is a key benefit for a franchisor when granting a franchise?

    <p>Receiving royalty payments (C)</p> Signup and view all the answers

    A franchisee is the owner of the company that grants the franchise licenses.

    <p>False (B)</p> Signup and view all the answers

    What are the four Ps of marketing, as described in the provided text?

    <p>Product, Price, Promotion, Place</p> Signup and view all the answers

    Market research involves gathering information about customer ______ and ______.

    <p>needs, wants</p> Signup and view all the answers

    Which of the following is NOT a factor that influences the dynamic nature of businesses?

    <p>Government regulations (C)</p> Signup and view all the answers

    Which of these is NOT a method of market research mentioned in the text?

    <p>Product testing (D)</p> Signup and view all the answers

    Match the terms with their corresponding descriptions:

    <p>Franchisor = The owner of a company that grants franchise licenses Franchisee = The owner of a branch that operates under a franchise agreement Product = Identifies and fulfills customer needs and wants Place = Where the product is available and how it is displayed</p> Signup and view all the answers

    Market segmentation is the process of dividing a market into groups based on shared characteristics.

    <p>True (A)</p> Signup and view all the answers

    What is the primary purpose of market segmentation?

    <p>To cater to diverse customer needs and wants.</p> Signup and view all the answers

    One of the negatives for a franchisee is the potential risk of the franchisor going out of business.

    <p>True (A)</p> Signup and view all the answers

    Dividing a market based on ______________ variables, such as income level, is a common segmentation strategy.

    <p>demographic</p> Signup and view all the answers

    Name one method of market research that involves collecting data directly from individuals.

    <p>Surveys</p> Signup and view all the answers

    Match the following segmentation bases with their corresponding definitions:

    <p>Demographic segmentation = Dividing a market based on customer characteristics like age, gender, and income. Geographic segmentation = Dividing a market based on location or region. Psychographic segmentation = Dividing a market based on customer values, lifestyles, and interests. Behavioral segmentation = Dividing a market based on customer actions, such as purchase frequency or brand loyalty.</p> Signup and view all the answers

    Flashcards

    BLT Structure

    A writing framework consisting of Point, Because, Leading To.

    Point in BLT

    The initial clear statement or main observation in a BLT paragraph.

    Because in BLT

    The reasoning that explains why the point is important.

    Leading To in BLT

    The discussion of the implications of the point made.

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    Clarity in Writing

    Ensuring that each part of your paragraph is clear and relevant.

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    Conciseness in Writing

    Keeping your writing brief and to the point without losing meaning.

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    Transition Phrases

    Words like 'because' and 'therefore' that connect ideas smoothly.

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    Effective Paragraphs

    Paragraphs that integrate clarity, conciseness, and logical structure.

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    Digital Marketing Investment

    Investing in digital marketing to enhance customer engagement and sales.

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    Customer Engagement

    Interaction between a business and its customers to foster loyalty.

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    Market Share Growth

    Increasing the percentage of total sales in a market a business has.

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    Risks of Entrepreneurship

    Potential downsides that entrepreneurs face like competition and financial loss.

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    Rewards of Entrepreneurship

    Potential benefits such as financial gain and personal fulfillment from business success.

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    Motives for Starting a Business

    Reasons behind launching a new business, including financial and social goals.

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    Characteristics of Entrepreneurs

    Traits common among entrepreneurs, such as risk-taking and innovation.

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    Impact of Branding

    The effect that brand awareness has on customer behavior and sales growth.

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    Entrepreneur

    A person who sets up a business, taking financial risks to make a profit.

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    Determination

    The persistence to achieve success despite challenges and risks.

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    Consumer Good

    A product sold directly to the public for personal use, e.g., shoes.

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    Producer Good

    A product sold to businesses for further production, e.g., cocoa beans.

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    Durable Good

    Goods that last a longer period, e.g., appliances or cars.

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    Non-durable Good

    Goods meant for immediate consumption, e.g., food or fuel.

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    B2C (Business to Consumer)

    Businesses that sell products directly to individuals.

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    Service

    A non-physical product used by consumers or businesses, e.g., haircuts or website design.

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    Intangible goods

    Items you cannot physically touch, like services.

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    Positive aspects of goods

    Benefits of goods include tangibility and sensory use.

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    Negative aspects of goods

    Potential downsides include loss or scams.

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    Positive aspects of services

    Benefits of services include convenience and personalization.

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    Negative aspects of services

    Downsides can include unmet expectations and scams.

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    Wants

    Non-essential items you desire for enjoyment.

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    Needs

    Essential items necessary for survival and functioning.

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    Negative aspects of wants

    Wants can lead to unhealthy habits or debt.

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    Franchisor

    The owner of a franchise who grants licenses to franchisees.

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    Franchisee

    The business owner who operates a branch of the franchise under the franchisor's brand.

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    Royalty Payment

    A fee paid by franchisees to franchisors, usually a percentage of profits.

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    Marketing

    The process of promoting products to consumers based on their needs and wants.

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    Four P's of Marketing

    Framework consisting of Product, Price, Promotion, and Place used for marketing strategies.

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    Product (4 P's)

    The item or service that fulfills customer needs and wants.

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    Market Research

    The process of gathering information about customers to understand their needs and preferences.

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    Survey

    A method for gathering information from a sample of people to understand population views.

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    Market Segmentation

    The process of dividing a market into parts based on customer needs and wants.

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    Demographic Segmentation

    Dividing a market based on demographic variables like age, gender, and income.

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    Dynamic Business Environment

    A business atmosphere that rapidly changes due to various factors like technology and customer preferences.

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    Obsolete Products

    Items that are outdated and replaced by newer alternatives, like DVDs and iPods.

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    Adaptation in Business

    The process of adjusting to changing market demands and technological advancements.

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    Study Notes

    Business Revision

    • BLT Explanation: A method for structuring a business analysis paragraph.
      • Point: States the central observation, trend, or impact.
      • Because: Provides reasoning and context for the point.
      • Leading to: Discusses the implications and potential outcomes.
      • Therefore: Summarizes the significance of the analysis and provides a final thought.

    Tips for Writing Effective BLT Paragraphs

    • Clarity and Conciseness: Each part must be clear and directly related to the main point.
    • Use Connectives: Use transition phrases (e.g., "because," "leading to," "therefore") to connect ideas logically.
    • Practice with Examples: Writing multiple BLT paragraphs on different topics improves analytical skills.

    Enterprise - Risk, Reward, and Motive

    • Risks: Losing to competitors, high running costs, poor sales, lack of job security, and changing demands affect businesses.
    • Rewards: Success, financial reward, self-employment, better quality of life, and pursuing life goals.
    • Risk and Rewards: The probability of incurring a profit (upside) or a loss (downside) due to trading or investing.
    • Motive: Financial, non-financial, and social motivations that drive enterprise.

    Entrepreneurs

    • Characteristics of a successful entrepreneur include determination, persistence, risk-taking ability, spotting opportunities, strong communication skills, self-motivation, and organizational skills.
    • Being an entrepreneur involves identifying an opportunity to create a good or service desired by people.

    Goods and Services

    • Goods: Physical, tangible items (e.g., car, table).
    • Services: Intangible offerings, not physical (e.g., haircut, taxi ride).
    • Key Words: B2C (businesses selling to consumers), B2B (businesses selling to other businesses), durable goods (long-lasting), and non-durable goods (short-lasting).
    • Positives of Goods: Tangibility, ability to keep/store, using senses.
    • Negatives of Goods: Lose it, get scammed.
    • Positives of Services: Memories and convenience.
    • Negatives of Services: Not tangible, might not get what was desired, possible scams.

    Wants and Needs

    • Wants: Non-essential items desired (e.g., expensive clothes, gaming console.)
    • Needs: Essential for survival (e.g., food, shelter).
    • Positive of Wants: Fulfillment, improving life, happiness.
    • Negative of Wants: Excessive spending, addiction, unhealthy habits, debt.
    • Positive of Needs: Survival, basic functionings, health, fulfillment.
    • Negative of Needs: Expensive, hard to find.

    Adding Value and New Ideas

    • Adding Value: Improving a product by adding features or branding.
    • New Ideas: Developing new business models, identifying market gaps, creating changes.
    • Positives of adding value: Increased profit, recognition, sales, options.
    • Negatives of adding value: Time consuming, expensive, might fail.

    Business Structures

    • Sole Trader: A business owned by one person.
    • Partnership: A business owned by two or more people.
    • Ltd (Public): A limited company where the public can invest in the business/company.
    • Ltd (Private): A limited company where only friends and family can invest

    Franchise

    • Franchising: A business model where one person (franchisor) grants a license for another business owner to use its brand and business format for minimum money.
    • Positives of Franchising: Geographical growth, reduced funding, royalty payments.
    • Negatives of Franchising: Not cheap, marketing limitations, risk of the business failing, pleasing higher ups (franchisor/franchisee).

    Marketing

    • Marketing: Used to advertise products to consumers with a focus on a specific demographic or target audience.
    • The 4 Ps: Product, price, promotion, and place.
    • Product: Identifies and fulfills customer's needs and wants.
    • Price: Good value for the money.
    • Promotion: Promotes awareness and existence of the product.
    • Place: Where the product is available and how it's displayed.

    Market Research

    • Market Research: A way producers and marketplaces study the customer to gather relevant information.
    • Methods of Market Research: Surveys, interviews, focus groups, and customer observation.
    • Customer Observation: Monitoring customer behavior to gain deeper insights into the target audience.

    Market Segmentation

    • Market Segmentation: Dividing the market into parts that reflect different customer needs and wants.
    • Segmentation Basis: Demographic, income, location.

    Dynamic Nature of Business

    • Dynamic Nature: Businesses constantly adapt to respond to customer wants and needs.
    • Adaptations for Businesses: Changing technology, customers' changing demands, adapting to obsolete products/services, and using new and original ideas.

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    Business Revision PDF

    Description

    Explore the BLT method for structuring business analysis paragraphs effectively. Learn how to clearly articulate points, provide reasoning, and discuss implications through structured writing. This quiz will enhance your analytical writing skills in a business context.

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