Small Business Management Scenarios
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Questions and Answers

What term best describes Jessie seeking advice from other small-business owners on dealing with employees, government regulation, improving processes, and problem-solving?

  • Relating
  • Incubating
  • Consulting
  • Networking (correct)
  • By choosing to purchase the rights to operate a Tim Horton's fast-food restaurant, Rachel Hollings is likely acting as a:

  • Trade creditor
  • Franchisee (correct)
  • Industrialist
  • Venture capitalist
  • Which process ensures that the plans and strategies set by management are properly executed?

  • Directing
  • Planning
  • Controlling (correct)
  • Organizing
  • In strategic planning, which part focuses on evaluating the internal strengths and weaknesses of a company?

    <p>Performing a SWOT analysis</p> Signup and view all the answers

    Which model is commonly used to analyze the competitive environment for a strategic business unit?

    <p>Porter's model</p> Signup and view all the answers

    After completing a SWOT analysis, what should a company do next?

    <p>Set objectives and form tactical and operational plans</p> Signup and view all the answers

    What is one advantage of buying a franchise?

    <p>Brand recognition and an existing customer base</p> Signup and view all the answers

    Why is marketing assistance considered beneficial when buying a franchise?

    <p>To help promote the franchise to potential customers</p> Signup and view all the answers

    Which of the following is a disadvantage of buying a franchise?

    <p>Payment of ongoing royalties</p> Signup and view all the answers

    How does group buying power benefit franchisees?

    <p>By offering discounted prices for supplies and products</p> Signup and view all the answers

    What is a potential risk associated with buying a franchise?

    <p>Higher chances of business failure</p> Signup and view all the answers

    How do established systems benefit franchisees?

    <p>By providing training and support on business operations</p> Signup and view all the answers

    What is a common disadvantage of buying a franchise?

    <p>High initial investment</p> Signup and view all the answers

    Which factor can make it challenging to maximize profits when owning a franchise?

    <p>Limited creative freedom</p> Signup and view all the answers

    What should individuals do before deciding to buy a franchise?

    <p>Thoroughly research the franchise opportunity</p> Signup and view all the answers

    Why can disagreements and misunderstandings between a franchisee and franchisor be damaging?

    <p>They can lead to legal disputes and harm the business's reputation</p> Signup and view all the answers

    In what way can strict oversight from franchisors impact franchisees?

    <p>It can lead to increased stress and pressure</p> Signup and view all the answers

    Why might building a franchise from scratch be challenging for franchisees?

    <p>Franchisees are required to follow the franchisor's business model and growth strategy</p> Signup and view all the answers

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