18 Questions
What term best describes Jessie seeking advice from other small-business owners on dealing with employees, government regulation, improving processes, and problem-solving?
Networking
By choosing to purchase the rights to operate a Tim Horton's fast-food restaurant, Rachel Hollings is likely acting as a:
Franchisee
Which process ensures that the plans and strategies set by management are properly executed?
Controlling
In strategic planning, which part focuses on evaluating the internal strengths and weaknesses of a company?
Performing a SWOT analysis
Which model is commonly used to analyze the competitive environment for a strategic business unit?
Porter's model
After completing a SWOT analysis, what should a company do next?
Set objectives and form tactical and operational plans
What is one advantage of buying a franchise?
Brand recognition and an existing customer base
Why is marketing assistance considered beneficial when buying a franchise?
To help promote the franchise to potential customers
Which of the following is a disadvantage of buying a franchise?
Payment of ongoing royalties
How does group buying power benefit franchisees?
By offering discounted prices for supplies and products
What is a potential risk associated with buying a franchise?
Higher chances of business failure
How do established systems benefit franchisees?
By providing training and support on business operations
What is a common disadvantage of buying a franchise?
High initial investment
Which factor can make it challenging to maximize profits when owning a franchise?
Limited creative freedom
What should individuals do before deciding to buy a franchise?
Thoroughly research the franchise opportunity
Why can disagreements and misunderstandings between a franchisee and franchisor be damaging?
They can lead to legal disputes and harm the business's reputation
In what way can strict oversight from franchisors impact franchisees?
It can lead to increased stress and pressure
Why might building a franchise from scratch be challenging for franchisees?
Franchisees are required to follow the franchisor's business model and growth strategy
Test your knowledge on scenarios related to small business management, including consulting advice, decision-making processes, and business operations.
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