Unlocking Business Success
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Questions and Answers

Which factor is important to consider when developing a business idea?

  • The price that can be charged for the product
  • The person entering the business (correct)
  • The strength of the competition
  • The number of competitors in the market
  • What should be considered when finding out about the market for a new product?

  • The number of competitors in the market
  • The price that can be charged
  • The strengths and weaknesses of the competition (correct)
  • The type of design preferred by customers
  • What can be a strategy for pricing a new product?

  • Increasing the price as the product sells well
  • Matching competitors' prices
  • Charging a higher price than competitors
  • Selling at less than unit cost initially (correct)
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