Business Decisions Revision Sheet PDF
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This document is a revision sheet containing questions about business decisions, such as business ownership types, advantages of franchising, how individuals decide to conduct business, and customer relationship management. The questions cover topics including types of ownership and how to compete with other businesses.
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Business Decisions - Revision Sheet A. Limited B. Shared C. Partial D. Unlimited A. Family B. Friends C. People who have the same profession D. People who have no previous connection A. Shareholders B. The CEO C. The federal government D. The founders of the corporation A....
Business Decisions - Revision Sheet A. Limited B. Shared C. Partial D. Unlimited A. Family B. Friends C. People who have the same profession D. People who have no previous connection A. Shareholders B. The CEO C. The federal government D. The founders of the corporation A. Limited B. Shared C. Partial D. Unlimited **GYG restaurants are an example of what form of business ownership?** A. Cooperative B. Franchise C. Trust D. Collective **Which industry commonly uses cooperatives?** A. Retail B. Mining C. Finance D. Agriculture **Which of the following is NOT part of the product development life cycle?** A. Design B. Beta and market testing C. Prototype D. Rebranding 1. **Explain the costs [AND] benefits for each of the different types of ownership.** a. Sole trader b. Partnership c. Company d. Franchise e. Cooperative 2. **What are the advantages of a franchisor allowing other people to run franchises?** 3. **How should individuals or groups decide how to run their business? What factors do they need to consider and why?** 4. **Why should businesses study demographics? How do they influence business decisions?** 5. **Explain the four target market groupings.** 6. **Explain how competition can impact business decisions in regard to products, prices, selling techniques etc.** 7. **Explain the importance of good customer service? Provide an example.** 8. **Identify and explain TWO strategies/ways businesses can respond to competition threats that might limit sales? How can they ensure customers still come to their business?** 9. **Identify and explain what happens during each of the six stages for developing a new product.** 10. **Explain ONE way a business can respond to opportunities in the marketplace**
