Busness unit two test

Question 1

Invention

Answer 1

New idea or concept we haven’t seen before. (Brand new idea)

Question 2

innovation

Answer 2

Modifies existing ideas

Question 3

Need

Answer 3

pushes towards things we need for survival

Question 4

Want

Answer 4

not necessary for survival

Question 5

Creating a business name steps:

Answer 5

You need an elective business name:
- Establishes a strong identity and character
- Describes the type of business you’re conduction

Question 6

Business name change can reflect:

Answer 6

• a change in focus of your company (re-branding)
• change in market (change in target customers)
• Business success (declining sales)

Question 7

Mission statement vs Vision statement

Answer 7

one based on current action and the other on the future actions

Question 8

Creating a slogan steps:

Answer 8

• Keep it short and simple
• Be consistent
• Focus on what makes you different
• Make it timeless
• consider your audience
• Rhythm
• should be under 10 words

Question 9

Effective logos

Answer 9

Relevant - colors, font
Simple - not unique? to simple?
Distinct- different from other logos
Memorable- simple, spasfic idea
Enduring - around for a long time?
Versatile - printable? black and white? color?
Beautiful- looks good?

Question 10

SWOT meaning

Answer 10

Strengths -
business or project that gives advantages
Weaknesses -
business has a disadvantage relative to others
Opportunity -
elements that the project could exploit to its advantages
Threats- could cause trouble for a business example: other stores