The Business Idea (VCE SSCE Business Management): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What are the three essential elements of a business concept?
What are the three essential elements of a business concept?
Product, target market, competitive edge
What does 'viability' mean in business concept development?
What does 'viability' mean in business concept development?
Capacity to develop, grow & sustain
What is the correct order of the business concept development stages?
What is the correct order of the business concept development stages?
Idea, research, refine, feasibility, plan
Which is NOT mentioned as a source of initial business ideas?
Which is NOT mentioned as a source of initial business ideas?
Government regulations & compliance
What are the two critical purposes of market research?
What are the two critical purposes of market research?
Validate demand & reveal differentiation
What happens during Stage 3: Refine the business concept?
What happens during Stage 3: Refine the business concept?
Adjust product & clarify target market
What does a feasibility study examine?
What does a feasibility study examine?
Financial needs, risks, rewards & resources
How does concept development prevent problems?
How does concept development prevent problems?
Identifies difficulties early in planning
What is the difference between opportunity and concept development?
What is the difference between opportunity and concept development?
Opportunity is 'what', development is 'how'
How does market research bridge opportunity and concept?
How does market research bridge opportunity and concept?
Tests assumptions with evidence