This document contains multiple attempts and solutions questions and answers for MNB1501 assignment 1 for semester 2 2023, using this document will ensure that you get a 100% mark.
Started on Friday, 14 July 2023, 11:37 AM
State Finished
Completed on Tuesday, 8 August 2023, 12:28 PM
Time taken 25 days
Marks 20.00/20.00
Grade 100.00 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
The fundamental economic problem society is confronted with involves _______________ .
a. making as much profit as possible regardless of the needs of society
b. ensuring the lowest possible satisfaction of needs with these scarce resources
c. ensuring they get what they want
d. choosing how it will use its scarce resources to the maximum effect in order to satisfy its needs
Your answer is correct.
The correct answer is:
choosing how it will use its scarce resources to the maximum effect in order to satisfy its needs
Question 2
Correct
Mark 1.00 out of 1.00
_________________ is characterised by actions of intense, prolonged and repeated efforts to accomplish something that is difficult.
Select one:
a. Achievement motivation
b. Risk-taking
c. An internal locus of control
d. An external locus of control
Lucy Dlamini aims to open her own hairdressing salon in Cape Town. Which of the following are traits and characteristics that she should
possess in order to be classified as an entrepreneur?
a Achievement motivation
b Risk- taking
c High tolerance for ambiguity
d Innovation and creativity
Select one:
a. a d
b. abc
c. acd
d. abcd
The correct answer is: a b c d
Question 4
Correct
Mark 1.00 out of 1.00
When Walt Disney failed to sell Mickey Mouse the first time around, he had to evaluate the features of the product to determine what
would satisfy his customers’ needs and wants. Disney created a voice and a personality for the mouse character that ended up making the
Mickey Mouse’s character a huge success. Which skill did Walt Disney apply here?
Select one:
a. Strategy skill
b. Marketing skill
c. Project-management skill
d. Planning skill
SAB previously used their own large trucks to distribute the beer that the company brewed to customer outlets. However SAB decided to
no longer use their own trucks, but use owner-drivers of trucks to distribute their beer. These drivers receive contracts from SAB to
deliver beer to clients in demarcated areas. The above scenario is referred to as ______________.
Select one:
a. insourcing
b. innovating
c. franchising
d. outsourcing
The correct answer is: outsourcing
Question 6
Correct
Mark 1.00 out of 1.00
In order for the IBM to be successful, Thomas J. Watson needed to have the ability to consider the business as a whole and to understand
how it fits within its marketplace. Which skill is referred to here?
Select one:
a. Marketing skills
b. Strategy skills
c. Project management skills
d. Planning skills
The correct answer is: Strategy skills
Question 7
Correct
Mark 1.00 out of 1.00
Which one of the following are NOT criteria Robertson and Cronje, from Big Blue, would have used to determine whether a good idea is
an investment opportunity?
Select one:
a. Increased market share
b. A potential to grow.
c. The timing must be right.
d. A clearly defined market for Big Blue products.
Kohler has adopted several strategies to sustain a culture of continuous innovation. Growth has been generated substantially from within,
by people creating an idea, getting it financed internally and executing it successfully. This is an example of ___________________.
Select one:
a. external locus of control
b. franchising
c. intrapreneurship
d. entrepreneurship
The correct answer is: intrapreneurship
Question 9
Correct
Mark 1.00 out of 1.00
Which one of the following is a disadvantage for buying an existing business?
Select one:
a. Planning can be done based on known historical data.
b. Financing may be available from the owner.
c. Employees are inherited rather than chosen.
d. There will be an established customer base.
The correct answer is: Employees are inherited rather than chosen.
Question 10
Correct
Mark 1.00 out of 1.00
Once an opportunity has been identified, defined and assessed as realistic and objective, the availability of resources needs to be
evaluated. What is the next step in the entrepreneurial process?
Select one:
a. Compile a business plan.
b. Launch and manage the new business.
c. Conduct a feasibility study.
d. Determine the activities and skills required.
The correct answer is: Conduct a feasibility study.
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