Penn Foster Lesson 2 Questions and Answers Graded A+
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Penn Foster Lesson 2
Institution
Penn Foster Lesson 2
Penn Foster Lesson 2 Questions and
Answers Graded A+
What is the purpose of a business organizational chart?
To outline the structure of a company and define roles and responsibilities.
What is a target market?
A specific group of consumers at whom a business aims its products or servi...
Penn Foster Lesson 2 Questions and
Answers Graded A+
What is the purpose of a business organizational chart?
✔✔ To outline the structure of a company and define roles and responsibilities.
What is a target market?
✔✔ A specific group of consumers at whom a business aims its products or services.
What does 'break-even analysis' determine?
✔✔ The point at which total revenues equal total costs, resulting in no profit or loss.
What is the role of a business’s value proposition?
✔✔ To communicate the unique value a company offers to its customers.
What is the purpose of a feasibility study in business?
✔✔ To assess the practicality and potential for success of a business idea or project.
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, How does a business’s competitive landscape influence its strategy?
✔✔ It determines how a company positions itself and differentiates from its competitors.
What does ‘operational efficiency’ mean in a business context?
✔✔ The ability to deliver products or services with minimal waste and maximum productivity.
What is the role of financial forecasting in business planning?
✔✔ To predict future financial performance based on current data and trends.
What is the significance of setting up business policies and procedures?
✔✔ To establish consistent practices and guidelines for managing daily operations.
What is a key component of a business's marketing mix?
✔✔ Product, Price, Place, and Promotion.
What is the purpose of a customer feedback system in a business?
✔✔ To gather information on customer satisfaction and improve products or services.
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