Started on Thursday, 23 May 2024, 9:36 AM
State Finished
Completed on Thursday, 23 May 2024, 10:33 AM
Time taken 56 mins 54 secs
Marks 33.00/35.00
Grade 94.29 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
The number of cellphones in South Africa surpasses the number of people
living in the country. Cellphone use in South Africa has increased enormously
during the last decade. Besides calling people, South Africans use their phones
to send text messages, access social media sites, chat with a group of friends
on instant messaging services and browse the internet. The need for constant
communication with friends is a ______________ need according to Maslow’s
hierarchy of needs.
In a ___________________ economy, individuals will need to take the tastes,
preferences and demands of consumers into account when deciding about
production and marketing if they want to make a pro t.
a. market
b.
command
c.
socialist
d. centrally directed
Your answer is correct.
The correct answer is:
market
Question 3
Correct
Mark 1.00 out of 1.00
There are several economic systems in the world. The country of Utopia allows
and encourages all members of the community to possess houses and to earn
pro ts on them by renting the houses out to overseas tourists. Clothing and
food are allocated based on free-market demand and are not controlled by the
government. All residents of Utopia are allowed to choose which careers they
want to follow. Which economic system does Utopia use?
_________ skills refer to the ability to view an organisation holistically to see
where it ts and to position it in a competitive business environment.
a.
Planning
b. Organisational
c. Marketing
d. Strategic thinking
Your answer is correct.
Strategic thinking skills are essential to positioning a business in a competitive
environment. These skills relate to the ability to view a company holistically to
see where it ts in the marketplace and whether it delivers value e ciently and
effectively to its customers compared to its competitors. (See 2.4, lesson 2.)
Thomas is an aspiring entrepreneur who is innovative and creative. He likes to
take control, to make decisions, to make operational changes and to have total
exibility and autonomy. He would like to start a business through a franchise.
Which of the following statements suggest that entering a franchise will not be
a good idea for Thomas?
a. The franchisee needs to comply with the franchise standards.
b. The franchise allows access to lower prices.
c. The franchise provides training and knowledge.
d. Creative entrepreneurs may nd franchising frustrating.
e. Maintaining consistency in the franchising process is critical for the
franchisor.
a. a; b; c
b. b; c; d
c. a; d; e
d. c; d; e
Your answer is correct.
Creative entrepreneurs who might want to change certain operations will nd
franchising frustrating. While the franchisee may nd some exibility in areas
such as marketing, maintaining consistency in the franchising process is critical
for the franchisor. The franchisee needs to comply with the franchise
standards. (See 2.6.2, lesson 2.)
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ExpertAcademy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R50,00. You're not tied to anything after your purchase.
