Business

Describe the business life cycle. What will be an ideal response?

QUESTION Describe the business life cycle. What will be an ideal response?   ANSWER There are four stages. In the introductory stage, new products are presented and companies focus on creating brand awareness. Sales begin to increase at a steady pace during the growth stage and other businesses enter the market. In the maturity, sales […]

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Date: September 3rd, 2020

Why would an entrepreneur use a SWOT analysis? What will be an ideal

QUESTION Why would an entrepreneur use a SWOT analysis? What will be an ideal response?   ANSWER Entrepreneurs use SWOT techniques to create a strategic balance sheet that details a company’s strengths and weaknesses. They also use SWOT to constantly evaluate new opportunities and avoid threats in their industry.

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Date: September 3rd, 2020

What is an oligopoly? Give an example. What will be an ideal response

QUESTION What is an oligopoly? Give an example. What will be an ideal response?   ANSWER In an oligopoly, there are few sellers in the marketplace, which is difficult to enter. Products may be either homogenous or differentiated, depending on the industry represented. Each seller in the marketplace reacts to the actions of the other […]

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Date: September 3rd, 2020

How do innovative companies focus on the triple bottom line? Give exam

QUESTION How do innovative companies focus on the triple bottom line? Give examples. What will be an ideal response?   ANSWER Innovative companies focus on profits for basic survival. They also focus on people by creating products that enhance a person’s quality of life. These products aren’t merely moneymaking tools; they allow a company to […]

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Date: September 3rd, 2020