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    Answer Sheet

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    Kotak Channel
    The document is an answer sheet for an introduction to business exam containing questions about small businesses, marketing mix, consumer buying decisions, and operational planning. For question 1, the answer defines a small business and notes advantages like personal relationships and independence, and disadvantages like limited capital and high failure risk. Question 2 discusses the four Ps of marketing mix - product, price, place, promotion - and defines a market. Question 3 describes the five steps of consumer buying decisions: problem recognition, information search, alternative evaluation, purchase decision, and post-purchase evaluation. Question 4 discusses the four steps of operational planning: selecting a planning horizon, estimating market demand, comparing demand to capacity, and adjusting products/services

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    Answer Sheet

    Uploaded by

    Kotak Channel
    24 views4 pages
    The document is an answer sheet for an introduction to business exam containing questions about small businesses, marketing mix, consumer buying decisions, and operational planning. For question 1, the answer defines a small business and notes advantages like personal relationships and independence, and disadvantages like limited capital and high failure risk. Question 2 discusses the four Ps of marketing mix - product, price, place, promotion - and defines a market. Question 3 describes the five steps of consumer buying decisions: problem recognition, information search, alternative evaluation, purchase decision, and post-purchase evaluation. Question 4 discusses the four steps of operational planning: selecting a planning horizon, estimating market demand, comparing demand to capacity, and adjusting products/services

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    Skema Jawapan

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    ANSWER SHEET

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    The document is an answer sheet for an introduction to business exam containing questions about small businesses, marketing mix, consumer buying decisions, and operational planning. For question 1, the answer defines a small business and notes advantages like personal relationships and independence, and disadvantages like limited capital and high failure risk. Question 2 discusses the four Ps of marketing mix - product, price, place, promotion - and defines a market. Question 3 describes the five steps of consumer buying decisions: problem recognition, information search, alternative evaluation, purchase decision, and post-purchase evaluation. Question 4 discusses the four steps of operational planning: selecting a planning horizon, estimating market demand, comparing demand to capacity, and adjusting products/services

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    24 views4 pages

    Answer Sheet

    Uploaded by

    Kotak Channel
    The document is an answer sheet for an introduction to business exam containing questions about small businesses, marketing mix, consumer buying decisions, and operational planning. For question 1, the answer defines a small business and notes advantages like personal relationships and independence, and disadvantages like limited capital and high failure risk. Question 2 discusses the four Ps of marketing mix - product, price, place, promotion - and defines a market. Question 3 describes the five steps of consumer buying decisions: problem recognition, information search, alternative evaluation, purchase decision, and post-purchase evaluation. Question 4 discusses the four steps of operational planning: selecting a planning horizon, estimating market demand, comparing demand to capacity, and adjusting products/services

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    ANSWER SHEET

    SUBJECT : INTRODUCTION TO BUSINESS


    CODE SUBJECT : DEIB 130
    NAME : AHMAD HELMI ISKANDAR BIN ABDUL ZANAR
    COURSE : BACHELOR FASHION DESIGN WITH HONOURS
    STUDENT ID : 2022.8.HO06.0001
    DURATION : 3 HOURS

    Section A
    Question 1 (a)
    Answer:
    A small business is one that is independently owned and operated for profit and is not dominant
    in its field. There are about 26.9 million businesses in the U.S. and in the last decade, the number
    of small businesses increased by 49 percent. Just over 17,000 of the businesses employed more
    than 500 workers. More than half of all small businesses are in retailing and services like
    restaurants, laundries, barbershops, bridal galleries and dental clinics.

    Question 1 (b)
    Answer:
    Some of the advantages of operating a small business are the business owner can keep a personal
    relationship with customers and employees. It is also have an independence in making decision
    and able to adapt to change rapidly, simplified record-keeping while keep the business
    information secret. On a site note, some of the disadvantages are the limited ability to raise
    capital, limited potential and at a high risk of failure.
    Question 2 (a)
    Answer:
    The four elements of the marketing mix included 4 P’s – product, price, place and promotion

    Question 2 (b)
    Answer:
    A market can be defined as the sum total of all the buyers and sellers in the area or region under
    consideration. Broadly there are two classifications of markets – the product market and the
    factor market. The factor market refers to the market for the buying and selling of factors of
    production like land, capital and labor.
    ANSWER SHEET

    Question 3
    Answer:
    The ‘Consumer Buying Decision’ process involves five basic steps. This is the process by which
    consumers evaluate making a purchasing decision. The five steps are problem recognition,
    information search, alternatives evaluation, purchase decision and post-purchase evaluation. The
    problem recognition recognizes the need for a service or product for example winter is coming,
    this particular customer has several light jackets, but she’ll need a heavy-duty winter coat if she’s
    going to survive the snow and lower temperatures. Then there goes to step two which is
    information search where customers gather information like searching on Google, asking the past
    consumers, word of mouth and read some reviews. After that the alternatives evaluation
    involving weighs choices against comparable alternatives for example, the customer compares a
    few brands that she likes, she knows that she wants a brightly colored coat that will complement
    the rest of her wardrobe and though she would rather spend less money. The fourth step is
    purchase decision where customers make an actual purchase, example: The customer finds a
    pink winter coat that’s on sale for 20% off and after asking friends for their feedback, she orders
    the coat online. The last step is post-purchase evaluation where customers reflect on the purchase
    they made, include follow-up emails, discount coupons, and newsletters to entice the customer to
    make an additional purchase.
    Question 4 (a)
    Answer:
    The four steps in operational planning process starts with the first step which is selecting a
    planning horizon where the period during which a plan will be in effect; commonly one year.
    The second step is estimating market demand where we define the quantity that customers will
    purchase at the going price and the demand will be estimated for the planning horizon. The third
    step is comparing market demand with capacity, if market demand and the facility’s capacity are
    not equal, adjustments may be necessary. The last step is adjusting products or services to meet
    demand by increasing capacity to meet demand while we can ignore excess demand, we can also
    eliminate excess capacity.

    Question 4 (b)
    Answer:

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