Managing The Business Quiz 2

76This quiz is designed to test your knowledge of the modules of the “Managing The Business” lessons in the Management Skills Courses, specifically;-

Product and business life cycles

Business life cycle

Ethics or Profit?

Business ethical policy

Licensed merchandise

Risks and rewards of licensed merchandise

There are ten questions some of which are “tick all that apply “and others are True/False.

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Managing The Business Quiz 2

The Product life cycle is the series of events that sees a new product come into existence, and follows its growth into a mature product, potential expansion, critical mass and eventual decline.

An ethical approach aims to;-
Select all that apply

A license may specify a minimum sales revenue, or that royalties reach a minimum amount.

There are those who argue that the objective of any company is firstly to make a profit, and that many organisations have a stated aim off maximizing shareholder returns, in which case sacrificing profits to ethics may conflict with director’s fiduciary responsibilities.

Ethical Policy may cover:-
Select all that apply

From a manufacturing or retailers perspective, buying the licensing rights to a popular character can;-

Licensing is a business arrangement in which one company (the licensor) gives another permission to manufacture and sell products bearing images to which it owns the copyright. In return the licensor gets all the revenue from products sold under the license.

A license will;-
Select all that apply

A new business development manager can take action to extend the life of the business. This may involve;-
Select all that apply

Business success often depends on entrepreneurs and management teams recognising where the business is positioned in the life cycle and developing the most appropriate strategies for that stage in the cycle, and their plans and ambitions for the business.

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