Products That Have Not Achieved Company- Established Goals of Sales

question 65

True/False

Products that have not achieved company- established goals of sales, profit, and market share are primary candidates for reintroduction into the market place.

Understand the managerial functions and skills required to run a successful business, including planning and controlling.

Identify common challenges faced by entrepreneurs and strategies to overcome them.

Appreciate the contribution of small businesses to job creation and economic growth.

Differentiate between entrepreneurs and general administrators in terms of their roles, risk behavior, and motivations.

---

Definitions:

Entrepreneurial Talent

The unique set of skills, creativity, and innovation that entrepreneurs bring to create and manage new ventures.

Explicit Costs

Explicit costs refer to the direct, out-of-pocket payments made by businesses for the resources they use, such as wages, rent, and materials.

Uninsurable Risk

An eventuality for which the frequency or magnitude of potential losses is unpredictable or unknowable. Insurance companies are not willing to sell insurance against such risks.

Consumer Tastes

Preferences or likes and dislikes of consumers that influence their purchasing behavior and are affected by cultural, social, personal, and psychological factors.