Cultural diversity is a social factor that influences consumer behavior and business practices in the market.

Creativity is an example of an entrepreneurial trait, as entrepreneurs often need to innovate and think outside the box.

A cooperative is member-owned and controlled democratically, not by a single individual.

A sole proprietorship is not a separate legal entity; the owner and the business are legally the same.

Obscurity is not a characteristic of a strong brand; strong brands are known and recognized.

Micromanagement is not a characteristic of effective leadership; it often undermines team autonomy and trust.

Effective teams thrive on flexibility and collaboration, not rigid hierarchies.

Employee satisfaction is an internal factor, while the other options are external components of the business environment.

Internal policies are part of the internal environment, while economic, social, and technological factors are external.

Company culture is an internal factor, while the macro environment consists of external factors.

Profit is not a component of the marketing mix; the components are product, price, place, and promotion.

SWOT analysis includes Strengths, Weaknesses, Opportunities, and Threats, but does not include Regulations.

Company culture is an internal factor, while the others are external factors affecting the business environment.

A franchise is a business model that allows individuals to operate a business under a brand, but it is not a form of ownership itself.

Marketing is not a core function of management; it is a separate business function.

Employees are part of the internal environment, while competitors, suppliers, and government regulations are external factors.

Supply chain management is not part of the promotional mix; it focuses on the flow of goods and services.

Evaluating employee performance is not a step in the planning process; it is part of the controlling function of management.

While franchises are a method of distributing goods and services, they are not a standalone form of business ownership.

Sales forecasting is a predictive tool rather than a type of market research, which includes surveys, focus groups, and observational research.

The 4 Ps of marketing are Product, Price, Promotion, and Place. 'People' is not one of them.

Strategic planning focuses on setting specific, measurable objectives to guide the organization towards its long-term goals.

Skimming pricing involves setting a high price initially and then gradually lowering it to attract more price-sensitive customers.

Penetration pricing involves setting a low initial price to attract customers and gain market share quickly.

Penetration pricing involves setting a low price to attract customers and gain market share quickly.

Competitive pricing involves setting prices based on the prices of competitors' products.

Team spirit emphasizes collaboration and cooperation among team members to achieve common goals.

The Division of Work principle involves dividing tasks among employees to improve efficiency and productivity.

Unity of direction ensures that all organizational activities are aligned towards achieving common objectives.

The principle of Remuneration suggests that employees should be fairly compensated for their contributions to the organization.