The division of work principle suggests that dividing tasks among team members can lead to improved performance and efficiency.

The division of work principle allows for specialization, which can lead to improved team performance.

Leadership involves motivating and guiding team members to enhance productivity and achieve organizational goals.

Planning is essential for developing an effective marketing strategy that aligns with business goals.

Innovation is key in entrepreneurship, as it involves creating new products or services to meet market needs.

Financial analysis is crucial in a case study as it helps understand the financial health and sustainability of the business, guiding strategic decisions.

Identifying stakeholders helps in understanding how decisions affect different groups, which is crucial for effective management and planning.

Identifying stakeholders is crucial in a case study as it helps understand how decisions affect different parties involved with the business.

In a general partnership, decisions are typically made by majority vote of the partners unless otherwise agreed.

Profits in a general partnership can be divided equally, based on investment, or as per an agreement.

In a limited partnership, limited partners have limited liability, meaning they are only liable for the amount they invested.

Improving customer service can lead to increased customer satisfaction and loyalty, illustrating market penetration.

Influencer marketing can significantly increase brand awareness by leveraging the influencer's audience and credibility.

Using social media to engage with customers is an example of digital marketing.

A unique selling proposition (USP) differentiates a product from competitors, making it more appealing to consumers.

Brand loyalty is a significant factor that influences consumer purchasing decisions.

Profits in a partnership are usually shared according to the terms set in the partnership agreement.

Partnerships typically have a limited lifespan, as they can dissolve upon the departure of a partner.

If the task takes 15 hours and is shared equally among 3 members, each member will work 15 hours / 3 = 5 hours.

25% of 80 hours is 20 hours spent on planning.

In a SWOT analysis, increased competition is an external threat that can impact the business negatively.

A value proposition is a statement that explains how a product or service meets customer needs and stands out from competitors.

The '4 Ps' of marketing are Product, Price, Place, and Promotion, which are essential elements for marketing strategy.

The value proposition is the unique value a product or service offers to customers, distinguishing it from competitors.

Stakeholders include anyone affected by the company's operations, not just shareholders.

The macro environment includes broad external factors such as economic, political, and social influences that affect all businesses.

Market segmentation refers to the process of dividing a market into distinct groups of buyers with different needs or characteristics.

SWOT analysis is a strategic planning tool that identifies Strengths, Weaknesses, Opportunities, and Threats related to a business.

Market segmentation involves dividing a market into distinct groups of buyers with different needs or characteristics to tailor marketing strategies.

Cognitive dissonance is the discomfort experienced after making a purchase, often leading consumers to seek reassurance about their decision.