BBA 4010 Entrepreneurship | Assignment Questions

Running head: MANAGEMENT
Assignment Question
Module Name and Code: BBA 4010 Entrepreneurship
Student’s Full Name:
Student ID:
Month and Year of Submission:

1MANAGEMENT
Table of Contents
Task 1...............................................................................................................................................2
a. Difference between Business Opportunity and Business Idea.................................................2
b. Minimum Time for a Business to Earn a Profit.......................................................................2
c. Five Creative Ideas for Promoting a Low Budget Small Business..........................................2
d. Three Advantages and Disadvantages of Opening Website for a Business............................3
Task 2:.............................................................................................................................................4
a. Task Describing the Basics of Marketing Plan........................................................................4
b. Relationship between Price and Image. It’s Importance..........................................................5
c. Four Common Marketing Objectives and Its Importance........................................................5
Task 3:.............................................................................................................................................6
a. Source of Information Used for Developing Customer Profile...............................................6
b. Three ways of Providing Superior Customer Service..............................................................6
c. Comparison between Customer Services at Three Business within Community....................6
Task 4...............................................................................................................................................8
a. Type of Financing for Startup Business...................................................................................8
b. Challenges of Start-up Business..............................................................................................8
c. Choosing the Location of Business..........................................................................................8
d. Criticality of Physical Location for Distribution Business......................................................9
e. Role of Demographic in Selecting Retail Location.................................................................9
References:....................................................................................................................................10

2MANAGEMENT
Task 1
a. Difference between Business Opportunity and Business Idea
Business opportunity refers to something that might be capitalized for making money
and earning a return on the capital. On the other hand, business idea refers to certain things that
an individual has developed for resolving a problem or filling a need (Burns 2016).
b. Minimum Time for a Business to Earn a Profit
The standard estimation for a business to start earning a profit is a minimum of two or
three years (Michelini and Fiorentino 2012). This is mostly due to the cost incurred in adding an
expert or a partner to payroll for producing products along with bearing the marketing cost
amongst the other additional expenses.
c. Five Creative Ideas for Promoting a Low Budget Small Business
These include:
1. Posting Creative Content through Blogs: This involves making the blog the
foundation of the marketing efforts so that the business is able to direct the visitors, nurture the
relationships and capture the leads.
2. Creation of My Business Google Account: This enhance the visibility of the business
in the search and also on Google+ and Google Maps.
3. Undertaking Social Media Promotions: Undertake promotions through popular
social media platforms like Twitter, Facebook, LinkedIn and Pinterest.

3MANAGEMENT
4. Creation of Info graphics: Info graphics act as powerful tools for marketing. They act
as eye candy and easier to digest. People loves sharing them and they act as great means for
driving the referral links and traffic.
5. Undertaking Online Contest: This will help in driving participants and newer leads
d. Three Advantages and Disadvantages of Opening Website for a Business
Advantages:
 Creation of a dedicated domain name and creation of personal email account for the
business.
 The secure server of Yahoo requires no additional software installation. This allows an
individual to work virtually from any mobile device or from any location across the
world.
 The in-built Coupon Manager helps the business in easily creating coupon by creating
custom codes and expiry dates.
Disadvantages:
 The 24/7 online customer support service may not be satisfactory as the man hours
allotted for the service might not be efficient.
 There is a fee levied on each single transaction taking place via the website and it might
range between 0.75 percent and 1.50 percent.
 Website created through Yahoo service might not go with multiple gateways for
payment.