Day 1 Fundamentals- Abby's Salon

I highly recommend that you take this quiz without notes in order to test how well you know the fundamentals discussed, especially since this quiz focuses on demonstration and real world use. All questions will be related to the same scenario, but at different stages. There is also some new vocabulary in here that is meant to make this more challenging, as well as thought provoking. You will have 5 minutes for each question. Read carefully, and good luck.

1. Abby is interested in opening her own salon. What is the word that would best describe her?

2. Before she can even begin to think about opening her business, she realizes she needs to make some important decisions. Link each of the following terms with the correct definition

In the process of making these documents, Abby takes a closer look at the services and products she wishes to offer. She decides that in addition to cutting hair, she will also dye and style it, as well as sell products from other small hair businesses. How is she obtaining her products?

Abby's products and services have utility, meaning there is some sort of benefit provided to her customers. Link the correct type of utility to the benefit offered.

Abby's salon has opened, and she couldn't be happier! She has picked a fantastic location in the heart of the city, and there are very few other high-end salons nearby. This means she has a captive _______.

In the first few months, Abby makes small changes here and there to her business. She notices that she's drawing in more older women, so she expands her product mix to have more products targeted towards older hair. She also notices that the cafe next door gets busy around noon, and many of her clients come in groups in the afternoon after grabbing a bite to eat. Noticing this, she partners with the cafe to offer discounts for haircuts when clients buy a specific treat at the cafe.

What is Abby demonstrating here?

Abby is approached by a competitor who also sells the hair products that Abby carries in her salon. The competitor proposes that Abby lower the price of Product A to less than what the competitor will have it at, and in exchange Abby will raise the price of Product B to over what her competitor has. This is an example of what?

Abby is applying for a loan to maybe expand her business, and is looking over her finances. Link each term with the proper definition.

Abby is releasing her own hair gel in the spring. What stages will this good move through from the time it is introduced to the market to the time it is removed?

When will sales of the hair gel stagnate?

When will the number of loyal reoccurring customers for the hair gel decrease?

Abby is comparing the long-term success of her salon with that of Cat's Cuts, the most successful salon in the city. She's trying to figure out how to market her new hair gel, and is taking inspiration from them. What is this called?

Abby has decided to expand her target audience from mature upper-class women to include wealthy middle-aged women. This is a significant ___.

Abby has been approved for her loan, and will be opening a second location under her brand's umbrella. To help her manage both salons, she'll be hiring some people. Match the tasks to the corresponding department.

Abby is taking a look at her product lines to analyze their efficiency before she opens the second location. What trait of a product mix has the following definition:

Total number of product lines offered to a customer