Answer:

1. What may you want to compare when conducting a competitive analysis? 

First i need to identify my competitors, Examine your competitor's website & customer experience. Identify your competitor's market positioning. Take a peek at pricing.Problem solve for shipping. Take a temperature check with reviews.Review social media.

 

2. What are the stages of a product lifecycle and why is it important to know?

1.development 2.growth 3.maturity 4. decline. it is important to know the product life cycle because it helps business owners manage sales, determine prices, predict profitability, and compete with other businesses.

 

3. What is a product portfolio analysis?

answer: A product portfolio is the complete collection of products or services that a business sells. The portfolio may be straightforward and consist of a single product, or it may consist of multiple, diversified product lines.

4.What should your action plan include?

answer: A well-defined description of the goal to be achieved

• Tasks/ steps that need to be carried out to reach the goal
• People who will be in charge of carrying out each task
• When will these tasks be completed (deadlines and milestones)
• Resources needed to complete the tasks
• Measures to evaluate progress

5.What tips could you give for managing time?

answer::: The best way on managing your time is to list the things you are goin to do in a day. List your priorities and make them one by one. You should have a notepad or notebook to list all you needed to accomplished in a day.

6.Choose one of the below elements and describe how you could monitor it:

answer: Finances. You could monitor your business if it is earning or not by Finances. If you see that the earnings are way smaller than your spending and liability then you have to change your marketing strategy.

7.How can you review performance regularly against objectives and budget?

answer:

1. Assess New Income and Expenses.
2. Review Your Financial Goals.
3. Modify Your Budget.
4. Identify and Plug Budget Leaks.
5. Review Your Budget.

If your expenses exceeded what you had allocated, you may be able to reduce expenditures in any spending categories that were consistently higher than you had budgeted. Similarly, if you spent less than you had planned, there may be an opportunity to increase expenditures for the next month in any spending categories that were lower than you had budgeted. If you spent what you planned to spend, you're on the right track, but your budget may still require changes depending on your financial picture for the next month.

 

8.What is a good method to use to get ideas for adjustments? 

answer:

1.  Engage in Observation Sessions. Great ideas won't happen in a vacuum. 

2.Socialize Outside Your Normal Circles.

3.Read More Books.

4.Randomly Surf the Web.

5.Keep a Regular Journal.

6.Meditate.

7.Use Structured Exercises.