SECTION 4:8 TEST

1. According to Peter Drucker, what is the primary purpose of a business?
A) To maximize profits
B) To create a customer
C) To expand globally
D) To increase production efficiency

2. What did Steve Jobs believe was the key difference between a leader and a follower in business?
A) Focusing solely on profits
B) Innovation
C) Avoiding risks
D) Following market trends

3. How did Airbnb create value for its customers?
A) By offering a traditional hotel experience
B) By creating a platform that allowed people to rent out their homes, offering a more affordable and personal alternative to hotels
C) By focusing solely on luxury travelers
D) By avoiding customer feedback

4. What does Jeff Bezos believe about customer experience?
A) Customer experience is less important than product development
B) Customers should be treated like guests at a party, and it’s the company’s job to make every aspect of the experience better
C) It’s not necessary to exceed customer expectations
D) Focusing on price is more important than customer experience

5. Why is creating value for customers crucial for long-term business success?
A) It allows businesses to charge higher prices
B) It helps businesses understand customer needs and deliver innovative solutions that foster loyalty
C) It eliminates the need for marketing
D) It guarantees immediate profits

Answers:

1. B) To create a customer
2. B) Innovation
3. B) By creating a platform that allowed people to rent out their homes, offering a more affordable and personal alternative to hotels
4. B) Customers should be treated like guests at a party, and it’s the company’s job to make every aspect of the experience better
5. B) It helps businesses understand customer needs and deliver innovative solutions that foster loyalty