The business definition has three elements: ________.
A) Offer, target market, and production/delivery capability
B) Offer, acceptance, and consideration
C) Business definition, target market, and market analysis
D) Target market, potential customers, and production capability
E) None of the above

Question

Quizplus · Accepted Answer

The three elements of the business definition are the offer (what product or service is being offered), the target market (who the product or service is being offered to), and the production/delivery capability (the ability to produce and deliver the product or service to the target market). Option B refers to the elements of a contract, option C includes "business definition" as one of the elements (which is not accurate), and option D is missing the offer element. Therefore, option A is the correct answer.

The Business Definition Has Three Elements: ________