entrepreneurship final
true
A competitor's strengths should be viewed as threats to your business.
brainstorming
A creative problem-solving technique that involves generating a large number of fresh ideas
false
A customer profile should include demographic data but not psychographic data.
true
A market segment is made up of people who share common characteristics.
true
All business that exist in the US today began as an entrepreneurial idea.
US postal service
All of the following can provide information about direct competition except
competitor
An opportunity exists for an entrepreneur when a customer need is going unmet by a(n) _
true
Capital resources include buildings and equipment.
command
Communism is an example of a(n) ___ economy.
true
Demand elasticity occurs when demand for a product is affected by its price.
income
Demographics are data that describe a group of people in terms of their
self actualization
Earning a college degree is an example of satisfying which of the following areas of needs?
true
Entrepreneurs estimate demand for their products or services by identifying their target market.
true
Entrepreneurship thrives in a market economy?
false
Focus groups are quick interviews with target markets.
financial
How much money you want to earn is a(n) _____ goal.
target
Identifying your _ market helps you reach the people who desire your products and services
rank
If it is not possible to quantify the alternatives in the fourth step of the problem-solving model, the decision maker may _____ each alternative.
risks, risk
In comparing different business opportunities, you should look at the particular ___ associated with the business.
define the market reserch question
In the first step in the market research process, you need to
true
It is difficult for new businesses to enter a market with an oligopoly market structure.
smartphones
Needs include all of the following except
employees
People hired to work for someone else
entrepreneurs
People who own, operate, and take the risk of a business venture
opportunities
Possibilities that arise from existing conditions
true
Secondary data resources and observation methods can help you learn about your direct competition.
trade shows
Special meeting where companies of the same industry or related industries display their products
true
Surveys should be kept to a page in length when read over the phone or mailed to respondents.
production
The _____ function of business creates or obtains products or services for sale.
aptitude
The ability to learn a particular kind of job
target market
The customer you would most like to attract are referred to as your
define
The first step in the problem-solving model is to _____ the problem.
false
The functions of business operate independently of each other.
true
The goal of social media marketing is to product content that users will share with their social network to heko a company reach more customers.
human
The people who create goods and services are called _ resources.
entrepreneurship
The process of running a business of one's own
true
The value of the next-best economic alternative is a trade-off cost.
ideas
Thoughts or concepts that come from creative thinking
hobbies
To assess your suitability for entrepreneurship, you should consider your strengths, weaknesses, _____ , interests, past experiences, and aptitude.
mixed economy
Today, China runs under a _____
integrity
When operating with _____ , entrepreneurs behave consistenly in actions, values, methods, measures, principles, expectations, and outcomes.
true
When the quanity of a good or service produced increases, variable costs change also.
consumer opinion blogs
Which of the following is not a way to collect primary data?
an order of goods from a supplier
Which of the following is not an example of a touch point?
middle-class families with children
Which of the following would most likely be the target market for a car dealer selling moderately priced minivans?
pure competition
Which one of the following is not one of the four major market structures?
evaluation
_ is the last step in the market research process.
market research
a system for collecting, recording, and analyzing information about customers, competitors, products, and services.
indirect competition
business that makes only a small amount of money selling the same or similar products and services to the same market
secondary data
found in already-published sources
competitive analysis
identifying and examining the characteristics of a competing firm
primary data
information collected for the first time to fit a specific purpose
survey
list of questions you would like to ask your customers to find out demographic and psychographic information
An evaluation of your strengths and weaknesses
self-assessment
data mining
used to find hidden patterns and relationships in the customer data stored in the data warehouse