(MGT253) Homework Quiz Ch.4
When developing the customer segments of your business canvas model, which of the following statements is true?
A. Each type of customer is a customer segment. Correct B. There will be one canvas encompassing all customer segments. C. All segments will have the same problem and need a viable solution. D. You must satisfy all customer segments.
Which of the following is an advantage of the SCAMPER tool?
A. It helps entrepreneurs to come up with alternative solutions. Correct B. It helps entrepreneurs to generate more royalty than any other method. C. It gives IP protection to products and services. D. It helps entrepreneurs to avoid governmental taxes and liabilities.
Using paradoxes such as using stimulants to calm hyperactive children, to challenge old ways of thinking, refers to which of the following cues of the SCAMPER tool?
A. Minimize B. Saturate C. Restitute D. Rearrange
Born and raised in India, Rashmi has always enjoyed Indian cooking. As a matter of fact, cooking was her passion and she always enjoyed reading, learning, and experimenting with different ethnic cuisines. Ever since Rashmi's family moved to the United States, her cousins, friends, and other people at dinner gatherings have always commented that Rashmi should start a catering business. Realizing that her American friends may not be able to handle or like the Indian food because of its spiciness, Rashmi decided to make changes to the recipes to suit the local taste. Rashmi is seriously contemplating whether she should start a catering business—Tastes of India. Rashmi appears to be applying which element of the SCAMPER tool in her entrepreneurship ideas?
A. Modify** B. Substitute C. Restitute D. Eliminate
Gabriel has a product idea of a device which he believes will help people manage their daily chores, hence making their lives easier. He is unsure if the device is actually a feasible product but shares the idea with his boss and coworkers anyway. Gabriel is positive his device will get a fair review. He has offered other ideas in the past and one was now a viable product for the company. Which of the four ideas for making a creative business culture best describes Gabriel's company?
A. Never rest on your laurels. B. Get a room with a view. C. Look to unlikely sources of opportunities. D. Positively reinforce ideas
The future action plan component of the feasibility study includes which of the following elements?
A. Profitability B. The competition C. Legal restrictions and rights D. Writing a business plan
When a bookstore starts to sell videos, music, and coffee as well, it uses which of the following elements of the SCAMPER tool?
A. Rearrange B Eliminate C. Combine Correct D. Substitute
The industry and market component of the feasibility study typically includes which of the following components?
A. Sales revenue forecast B. The competition Correct C. Writing a business plan D. Writing a mission statement
Which of the following statements about innovation and building an idea-prone culture is not true?
A. Techniques, like SCAMPER, may be helpful in the innovation process. B. Innovative companies automatically develop out of innovative business ideas. Correct C. Innovation is not always unpredictable and uncontrollable. D. Varied experiences allow different perspectives, sometimes leading to breakthrough ideas.
Which of the following is the idea trigger for the magnify cue of the SCAMPER tool?
A. The opportunities that come as a result of replacing things that already exist B. The separate products, services, or whole businesses that can be put together to create another distinct business C. The products or services that can be imitated from other industries or fields D. The factor that can be used to make a product different from that of competitors' products
Which of the following is a traditional problem facing new ideas?
A. The product or service appeals to a market larger than the entrepreneur expected. B. The idea cannot be economically made into a product or service. Correct C. There are too many people involved in making the idea into a business. D. The local/state federal regulations are too strict to follow.
Which of the following is true of creative business owners?
A. They implement an imitative strategy to their business. B. They do not ask many questions. C. They question and challenge the way things appear. Correct D. They give more importance to the problems they face rather than identifying opportunities.
Adam owns a software development company. He and his team developed and licensed new software that could help many organizations strengthen their web security. Any organization that wishes to use Adam's licensed software would most likely have to pay him in the form of a _____.
A. pay-off B. royalty Correct C. lump sum payment D. payout
The goal of a feasibility study is:
A. to create additional value for customers through great products or services. B. to create outlets for employees to bring out new ideas. C. to assess if a business idea can be profitably brought to market. Correct D. to assess how well a preliminary run of a business works and what problems it might have.
When building a business model canvas, the ________ is where your offering goes - how you plan to solve the pains or create the gains for your customers.
A. value proposition B. solution Correct C. key resources D. key activities