Principles of Entrepreneurship Final Exam
Entrepreneurs themselves perceive the concept of risk in which of the following ways? Select one: a. Distorted risk taking b. Calculated risk taking c. Gambling risk d. Social risk
Calculated risk taking
Items and services that a consumer wants but will not spend a lot of time shopping for are called Select one: a. Consumable goods b. Shopping goods c. Specialty products d. Convenience goods
Convenience goods
Most innovations result from: Select one: a. Lucky guesses b. The total genius of inventors c. A conscious & purposeful search for new opportunities d. The subconscious adaption to reality
A conscious & purposeful search for new opportunities
Most innovations result from: Select one: a. The total genius of inventors b. The subconscious adaption to reality c. Lucky guesses d. A conscious & purposeful search for new opportunities
A conscious & purposeful search for new opportunities
A market is: Select one: a. A region of the economy b. A group of guaranteed purchasers c. A way of gaining consumer confidence d. A group of consumers who have purchasing power & unsatisfied needs
A group of consumers who have purchasing power & unsatisfied needs
A bank in a small US town close to the border of Canada read a census report that the number of people who speak French as their first language has gone up 30% in the past 10-years. The bank decides to begin advertising their services in French in an attempt to gain some of the French speaking people in the town as patrons. This innovation in doing business was likely caused by? Select one: a. Industry & Market Changes b. Trends/Fads c. Perceptual Changes d. Knowledge - Based Concepts e. Demographic Changes Unexpected Occurrences f. Process Needs g. Unexpected Occurrences h. Incongruities
Demographic ChangesUnexpected Occurrences
Most entrepreneurial initiatives fail because of lack of money. Select one: True False
False
Most entrepreneurial initiatives fail. Select one: True False
False
Only people who can come up with or invent stuff are worthy to be called entrepreneurs. Select one: True False
False
The 1 common trait that all successful entrepreneurs have is that they had access to money prior to and during their new venture creation. Select one: True False
False
The 1 common trait that all successful entrepreneurs have is that they were in the right place at the right time. Select one: True False
False
The academic study of entrepreneurship has identified a profile, or set of characteristics and achievements, that can distinguish an entrepreneur from a regular person. Select one: True False
False
Unstructured and chaotic is the norm for entrepreneurs. Select one: True False
False
Which statement is true about fads? Select one: a. Has a slow acceptance rate b. Has a long window of opportunity c. Creates enduring memories d. Fun, but no lasting impact on society
Fun, but no lasting impact on society
Alfred Marshall defined an entrepreneur as: Select one: a. Not being a risk taker, but willing to bear uncertainty; uses personal judgment & control to weight probability of risk vs. success; believes success comes from luck b. The sole occupation to apply knowledge to the creation of a product for human consumption c. Supplier of commodities; provider of innovation & progress. d. The sole risk taker that buys at a certain price, sells at an uncertain price for potential gain
Supplier of commodities; provider of innovation & progress.
Product design, reliability, & safety are all examples of: Select one: a. Market feasibility b. Technical feasibility c. Entrepreneur profile feasibility d. Venture capital feasibility
Technical feasibility
In using the innovative process of creativity, the entrepreneur could do all of the following except: Select one: a. Approach tasks from unusual angles b. Question basic assumptions related to current practices c. Discovers problems and avenues of solutions d. Tends to be means oriented
Tends to be means oriented
Frank Knight believed all of the following except Select one: a. The entrepreneur buys at a certain price, and sells at an uncertain price for potential profit b. The entrepreneur uses personal judgment and control of resources to weigh probabilities of risk and success c. The entrepreneur has a willingness to bear real uncertainty d. The entrepreneur is not a risk taker Feedback
The entrepreneur buys at a certain price, and sells at an uncertain price for potential profit
Entrepreneur is derived from the French entreprendre meaning to: Select one: a. Undertake b. Engage c. Enter d. Erect
Undertake
What is USP? Select one: a. Unique Sales Pitch b. Uniform Sales Point c. Unique Selling Point d. Unique Selling Proposition
Unique Selling Proposition
Which of the following is not a characteristic of small business owners? Select one: a. Business replaces traditional wages b. Wealth creation is rapid c. There is medium to low risk in the business d. There is rarely innovation in the business
Wealth creation is rapid
With psychic risk entrepreneurs ______________ Select one: a. fear adapting b. fear losing their sanity c. fear losing money d. fear failure and thus over compensate for it or succumb to negative thoughts and feelings.
fear failure and thus over compensate for it or succumb to negative thoughts and feelings.
Creativity to the Entrepreneur is: Select one: a. another word for dreams b. something that can never be developed c. the generation of ideas that results in the improved efficiency or effectiveness of a system d. None of the selections are correct
the generation of ideas that results in the improved efficiency or effectiveness of a system
Which of the following is not a source of innovative ideas for entrepreneurs? Select one: a. Are there no other alternatives to a problem? b. Is there something that can be made from leftovers? c. Laziness and or a desire not to do something can lead to profitable solutions d. If I want it, maybe others will too
are there no other alternatives to a problem?
Chewing gum is a Select one: a. convenience good. b. specialty good. c. shopping good. d. unsought good.
convenience good
On an average day in America, how many businesses fail? Select one: a. 1791 b. 1917 c. 1971 d. 1719
1917
Gazelle start-up businesses in the past decade have approached nearly ______ per year. Select one: a. 650,000 b. 600,000 c. 500,000 d. 150,000
600,000
Successful entrepreneurs are able to identify & implement ideas that: Select one: a. Will make money b. Will win instant approval from customers c. Are workable & that they have the skills to implement d. Are least feasible
Are workable & that they have the skills to implement
The causal process is when entrepreneurs: Select One: a. Act in a rational manner with planned risk taking; start with a desired outcome and use a linear process b. Are means-driven, risk averse using a circular process c. Have the ability to effectively & appropriately change decision policies d. The ability to recognize & analyze new product, methods and markets
Act in a rational manner with planned risk taking; start with a desired outcome and use a linear process
Which of the following is not a type of innovation? Select one: a. Synthesis b. Duplication c. Invention d. Adaptation
Adaptation
Telling your potential customers about your product is called Select one: a. Secondary function of accountants b. Advertising c. Mass media d. Bragging
Advertising
Which of the following believed that the function of an entrepreneur was to be the supplier of commodities? Select one: a. Jean-Baptiste Say b. Alfred Marshall c. Richard Cantillon d. Frank Knight
Alfred Marshall
The entrepreneurial motivations of individuals usually relate to which of the following factors? Select one: a. The venture b. All of the options c. The entrepreneur d. The environment
All of the options
Why do companies use target marketing? Select one: a. Not everybody will buy from you b. You cannot satisfy all of the needs and wants of everyone c. All of the options are correct d. Helps control the advertising budget
All of the options are correct
During the evaluation/Implementation phase of the creative process, a great deal of _______ is needed? Select one: a. Perseverance b. All of the selections are correct c. Self-discipline d. Courage
All of the selections are correct
Which of the following ethical rationalizations are used to justify questionable conduct. Select one: a. The act will never be found out. b. The act is in the individual's or the firm's best interest. c. The act is not "really" illegal or immoral. d. All of the selections are correct.
All of the selections are correct.
Which of the following is not a reason for exceptional entrepreneurial activity in the United States? Select one: a. U.S. leadership in entrepreneurship education at both the undergraduate and graduate level b. A national culture that supports risk taking and seeking opportunities c. America's willingness to exploit third world nations and anyone else weaker than us. d. A high percentage of individuals with professional, technological or business degrees who are likely to become entrepreneurs
America's willingness to exploit third world nations and anyone else weaker than us.
The statistical analysis of entrepreneurship has 3 classifications of economic development. Which one relies on industrialization & economies of scale? Select One: a. Innovation-driven b. Factor-driven c. Efficiency-driven
Efficiency-Driven
Which of the following are not a step in the venture creation process? Select one: a. Emergence of the idea b. Emergence of the venture c. Emergence of the opportunity d. Emergence of the entrepreneur
Emergence of the idea
Which of the following is not a characteristic of the Entrepreneurial Mindset? Select one: a. Creativity and Innovativeness b. High Energy Level c. Initiative and Responsibility d. External Locus of Control
External Locus of Control
The statistical analysis of entrepreneurship has 3 classifications of economic development. Which one relies on labor & natural resources? Select one: a. Efficiency-driven b. Innovation-driven c. Factor-driven
Factor-driven
A short opportunity window means that the product most likely will not be in demand for very long. We studied trends and fads in a previous module. Do you think a short opportunity window would indicate that the product/service is a trend or a fad? Select one: a. Fad b. Trend
Fad
Failure is necessary for all of the following reasons except: Select one: a. Success breeds complacency b. Failure restricts your ability to think c. Studying past failure is a good tactic d. Failure reinforces the need for risk taking
Failure restricts your ability to think
Entrepreneurs are thrill seeking doers and rarely think things through or research before getting started. Select one: True False
False
Which statement is true about fads? Select one: a. Fun, but no lasting impact on society b. Has a slow acceptance rate c. Creates enduring memories d. Has a long window of opportunity
Fun, but no lasting impact on society
True or False, uniqueness is the best way to ensure customer awareness. Select one: True False
True
TCPalm, a subsidiary of the USA Today Network, reporter Melissa E. Holsman wrote in her December 18, 2019 article "Former Indiantown Nonprofit Housing director Donna Carman blames money thefts on gambling" that Donna Carman, the former executive director of Indiantown Nonprofit Housing pleaded guilty to "siphoning" up to $50,000 from the not-for-profit corporation. During the trial, her attorney, Michael B. Cohen, argued that his client's illegal actions to a gambling addiction. Her criminal conduct, he wrote, "represented aberrant behavior." Which of the below best describes Donna Carman's actions: Select one: a. She rationalized that no one would miss the money or care about it. b. Her gambling addiction created pressure that led to her perceiving that stealing the money was the right thing to do. c. She saw an opportunity to win big and borrowed the money to do so. It wasn't her fault the big win didn't happen.
Her gambling addiction created pressure that led to her perceiving that stealing the money was the right thing to do.
Code of ethics issues that impact employees may include: Select one: a. Product quality, product safety, truth in advertising, & aggressive credit collections b. Honesty, health & safety, harassment, discrimination, & drug screenings c. Philosophy of top management, reward systems & job dimensions d. Environmental issues, political issues, & social responsibility
Honesty, health & safety, harassment, discrimination, & drug screenings
Which of the following is not a characteristic of a Fixed Mindset? Select one: a. I can't change my intelligence. b. I can develop my qualities through dedication and effort. c. I can't change my talents. d. There is nothing I can do about what's happening or going to happen.
I can develop my qualities through dedication and effort.
The phase of the creative process when the idea or solution the individual is seeking is discovered is referred to as: Select one: a. Idea experience b. Evaluation & implementation c. Background accumulation d. Incubation process
Idea experience
Cognition is our mental process, and is comprised of all of the following except: Select one: a. Communicate b. Organize c. Implement d. Understand
Implement
Which of the following is a demographic variable? Select one: a. Income b. Hair color c. Attitude d. Weight
Income
Which of the following statements is true about innovation? Select one: a. Innovation blends imaginative and creative thinking with a systematic, logical process in order to recognize and create opportunity where others find only problems b. Innovation is the government's responsibility. c. Innovation does not involve change. d. Innovation is the process by which entrepreneurs consume marketable ideas.
Innovation blends imaginative and creative thinking with a systematic, logical process in order to recognize and create opportunity where others find only problems
The statistical analysis of entrepreneurship has 3 classifications of economic development. Which one relies on knowledge an innovation driven by an expanding service sector need? Select one: a. Innovation-driven b. Factor-driven c. Efficiency-driven
Innovation-driven
What are the four types of innovation? Select one: a. Analysis, synthesis, duplication, retention b. Synthesis, extension, retention, analysis c. Invention, extension, synthesis, duplication d. Extension, retention, analysis, duplication
Invention, extension, synthesis, duplication
Why do we need ethics? Select one: a. Without it, our actions would be random and deadly. b. All of the selections are correct. c. Any flaw in our ethics will increase our ability to be successful in our endeavors. d. It is our means of deciding a course of action.
It is our means of deciding a course of action.
An error of omission occurs when there is a negative outcome from: Select one: a. Underestimating barriers to entry. b. Not acting on a new entry opportunity. c. Underestimating personal abilities. d. Overestimating a market.
Not acting on a new entry opportunity.
Today, we recognize that sanitation is extremely important to maintaining healthy and safe communities. This type of innovation is known as: Select one: a. Demographic ChangesUnexpected Occurrences b. Process Needs c. Perceptual Changes d. Industry & Market Changes e. Unexpected Occurrences f. Knowledge - Based Concepts g. Incongruities h. Trends/Fads Feedback
Knowledge - Based Concepts
The incubation process involves which of the following? Select one: a. Changing jobs b. Working harder c. Talking to friends d. Letting the subconscious work
Letting the subconscious work
Which statement indicates direct competition? Select one: a. Offers the same products/services b. Offers same or similar products in only a small number of areas c. Events in consumer lives d. Offers some of the same or similar products/services
Offers the same products/services
On March 22, 2019 New York Daily News reporters Elizabeth Keogh, Thomas Tracy, and Stephen Rex Brown published the story "Charity volunteer for slain NYPD officers embezzled $410,000 and spent it on dentistry, landscaping, Barbra Streisand tickets: prosecutors". In the story, the journalist trio report on Lorraine Shanley, who served as volunteer treasurer for the Survivors of the Shield from 2010 to 2017. The article details how during her tenure, she spent $410,000 in donations on personal expenses including her son's legal bills, her grandchild's private school tuition, dentistry, landscaping for her Staten Island home and Barbra Streisand tickets. "Lorraine Shanley allegedly capitalized on tragedy and monetized people's generosity," Manhattan U.S. Attorney Geoffrey Berman said. "As alleged, Shanley stole over 20% of the donations to a charity whose sole mission is to help the families of NYPD officers killed in the line of duty." Which of the below best explain Lorraine Shanley's unethical choices: Select one: a. Lorraine Shanley perceived an opportunity to help her family and herself out of some financial barriers. b. Lorraine Shanley rationalized that no one would miss the money or care about what it was used for since there was so much of it. c. Lorraine Shanley perceived pressure to spend the money.
Lorraine Shanley perceived an opportunity to help her family and herself out of some financial barriers.
Focusing on a particular loss to explain why the loss occurred is referred to as: Select one: a. The dark side b. Loss orientation c. Restoration orientation d. Failure
Loss orientation
What is the process of planning and executing the promotion and distribution of a product, service or idea that satisfies organizational objections? Select one: a. Advertising b. SWOT analysis c. Brainstorming d. Marketing
Marketing
Which of the following is not one of the stages of grief? Select one: a. Anger b. Mental instability c. Depression d. Denial
Mental instability
Which statement is not true about an error of commission? Select one: a. Overestimated market, barriers to entry & personal abilities b. Did not perform due diligence c. Underestimated market, barriers to entry & personal abilities d. Missed opportunity
Missed opportunity
Paintings from antiquity show us that famous people of that time carried a few extra pounds on them than what we would today call healthy. Researchers tell us that this is because having some extra fat on a person meant that they were healthy and that rich people could afford to eat. However, today, people who are carrying around noticeable fat are seen as obese and unhealthy. This has led to a flood of diet trends and fads as well as businesses providing meal options geared toward reducing fat intake. This is an example of what? Select one: a. Perceptual Changes b. Trends/Fads c. Demographic ChangesUnexpected Occurrences d. Knowledge - Based Concepts e. Industry & Market Changes f. Unexpected Occurrences g. Incongruities h. Process Needs
Perceptual Changes
Which of the following is not one of the four phases of the creative process? Select one: a. Idea Experience b. Knowledge accumulation c. Post-mortem analysis d. Evaluation/Implementation
Post-mortem analysis
Prior to 1700, business ventures of any magnitude were funded by all of the following except: Select one: a. The Ruling Class b. The Monarchy c. Private investors d. The Church
Private investors
Which of the following is not an impediment to creativity? Select one: a. Security Hunting b. Either/Or Thinking c. Stereotyping d. Problem Thinking
Problem Thinking
When Henry Ford's decided to switch to a moving assembly line instead of building cars 1 at a time. This not only simplified vehicle assembly but shortened the time necessary to produce a single vehicle from 12 hours to 90 minutes. This is an example of what form of innovation? Select one: a. Trends/Fads b. Incongruities c. Demographic ChangesUnexpected Occurrences d. Process Needs e. Unexpected Occurrences f. Industry & Market Changes g. Knowledge - Based Concepts h. Perceptual Changes
Process needs
Code of ethics issues that impact customers may include: Select one: a. Product quality, product safety, truth in advertising, & aggressive credit collections b. Environmental issues, political issues, & social responsibility c. Honesty, health & safety, harassment, discrimination, & drug screenings d. Philosophy of top management, reward systems & job dimensions
Product quality, product safety, truth in advertising, & aggressive credit collections
Business ethics is defined as: Select one: a. Proper business policies & practices regarding potentially controversial issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility & fiduciary responsibilities b. Actions that follow accepted principle of right & wrong c. A set of moral principles & values that defines right & wrong d. Written set of guidelines issued to workers & management to help them conduct their actions in accordance to primary values & standards
Proper business policies & practices regarding potentially controversial issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility & fiduciary responsibilities
Which of the following is not a principle of Innovation? Select one: a. Start big b. Learn from failures c. Be action oriented d. Try/test/revise
Start big
financial forms — used the organization's credit card for personal expenses, and added his middle-aged son to the group's health insurance. The COO's unethical behavior was caused by which of the following: Select one: a. Perceived opportunity to help his family out financially. b. Rationalization that they should earn as much or more than the CEO since they handled the money. c. Perceived pressure from his middle-aged child to continue taking care of their health care needs
Rationalization that they should earn as much or more than the CEO since they handled the money.
Which of the following believed that the entrepreneur was the sole risk taker? Select one: a. Alfred Marshall b. Jean-Baptiste Say c. Richard Cantillon d. Frank Knight
Richard Cantillon
A person can develop their own creativity by: Select one: a. Taking up a new hobby b. Quitting a boring job c. Seeing new & different relationships in people, objects & places around them d. Focusing on money
Seeing new & different relationships in people, objects & places around them
An entrepreneur that has a portfolio of opportunities in various stages of development? Select one: a. Social Entrepreneur b. Serial Entrepreneur c. Gazelle d. Corporate Entrepreneur
Serial Entrepreneur
Which of the following are the four different types of entrepreneurs? Select one: a. Serial, Social, Bulls and Corporate b. Serial, Social, Bears and Corporate c. Serial, Social, Gazelles and Corporate d. Social, Gazelles, Corporate and Intellectuals
Serial, Social, Gazelles and Corporate
The unethical practice of "cooking the books" is an ethical issue affecting Select one: a. Shareholders and investors b. Customers c. Employees d. Employers
Shareholders and investors
Products that consumers will take time to examine carefully & compare for quality & price are: Select one: a. Convenience goods b. Specialty goods c. Generics goods d. Shopping goods
Shopping Goods
Which of the following is not a characteristic of an entrepreneurial environment? Select one: a. Short term outlook. b. Appropriate reward system. c. Failure allowed.
Short term outlook
Aging demographics indicates which type of trend? Select one: a. Societal b. Technological c. Governmental d. Economic
Societal
What are the four sectors we look to for the seed of a fad or trend? Select one: a. Societal, technology, commercial and educational b. Societal, technology, economic and educational c. Societal, technology, economic and governmental d. Societal, technology, commercial and governmental
Societal, technology, economic and governmental
Jean Baptiste Say defined an entrepreneur as: Select one: a. The sole risk taker that buys at a certain price, sells at an uncertain price for potential gain b. The sole occupation to apply knowledge to the creation of a product for human consumption c. Not being a risk taker, but willing to bear uncertainty; uses personal judgment & control to weight probability of risk vs. success; believes success comes from luck d. Supplier of commodities; provider of innovation & progress; seeks opportunities to minimize costs of risk to gain profits
The sole occupation to apply knowledge to the creation of a product for human consumption
Richard Cantillon defined an entrepreneur as: Select one: a. Supplier of commodities; provider of innovation & progress; seeks opportunities to minimize costs of risk to gain profits b. The sole risk taker that buys at a certain price, sells at an uncertain price for potential gain c. The sole occupation to apply knowledge to the creation of a product for human consumption d. Not being a risk taker, but willing to bear uncertainty; uses personal judgment & control to weight probability of risk vs. success; believes success comes from luck
The sole risk taker that buys at a certain price, sells at an uncertain price for potential gain
In Dr. Michael Porter's framework of forces on an industry or business, Threat of New Entrants is best described as ____________________? Select one: a. This force tries to determine if lower profits will occur because too many competitors are in the market and thus customers can freely move between competitors. A concern with this force is that if it is severe, it can lead to competitive moves including price cutting, increased advertising expenditures, or spending on service/product improvements and innovation. b. This force describes how easy is it for new businesses to enter the market and take customers away from the existing competitors. c. This force occurs when customers can easily choose between business, thus causing businesses to have to adapt to keep customer's coming back. d. This force describes the situation when other companies that are needed in the supply chain can affect your company. e. This force is a concern when similar products/services, which customers might switch to if they become upset with what is currently available to them.
This force describes how easy is it for new businesses to enter the market and take customers away from the existing competitors.
In Dr. Michael Porter's framework of forces on an industry or business, Power of Suppliers is best described as ____________________? Select one: a. This force tries to determine if lower profits will occur because too many competitors are in the market and thus customers can freely move between competitors. A concern with this force is that if it is severe, it can lead to competitive moves including price cutting, increased advertising expenditures, or spending on service/product improvements and innovation. b. This force occurs when customers can easily choose between business, thus causing businesses to have to adapt to keep customer's coming back. c. This force describes how easy is it for new businesses to enter the market and take customers away from the existing competitors. d. This force is a concern when similar products/services, which customers might switch to if they become upset with what is currently available to them. e. This force describes the situation when other companies that are needed in the supply chain can affect your company.
This force describes the situation when other companies that are needed in the supply chain can affect your company.
The purpose of marketing research is _______________________. Select one: a. To develop new products b. None of the options c. To identify customers & fulfill customers' needs d. To gain market share
To identify customers & fulfill customers' needs
According to Mark Cuban, most entrepreneurial initiatives fail because of lack of effort. Select one: True False
True
True or False, the NEW NEW approach to new venture creation utilizes new and unique products/services to create businesses and markets. Select one: True False
True
Frank Knight defined an entrepreneur as: Select one: a. Supplier of commodities; provider of innovation & progress; seeks opportunities to minimize costs of risk to gain profits b. Willing to bear uncertainty by using personal judgment & by using calculated probabilities to minimize uncertain results. c. The sole risk taker that buys at a certain price, sells at an uncertain price for potential gain d. The sole occupation to apply knowledge to the creation of a product for human consumption
Willing to bear uncertainty by using personal judgment & by using calculated probabilities to minimize uncertain results.
Most innovations result from: Select one: a. Lucky guesses b. The subconscious adaption to reality c. A conscious & purposeful search for new opportunities d. The total genius of inventors
a conscious & purposeful search for new opportunities
Psy's Gangham Style music video is an example of a societal acceptance and enjoyment best known as a _________. Select one: a. Demographic ChangesUnexpected Occurrences b. Perceptual Changes c. Process Needs d. Unexpected Occurrences e. Incongruities f. Knowledge - Based Concepts g. a fad h. Industry & Market Changes
a fad
Once seen as a niche product only consumed by vegans and vegetarians, plant-based meats have gained mainstream acceptance among traditionally carnivorous foodies in the coming year. The market is predicted to grow by 28% each year until it reaches a whopping $85 billion by 2030, thanks to an increasing number of consumers with health, environmental, and animal welfare concerns. Impossible Foods and Beyond Meat are leading the charge, producing alt-meats for grocery store shoppers and partnering with chain restaurants like Burger King, KFC, and Subway to bring affordable options to the masses. It is believed that even more restaurants will introduce plant-based meat menu items that go beyond (pun semi-intended) beef-free burgers. This type of societal change and acceptance is known as: Select one: a. Knowledge - Based Concepts b. Process Needs c. Demographic ChangesUnexpected Occurrences d. Incongruities e. Industry & Market Changes f. Unexpected Occurrences g. a trend h. Perceptual Changes
a trend
Based on the latest GEM study, the United States outranks the rest of the world in what? Select one: a. Important entrepreneurial support. b. Manufacturing c. Gross national product d. Debt
important entrepreneurial support
As the population of cars grew there was a shortage of parking area. The Smart car, a small car capable of fitting in to tiny spaces was created so that more cars could be fit in to the existing spaces. The Smart car really didn't catch on as a solution to the problem. This is an example of what form of innovation? Select one: a. Unexpected Occurrences b. Process Needs c. Perceptual Changes d. Trends/Fads e. Demographic ChangesUnexpected Occurrences f. Industry & Market Changes g. Knowledge - Based Concepts h. Incongruities
incongruities
Which of the following is not a method of generating new ideas? Select one: a. Focus Group b. Bug List c. Reverse Brainstorming d. Mindtapping
mindtapping
Which statement is true about an error of omission? Select one: a. Missed opportunity b. Underestimated market, barriers to entry & personal abilities c. Did not perform due diligence d. Overestimated market, barriers to entry & personal abilities
missed opportunity
Alfred, who never had a wife or children, was disappointed with what he read and concerned with how he would be remembered when he really did die. On 27 November 1895, Alfred Nobel signed his last will and testament and set aside the bulk of his estate to establish the Nobel Prizes, to be awarded annually without distinction of nationality. Select one: a. Perceptual Changes b. Trends/Fads c. Unexpected Occurrences d. Demographic ChangesUnexpected Occurrences e. Knowledge - Based Concepts f. Process Needs g. Incongruities h. Industry & Market Changes
unexpected occurrences
A meaningful characteristic of an effective target market for purposes of selling minivans is Select one: a. whether the person has diabetes. b. what hair color the person has. c. whether the person likes tacos. d. whether the person has children.
whether the person has children.