ENT 342 Mid Term Dr Dan Ball State

Which of the following is true? A. A persona is a fancy way of referring to a set of bullet points that describes the attitudes, behaviors, needs, and preferences of a particular type of end-user or buyer B. A persona is a fancy way of referring to a set of bullet points that describes the attitudes, behaviors, wants, and preferences of a [articular type of end user C. A persona is a fancy way of referring to a set of bullet points that describes the attitudes, behaviors, needs, and characteristics of a particular type of end user or buyer. D. A persona is a fancy way of referring to a set of bullet points that describes the attitudes, behaviors, wants, and characteristics of a particular type of end-user or buyer. A persona is a fancy way of referring to a set of bullet points that describes the emotions, behaviors, needs, and preferences of a particular type of end-user or buyer.

A. A persona is a fancy way of referring to a set of bullet points that describes the attitudes, behaviors, needs, and preferences of a particular type of end-user or buyer

What is a niche within an industry? A. A subsegment of an industry which includes a set of competitors that address particular customer groups B. A geographic region of an economy C. A new type of technology D. A new invention E. A new emerging customer group

A. A subsegment of an industry which includes a set of competitors that address particular customer groups

_________ is truly a small but growing slice of a large market characterized by customers and uses that no company quite understands or knows how to fully serve at the the moment. A. An emerging niche B. A sweet spot C. A nexus of opportunities D. A business opportunity E. An entrepreneurial advantage

A. An emerging niche

A ________ is any requirement - capital, technical know-how, and so on - that makes industry or market entry difficult or impossible A. Barrier to entry B. Market gap C. Due diligence D. Barrier to success E. Market hurdle

A. Barrier to entry

Entrepreneurs typically want to enter the industry at which stage of the life cycle? A. Emergent and Growth B. Mature and Growth C. Exit and Mature D. Decline and Emergent E. Emergent and Decline

A. Emergent and Growth

To capitalize on the value they do contain, the entrepreneur must integrate them with favorable "__________" factors such as rising market demand, positive industry trends, unsatisfied customer needs, and so forth. A. External B. Internal C. Risky D. Environmental E. Social

A. External

Which of the following is true? A. In 1984, Jay Conrad Levinson introduced the term formal in his book called "Guerrilla Marketing." B. In 2002, Malcolm Gladwell introduced the formal term in his book called "The Tipping Point." C. In 2009, Seth Godin Introduced the formal term in his book called "Purple Cow." D. In 202, Jay Conrad Levinson introduced the formal term in his book called "Guerrilla Marketing." E. In 1984, Seth Godin introduced the formal term in his book called "Guerrilla Marketing.:"

A. In 1984, Jay Conrad Levinson introduced the formal term in his book called "Guerrilla Marketing."

Which of the following about Marketing Mix is correct? A. It is a combination of a firm's marketing strategy B. It determines the products market share C. It is part of guerrilla marketing D. It is a necessary component of guerrilla marketing E. All of the above are correct.

A. It is a combination of a firm's marketing strategies

____________ helps create new streams of revenue by easily serving closely related sets of customers A. Modularity B. Prototyping C. Uniformity D. Complexity E. Patents

A. Modularity

If at all possible, we want you to ________ users first and _______ second A. Observe, talk B. Talk, observe C. Research, observe D. Research, talk E. Talk, research

A. Observe, talk

A(n) _________ is one that customers already recognize and, in many cases, have a fair idea of how it can be addressed A. Perceived need B. Latent need C. First-person need D Third-person need E. Unmet need

A. Perceived need

PEST Analysis stands for _______ A. Political, economic, social, and technological factors B. Political, environmental, social, and technological factors C. Populational, economic, social, and technological factors D. Populational, environmental, social, and technological factors E. Political, economic, scientific, and technological factors

A. Political, economic, social, and technological factors

___________ is created for a specific purpose and includes focus groups, qualitative surveys, and phone interviews. A. Primary research B. Secondary research C. Primary and secondary research D. Qualitative research E. Quantitative research

A. Primary Research

entrepreneurship is the process of creating value by bringing together a unique package of resources to _________ and _________ an opportunity A. discover, exploit B. explore, exploit C. discover, explore D. discover, implement E. develop, exploit

A. discover, exploit

In a business to business venture, entrepreneurs typically can segment customers bu A. i & ii B. i & iii C. ii & iii D i, ii, & iii E i only i) industry segments or niches ii) size of company iii) knowing managers in target customer companies

A. i & ii

Latent needs are _________ A. implied or hidden needs without the customer knowing the solution B. obvious needs that address users initial commitment to a product C. observable customer needs D. a missing piece of the product E. less important than perceived needs

A. implied or hidden needs without the customer knowing the solution

What is the recommended number of quality conversations with potential customers? A. No more than 5 B. 6-12 C. 3-6 D. 12-15 E. Over 20

B. 6-12

What does a use case activity almost always have A. An after use element B. A before, during, and after use dimension C. A use case element D. A production and consumption dimension E. none of the above

B. A before, during, and after use dimension

A new corporate venture has all of the following advantages over a startup except for A. Distribution Channels B. Agility C. Credibility D. Manufacturing E. The corporation's brands

B. Agility

A customer who is stuck on a problem and desperate for help is likely to? A. Look for a cheap solution to their problem B. Be open to a new solution and pay a high price C. Wait for a solution to come along D. Avoid seeking out a new solution E. Invent a solution by themselves

B. Be open to a new solution and pay a high price

What is a product platform? A. A subsystem, module, or process which is used in more than one product, system, or service B. Common themes found in products over a product line C. The performance level of a product, such as the base acceleration of a car D. Tools used for the R&D in developing a new product E. A platform for a salesperson to showcase products

B. Common themes found in products over a product line

Which of the following statements about entrepreneurial orientation and entrepreneurial intensity are true? A. Entrepreneurial orientation and entrepreneurial intensity are the same thing B. Entrepreneurial orientation describes a company, while entrepreneurial intensity describes a person C. Entrepreneurial intensity describes a company while entrepreneurial orientation describes a person D. Entrepreneurial orientation and entrepreneurial intensity have different content dimensions E. None of the above are true.

B. Entrepreneurial orientation describes a company, while entrepreneurial intensity describes a person

Successful new ventures tend to offer a product portfolio that A. Limits consumer choice B. Offers customers choices that can be expressed as good, better, best C. Overwhelm the customer D. Focuses on a single product E. All of the above

B. Offers customers choices that can be expressed as good, better, best

_________ is research that has already been conducted for other purposes. It is found in sources like the Internet, books, and periodicals. A. Primary research B. Secondary research C. Primary and secondary research D. Qualitative research E. Quantitative research

B. Secondary Research

Which of the following about the axes of customer segmentation grids is not true? A. The axes must be meaningful to you and your team members B. The boundary points in the axes must be measurable C. The axes must be measurable D. The axes must be researchable E. The customer segmentation grid must be actionable

B. The boundary points in the axes must be measurable

What does a "persona" of a target customer not contain? A. the customer's demographic information, either consumer or business related B. the design of your own product or service for the customer C. the customer's perceived needs D. the cusomer's purchase preference E. the customer's latent needs

B. The design of your own product or service for your customer

A distinctive sign which identifies certain goods or services are those produced or provided by a specific person or enterprise is a/an: A. Copyright B. Trademark C. Patent D. Tag E. Trade secret

B. Trademark

What of the following should you not do during detailed consumer interviews? A. Offer a genuine thank you B. Use yes or no questions C. Position it as a conversation not formal interview D. Apply the laddering technique E. A successful interview should include all of the above

B. Use yes or no questions

A beachhead is A. a venture's long-term new product strategy B. where a venture gets started penetrating the market C. product architecture D. where the team goes offsite to plan its future products and services E. None of the above

B. where a venture gets started penetrating the market

Which of the following about guerrilla marketing is true? A. Guerrilla marketing is a conventional marketing strategy B. Giving out free samples in a shopping mall is a popular guerrilla marketing practice C. A guerrilla marketing tactic must be creative and able to generate buzz D. Guerrilla marketing is used only by entrepreneurs E. None of the above

C. A guerrilla marketing tactic must be creative and able to generate buzz

Customer segmentation should be: Meaningful, Measurable, and _________ A. Adjustable B. Specific C. Actionable D. Important E. None of the above

C. Actionable

What is NOT a dimension of entrepreneurial intensity? A. Innovativeness B. Risk-taking C. Ambitiousness D. Proactiveness E. All of the above are dimension of entrepreneurial intensity

C. Ambitiousness

What is NOT a dimension of entrepreneurial orientation? A. Innovativeness B. Risk-taking C. Ambitiousness D. Proactiveness E. All of the above are dimension of entrepreneurial orientation

C. Ambitiousness

__________ eliminates the existing industry? A. Sustaining innovation B. radical innovation C. Disruptive innovation D. Entrepreneurial innovation E. True innovation

C. Disruptive Innovation

According to the textbook, which of the following is not a barrier to entry faced by industry outsiders: A. Capital B. Manufacturing C. Industry Experience D. Marketing E. All are potential barriers to entry

C. Industry experience

What is an important advantage of modularity? A. It increases the cost of doing business B. It reduces the margin on products C. It can create new streams of revenue D. It can focus your revenue on one revenue stream only E. All of the above

C. It can create new streams of revenue

What is the consequence of the battery-powered LED placards placed in Boston by Turner Broadcasting as an intended guerrilla marketing tactic? A. It successfully created buzz with very little cost B. It cost Turner Broadcasting $20,000 C. It cost Turner Broadcasting $2 million D. The public liked the tactic E. None of the above

C. It cost Turner Broadcasting $2 million

According to the textbook, customers who are willing to give their time to help design & test a solution are often called A. Testers B. Fools C. Lead Users D. Developers E. Frontiers

C. Lead Users

The LOT-R Test measures a person's: A. Access to lots of venture capital B. How many people they know who can be useful to a business C. Optimistic attitude - the ability to deal with adversity of all types D. Ability to sell a new product E. All of the above

C. Optimistic attitude - the ability to deal with adversity of all types

According to the textbook, the underlying training and customer service programs of Best Buy's Geek Squad, who apply specific rules and procedures for different appliance and media systems for installation or repair, can be considered A. Services portfolio B. Services strategy C. Services platform D. Services prototype E. None of the above

C. Services platform

Which type of venture experiences (on average) the greatest success when they enter the field near the beginning of the growth stage? A. Service Based Ventures B. Consumer Product Ventures C. Technology Based Ventures D. Manufacturing Ventures E. Medical Ventures

C. Technology Based Ventures

What is white space? A. A place where funding is available B. The concept of growing into new customers C. The adjacent areas in customer groups and basic product uses D. The initial concept of your venture E. A location for a new business

C. The adjacent areas in customer groups and basic product uses

A product concept include: A. The customer needs, the market analysis, the major components of your product or service, and the specific design points B. The customer needs, the market analysis, the company background, and the specific design points C. The customer needs, the design theme, the major components of your product or service, and the specific design points D. The competitor information, the design theme, the major components of your product or service, and the selling price E. The customer needs, the design theme, the major components of your product or service, and the selling price

C. The customer needs, the design theme, the major components of your product or service, and the specific design points

Which of the following is not true? A. Disruptive innovation originates in low-end footholds B. Disruption is a process C. Uber is a good example of disruptive innovation D. The performance of a disruptive innovation was usually very poor at first E. It is difficult for incumbent companies to shift investment to disruptive innovation

C. Uber is a good example of disruptive innovation

Innovative customers A. are cautious about adopting new products, services, or experiences B. drag out the buying decision process C. are less cautious about adopting new products, services, or experiences D. are the same as laggards E. invent a product

C. are less cautious about adopting new products, services, or experiences

In the United State, a utility patent provides protection from the date of the patent filing for: A. 10 years B. 14 years C. 17 years D. 20 years E. 25 years

D. 20 years

A business that is an example of NOT creating a services portfolio is: A. a pest control company that provides environmentally safe chemicals for ants, mosquitoes, ticks, and deer B. A tax preparation company that provides specific services for individual households and small businesses C. A home repair business that specializes in residential house painting D. A university that provides online education programs for undergraduates, MBAs, alumni, and companies in the form of executive education E. A computer manufacturing company that offers a wide range of laptops for college students, businessmen, and seniors

D. A university that provides online education programs for undergraduates, MBAs, alumni, and companies in the form of executive education

Which of the following is not a category of guerrilla marketing? A. Word-of-mouth marketing B. Buzz marketing C. Viral marketing D. Entrepreneurial marketing E. All of the above are guerrilla marketing

D. Entrepreneurial marketing

What is not a stage of an industry life cycle? A. Emergent B. Growth C. Mature D. Exit E. Decline

D. Exit

Most industries are in flux, this flux is not caused by: A. Social Challenges B. Technological Innovation C. Societal Trends D. Government Intervention E. The combination of technological innovation and larger societal trends

D. Government intervention

What is not considered internal factors affecting entrepreneurship? A. Work experience B. Education background C. Family background and business experience D. Market demand E. all of the above

D. Market demand

Which of the following is not a social factor? A. Lifestyle trends B. Fashion C. Media views D. Maturity of technology E. Demographics

D. Maturity of technology

Which of the following is not an example of prototyping a service business? A. Provide assistance to target customers to help solve a current problem or frustration at a reduced price B. Help customers create workflows C. Model the customers use case as a structured workflow D. Seek ways to streamline workflows E. Write a business plan

D. Seek ways to streamline workflows

According to the textbook, the most important reason to understand what segments & niches of your industry are the subject of venture activity is: A. It greatly increases the chances of you raising money if needed B. It can give you an insight into what other companies are doing C. You can recognize customer trends and desires D. You can find competition you previously didn't know of E. All of the above

E. All of the above

What is a mandatory requirement for successfully creating a new venture? A. Being in the right place B. Always having a sense of urgency C. Spending time with customers in a selected industry niche D. Trusting your instincts E. All of the above

E. All of the above

Which of the following about guerrilla marketing is true? A. Word-of-mouth marketing occurs when you creat buzz via Internet B. Buzz marketing occurs when you create a surprise that attract early adopters who spread the word of your product on your behalf C. Viral marketing occurs when you create a surprise that attracts public media who spreads the word of your product on your behalf D. Guerrilla marketing uses creative approaches with limited financial resources to create buzz to attract early adopters on the market E. All of the above are true

E. All of the above are true

Which of the following is not an example of secondary research? A. Check your competitors' Web sites B. Check Dun and Bradstreet database C. Purchase the Small Business Source Book D. Federal and state government reports E. Observation - Watch people and try to learn what they do naturally

E. Observation - Watch people and try to learn what they do naturally

In which of the following areas are latent needs often found? A. Safety, entertainment, personalization, reuse, and convenience B. Safety, entertainment, production, reuse, and convenience C. Safety, sustainability, production, reuse, and communication D. Safety, sustainability, personalization, reuse, and communication E. Safety, sustainability, personalization, reuse, and convenience

E. Safety, sustainability, personalization, reuse, and convenience

An addressable market _________ A. is the size of the industry C. is the size of the customers with unmet needs C. are the companies competing in an industry D. are customers in a market E. a revenue projection based on industry, customer, and the sales side of your business model

E. a revenue projection based on industry, customer, and the sales side of your business model