entreprenuership final

Communism is an example of a(n) ______ economy.

Command

An opportunity exists for an entrepreneur when a customer need is going unmet by a(n) _____

Competitor

The people who create goods and services are called ____ resources.

Human

The ______ function of business creates or obtains products or services for sale.

Production

Which of the following is not an example of a touch point?

an order of goods from a supplier

Needs include all of the following except

cellphones

Which of the following is not a way to collect primary data?

consumer opinion blogs

The first step in the problem-solving model is to _____ the problem.

define

In the first step in the market research process, you need to

define the market research question

_______ is the last step in the market research process.

evaluation

A customer profile should include demographic data but not psychographic data.

false

Focus groups are quick interviews with target markets.

false

The functions of business operate independently of each other.

false

The value of the next-best economic alternative is a trade-off cost.

false

How much money you want to earn is a(n) ______ goal.

financial

To assess your suitability for entrepreneurship, you should consider your strengths, weaknesses, ______ , interests, past experiences, and aptitude.

hobbies

Demographics are data that describe a group of people in terms of their

income

When operating with _______ , entrepreneurs behave consistenly in actions, values, methods, measures, principles, expectations, and outcomes.

integrity

Which of the following would most likely be the target market for a car dealer selling moderately priced minivans?

middle class families with children

Today, China runs under a

mixed economy

Which one of the following is not one of the four major market structures?

pure competiton

If it is not possible to quantify the alternatives in the fourth step of the problem-solving model, the decision maker may ______ each alternative.

rank

In comparing different business opportunities, you should look at the particular ______ associated with the business.

risks

Earning a college degree is an example of satisfying which of the following areas of needs?

self actualization

Identifying your ______market helps you reach the people who desire your products and services Identifying your

target

The customer you would most like to attract are referred to as your

target market

A competitor's strengths should be viewed as threats to your business.

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.

true

Capital resources include buildings and equipment.

true

Demand elasticity occurs when demand for a product is affected by its price.

true

Entrepreneurs estimate demand for their products or services by identifying their target market.

true

Entrepreneurship thrives in a market economy?

true

It is difficult for new businesses to enter a market with an oligopoly market structure.

true

Secondary data resources and observation methods can help you learn about your direct competition.

true

Surveys should be kept to a page in length when read over the phone or mailed to respondents.

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.

true

When the quanity of a good or service produced increases, variable costs change also.

true

All of the following can provide information about direct competition except

u.s postal service