entrepreneurship final

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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


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