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
