Exam 9: Marketing in a New Venture

From a marketing perspective,the first step to becoming a successful entrepreneur is defining what customers need.

Which of the following would help an entrepreneur get his or her new product as the technical standard?

Approximately five years ago,there were several e-businesses set up to fill orders for prescription drugs by use of the Internet and a delivery service. At the time,many people thought that these e-businesses would be major competitors to regular drug stores. That did not happen. What was a likely reason?

Which of the following is important to know as an entrepreneur before entering the diamond ring market?

Once a dominant design has been established in an industry,new companies have an advantage over established companies.

In setting the price on a new product,an entrepreneur bases the price on the amount of money used to produce the product. This is known as

Identify and explain an example using the product development S-curve?

In which of the following situations would an entrepreneur have the best advantage?

The first step to starting a new business is to find a solution to a problem that potential customers do not even know they have.

An entrepreneur is working to develop a new video game. Preliminary information suggests that consumers are concerned about the quality of the graphics,the extra features of the game,and the price,but it is not known which is the most important relative to the others. Research is set up in which copies of the same game,varying with different combinations of graphics,features,and price,are presented to potential consumers . Potential consumers are asked to indicate which copy of the game they prefer. This is an example of using

What are the three disadvantages that existing companies have when serving new markets with novel solutions to customers' needs? Please explain each disadvantage.

It is easier to gather information from customers in a new target market than it is from well-established target markets.

It is possible for an individual to be a laggard for one product and an early adopter for another product.

Which of the following groups of customers tend to be most cautious in buying a new product or service?

The authors of the textbook said that entrepreneurs who sell only to innovators and early adopters probably will not succeed. Explain why this might be true.

When personal computers were beginning to be widely used,there were several operating systems that were being used on different kinds of computers;Microsoft used MS DOS,then an expanded version which include Windows,Apple used OS2,etc. Obviously,the Microsoft software became the "industry standard." This represents which concept named below?