Question 1

A(n) ________ is the group of founders, key employees, and advisers that either manage or help manage a new business in its startup years.

Accepted Answer

A)  opening team 
B)  entrepreneurial team 
C)  scout team 
D)  launch team 
E)  new venture team 
A)  opening team 
B)  entrepreneurial team 
C)  scout team 
D)  launch team 
E)  new venture team

Question 2

The two components of product/service feasibility analysis are product/service demand and:

Accepted Answer

A)  product/service desirability 
B)  management prowess 
C)  target market attractiveness 
D)  resource sufficiency 
E)  financial performance of similar businesses 
A)  product/service desirability 
B)  management prowess 
C)  target market attractiveness 
D)  resource sufficiency 
E)  financial performance of similar businesses

Question 3

Does it make sense? Is it reasonable? Is it something consumers will get excited about? Does it take advantage of an environmental trend, solve a problem, or fill a gap in the marketplace? These are the types of questions asked during the ________ component of a complete feasibility analysis.

Accepted Answer

A)  financial feasibility 
B)  industry/target market feasibility 
C)  organizational feasibility 
D)  concept feasibility 
E)  product/service feasibility 
A)  financial feasibility 
B)  industry/target market feasibility 
C)  organizational feasibility 
D)  concept feasibility 
E)  product/service feasibility

Question 4

Which of the following statements about target markets is incorrect?

Accepted Answer

A)  There is a distinct difference between a firm's industry and its target market. 
B)  The challenge in identifying an attractive target market is to find a market that's large enough for the proposed business but is yet small enough to avoid attracting larger competitors. 
C)  By focusing on a target market, a firm can usually avoid head-to-head competition with industry leaders and can focus on serving a specialized market very well. 
D)  A target market is a place within a larger market segment that represents a narrower group of customers with similar needs. 
E)  It's generally easier to find good information about a target market than an industry as a whole. 
A)  There is a distinct difference between a firm's industry and its target market. 
B)  The challenge in identifying an attractive target market is to find a market that's large enough for the proposed business but is yet small enough to avoid attracting larger competitors. 
C)  By focusing on a target market, a firm can usually avoid head-to-head competition with industry leaders and can focus on serving a specialized market very well. 
D)  A target market is a place within a larger market segment that represents a narrower group of customers with similar needs. 
E)  It's generally easier to find good information about a target market than an industry as a whole.

Question 5

Jennifer Burroughs is thinking about starting a firm in the upscale women's fashion industry. To get a full appreciation of the competitive nature of the industry, and how she might position her products, Jennifer has spent considerable time looking at industry-related publications, Hoover's Online, and ABI-Inform, which is a database that provides access to articles covering a wide-variety of business and industry related issues. Jennifer is conducting:

Accepted Answer

A)  primary research 
B)  secondary research 
C)  action research 
D)  temporary research 
E)  purposeful research 
A)  primary research 
B)  secondary research 
C)  action research 
D)  temporary research 
E)  purposeful research

Question 6

Corry Pierce is investigating the feasibility of a new type of electronic game targeting middle school and high school-age boys. Which of the following is an example of "gumshoe research" that Corry could conduct to get a sense of the likely demand for his game?

Accepted Answer

A)  Download electronic games industry reports from the Internet. 
B)  Administer a buying intentions survey. 
C)  Administer a concept test. 
D)  Look at the Web sites of a number of companies that sell electronic games. 
E)  Spend several days in electronic games arcades and stores to observe the types of games that attract the interest of middle school age and high school age boys. 
A)  Download electronic games industry reports from the Internet. 
B)  Administer a buying intentions survey. 
C)  Administer a concept test. 
D)  Look at the Web sites of a number of companies that sell electronic games. 
E)  Spend several days in electronic games arcades and stores to observe the types of games that attract the interest of middle school age and high school age boys.

Question 7

Mintel, IBISWorld, and BizMiner are databases most likely to be used during the ________ feasibility stage of the feasibility analysis process.

Accepted Answer

A)  organizational 
B)  economic 
C)  political/legal 
D)  industry/target market 
E)  product/service 
A)  organizational 
B)  economic 
C)  political/legal 
D)  industry/target market 
E)  product/service

Question 8

The four forms of feasibility analysis include: product/service feasibility, industry/target market feasibility, organizational feasibility, and financial feasibility.

Accepted Answer

A) True 
 B)False

Question 9

________ feasibility is an assessment of the overall appeal of the product or service being proposed.

Accepted Answer

A)  Consumer 
B)  Industry/market segment 
C)  Industry/market 
D)  Product/service 
E)  Purchaser/end-user 
A)  Consumer 
B)  Industry/market segment 
C)  Industry/market 
D)  Product/service 
E)  Purchaser/end-user

Question 10

Census Bureau data, analyst forecasts, and other pertinent information gleaned through library and Internet research are examples of primary research.

Accepted Answer

A) True 
 B)False

Question 11

A buying intentions survey is used to gauge customer interest in a product or service.

Accepted Answer

A) True 
 B)False

Question 12

The Savvy Entrepreneurial Firm feature in Chapter 3 focuses on Bill Gross, and how a company he was leading, Knowledge Adventure, made a 180-degree turn on the positioning of a product. According to the feature, Gross and his team made the change as a result of:

Accepted Answer

A)  observing how customers acted when buying their product 
B)  studying industry trends 
C)  conducting Internet research 
D)  administering a concept test and a buying intention's survey 
E)  hiring consultants to provide them advice 
A)  observing how customers acted when buying their product 
B)  studying industry trends 
C)  conducting Internet research 
D)  administering a concept test and a buying intention's survey 
E)  hiring consultants to provide them advice

Question 13

The What Went Wrong feature in Chapter 3 is titled "eBay Drop-Off Stores: How Feasible Were They?" What was it about the potential feasibility of eBay Drop-Off stores that worried skeptics from the beginning?

Accepted Answer

A)  that the stores would not have enough "quality" merchandise to sell on eBay and that the variety of items the stores would be asked to sell would be too broad 
B)  that consumers were losing interest in eBay and that the stores would not have enough "quality" merchandise to sell on eBay 
C)  that eBay was attracting too many competitors and that consumers were becoming increasingly Internet savvy, making it easier for them to sell items at online auctions themselves rather than relying on an intermediary like an eBay Drop Off store 
D)  that the variety of items the stores would be asked to sell would be too broad and that consumers were losing interest in online auctions 
E)  that consumers were losing interest in online auctions and that eBay was declining in terms of its popularity 
A)  that the stores would not have enough "quality" merchandise to sell on eBay and that the variety of items the stores would be asked to sell would be too broad 
B)  that consumers were losing interest in eBay and that the stores would not have enough "quality" merchandise to sell on eBay 
C)  that eBay was attracting too many competitors and that consumers were becoming increasingly Internet savvy, making it easier for them to sell items at online auctions themselves rather than relying on an intermediary like an eBay Drop Off store 
D)  that the variety of items the stores would be asked to sell would be too broad and that consumers were losing interest in online auctions 
E)  that consumers were losing interest in online auctions and that eBay was declining in terms of its popularity

Question 14

Industry/target market feasibility is an assessment of the overall appeal of the industry and the target market for the product or service being proposed.

Accepted Answer

A) True 
 B)False

Question 15

Katlin Smith is investigating the feasibility of developing an iPhone app to help high school students with math. To get a good handle on the potential demand for her service, Katlin is scrounging around for information wherever she can find it. She even spent two weeks volunteering as a math tutor at a local high school to see how students responded to her methods. Katlin is conducting ________ research.

Accepted Answer

A)  parallel 
B)  derivative 
C)  gumshoe 
D)  secondary 
E)  on-the-ground 
A)  parallel 
B)  derivative 
C)  gumshoe 
D)  secondary 
E)  on-the-ground

A(n) ________ is the group of founders, key employees, and advisers that either manage or help manage a new business in its startup years.

The two components of product/service feasibility analysis are product/service demand and:

Does it make sense? Is it reasonable? Is it something consumers will get excited about? Does it take advantage of an environmental trend, solve a problem, or fill a gap in the marketplace? These are the types of questions asked during the ________ component of a complete feasibility analysis.

Which of the following statements about target markets is incorrect?

Corry Pierce is investigating the feasibility of a new type of electronic game targeting middle school and high school-age boys. Which of the following is an example of "gumshoe research" that Corry could conduct to get a sense of the likely demand for his game?

Mintel, IBISWorld, and BizMiner are databases most likely to be used during the ________ feasibility stage of the feasibility analysis process.

The four forms of feasibility analysis include: product/service feasibility, industry/target market feasibility, organizational feasibility, and financial feasibility.

________ feasibility is an assessment of the overall appeal of the product or service being proposed.

Census Bureau data, analyst forecasts, and other pertinent information gleaned through library and Internet research are examples of primary research.

A buying intentions survey is used to gauge customer interest in a product or service.

The Savvy Entrepreneurial Firm feature in Chapter 3 focuses on Bill Gross, and how a company he was leading, Knowledge Adventure, made a 180-degree turn on the positioning of a product. According to the feature, Gross and his team made the change as a result of:

The What Went Wrong feature in Chapter 3 is titled "eBay Drop-Off Stores: How Feasible Were They?" What was it about the potential feasibility of eBay Drop-Off stores that worried skeptics from the beginning?

Industry/target market feasibility is an assessment of the overall appeal of the industry and the target market for the product or service being proposed.

Introduction to Entrepreneurship

Recognizing Opportunities and Generating Ideas

Writing a Business Plan

Industry and Competitor Analysis

Developing an Effective Business Model

Preparing the Proper Ethical and Legal Foundation

Assessing a New Ventures Financial Strength and Viability

Building a New Venture Team

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters

Exam 3: Feasibility Analysis

A(n) ________ is the group of founders, key employees, and advisers that either manage or help manage a new business in its startup years.

The two components of product/service feasibility analysis are product/service demand and:

Does it make sense? Is it reasonable? Is it something consumers will get excited about? Does it take advantage of an environmental trend, solve a problem, or fill a gap in the marketplace? These are the types of questions asked during the ________ component of a complete feasibility analysis.

Which of the following statements about target markets is incorrect?

Corry Pierce is investigating the feasibility of a new type of electronic game targeting middle school and high school-age boys. Which of the following is an example of "gumshoe research" that Corry could conduct to get a sense of the likely demand for his game?

Mintel, IBISWorld, and BizMiner are databases most likely to be used during the ________ feasibility stage of the feasibility analysis process.

The four forms of feasibility analysis include: product/service feasibility, industry/target market feasibility, organizational feasibility, and financial feasibility.

________ feasibility is an assessment of the overall appeal of the product or service being proposed.

Census Bureau data, analyst forecasts, and other pertinent information gleaned through library and Internet research are examples of primary research.

A buying intentions survey is used to gauge customer interest in a product or service.

The Savvy Entrepreneurial Firm feature in Chapter 3 focuses on Bill Gross, and how a company he was leading, Knowledge Adventure, made a 180-degree turn on the positioning of a product. According to the feature, Gross and his team made the change as a result of:

The What Went Wrong feature in Chapter 3 is titled "eBay Drop-Off Stores: How Feasible Were They?" What was it about the potential feasibility of eBay Drop-Off stores that worried skeptics from the beginning?

Industry/target market feasibility is an assessment of the overall appeal of the industry and the target market for the product or service being proposed.

Introduction to Entrepreneurship

Recognizing Opportunities and Generating Ideas

Writing a Business Plan

Industry and Competitor Analysis

Developing an Effective Business Model

Preparing the Proper Ethical and Legal Foundation

Assessing a New Ventures Financial Strength and Viability

Building a New Venture Team

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters