Exam 4: External Analysis

When completing a conceptual map, an entrepreneur needs to visit ________ of the potential competitors.

In an external environment analysis, the first step is to research your customers.

Which of the following is an example of the list of items that an entrepreneur should include while visiting and making comparisons to his-her potential competitors?

Which of the following provides the new business with the opportunity to make more money than the competition?

Which of the following products is likely to have an elastic demand?

The greatest barrier to the spread of an application is the social media that promotes the application.

A normal or ordinary competitive factor is some kind of standard practice in the industry, and it is necessary for the business to succeed.

Once entrepreneurs have defined the industry that interests them, determined who their potential customers might be and why they might want to buy from the business, the next step is to start understanding the competitive advantage of the business.

Mark is setting up his new business.He has defined the industry in which he is competing and has also defined his customers.In the context of conducting an external analysis, which of the following should be Mark's next step?

The key to recognizing an opportunity is completing a detailed analysis of the internal environment.

One possible result of the development of a competitive map is the conclusion that the initial concept was not feasible.

A(n)________ is an analytical tool to organize information about direct competitors on all points of competition.

Describe the critical steps in examining the external environment of a new business.

A(n)________ is an analytical tool to organize information about direct competitors on all points of competition.

A(n)________ is a product that performs a similar function, or it achieves the same result.

An exit barrier keeps an entrepreneur from leaving the business he or she has invested in.

A(n)________ is an analytical tool used to provide information to organize information about direct competitors on all points of competition.

An owner, when researching a new business, needs to be aware of, and be able to describe, all potential customers.

When starting a new business, an owner needs to take into account how far a customer will travel for the product or service to be sold.

The North American Industry Classification System (NAICS)is a code generated by the U.S.government to gather, track, and publish data on specific industries.