Question 1

The industry in which a new venture will operate is the business's ____. ​

Accepted Answer

A) external environment 
B) target demographic ​ 
C) target market ​ 
D) first customer 
E) None of these choices ​ 
A) external environment 
B) target demographic ​ 
C) target market ​ 
D) first customer 
E) None of these choices ​ A

Question 2

A good starting point for gathering secondary market data is ____. ​

Accepted Answer

A) the library 
B) other companies 
C) the Internet 
D) the buying habits of potential customers 
E) All of these choices 
A) the library 
B) other companies 
C) the Internet 
D) the buying habits of potential customers 
E) All of these choices C

Question 3

Identifying and profiling the first customer, estimating potential demand from that customer, and identifying subsequent customer segments and needs to grow the company are goals of market research for ____. ​

Accepted Answer

A) a new company 
B) a mature company 
C) all companies, large and small 
D) companies in decline 
E) All of these choices 
A) a new company 
B) a mature company 
C) all companies, large and small 
D) companies in decline 
E) All of these choices A

Question 4

Discuss the purpose of the North American Industry Classification System (NAICS), and indicate what countries are part of the system. ​

Accepted Answer

The purpose of the NAICS is to identify

Question 5

Age, income level, education, and buying habits are all components of the ____.

Accepted Answer

A) competitor profile 
B) customer profile 
C) supplier profile 
D) industry profile 
E) SurveyMonkey profile 
A) competitor profile 
B) customer profile 
C) supplier profile 
D) industry profile 
E) SurveyMonkey profile

Question 6

Briefly discuss the components/elements of the industry life cycle. ​

Accepted Answer

Birth - the emergence of a new industry.

Question 7

____ change takes place as companies in the industry grow geographically and increase profits through innovations in operations, processes, distribution, and technology. ​

Accepted Answer

A) Radical 
B) Creative 
C) Progressive 
D) Intermediating 
E) Internet 
A) Radical 
B) Creative 
C) Progressive 
D) Intermediating 
E) Internet

Question 8

"How is the industry described?," "Is the industry growing?," and "Where are the opportunities?" are all examples of the questions that should be answered when conducting the ____. ​

Accepted Answer

A) industry trajectories 
B) industry analysis 
C) PEST analysis 
D) target market analysis 
E) first customer analysis 
A) industry trajectories 
B) industry analysis 
C) PEST analysis 
D) target market analysis 
E) first customer analysis

Question 9

____ has provided a way of effectively looking at the structure of an industry and at a company's competitive strength and positioning relative to that industry and to the markets it serves. ​

Accepted Answer

A) Porter's Five Forces 
B) PEST 
C) Market research 
D) Industry analysis 
E) None of these choices 
A) Porter's Five Forces 
B) PEST 
C) Market research 
D) Industry analysis 
E) None of these choices

Question 10

Observation, online or in-person surveys, phone surveys, interviews, and informal focus group are all ways to collect ____ data. ​

Accepted Answer

A) secondary 
B) primary 
C) third-party 
D) sample 
E) All of these choices 
A) secondary 
B) primary 
C) third-party 
D) sample 
E) All of these choices

Question 11

____ change is found in industries where resources turn over frequently and must continually be replaced. ​

Accepted Answer

A) Progressive 
B) Intermediating 
C) Radical 
D) Creative 
E) None of these choices 
A) Progressive 
B) Intermediating 
C) Radical 
D) Creative 
E) None of these choices

Question 12

Briefly discuss Porter's Five Forces Framework that is used to analyze an industry. ​

Accepted Answer

Threat of New Market Entrants,

Question 13

The "first customer" is the customer who pays for the product or service and is the customer with the most ____. ​

Accepted Answer

A) money 
B) time 
C) pain 
D) All of these choices 
E) None of these choices 
A) money 
B) time 
C) pain 
D) All of these choices 
E) None of these choices

Question 14

The ____ period moves the industry from many companies and high product costs, to a more stable industry with only a few efficient firms. ​

Accepted Answer

A) growth 
B) adaptation 
C) differentiation ​ 
D) shakeout ​ 
E) maturity 
A) growth 
B) adaptation 
C) differentiation ​ 
D) shakeout ​ 
E) maturity

Question 15

As more firms enter an industry, intense ____ occurs. ​

Accepted Answer

A) growth 
B) adaptation 
C) differentiation ​ 
D) shakeout 
E) decline 
A) growth 
B) adaptation 
C) differentiation ​ 
D) shakeout 
E) decline

Question 16

What is the phrase that is associated with the costs to produce a product when those costs have declined relative to the price of industry's goods and services? ​

Accepted Answer

A) Threat of new entrants 
B) Price and quality of alternatives 
C) Switching costs 
D) Economies of scale 
E) Costs of inputs 
A) Threat of new entrants 
B) Price and quality of alternatives 
C) Switching costs 
D) Economies of scale 
E) Costs of inputs

Question 17

Briefly discuss the Four-Step Market Research Process. ​

Accepted Answer

Assess your information needs. How will

Question 18

The key questions to be asked to discover your first customer include all of these except:  ​

Accepted Answer

A) What are the potential markets for the product or service? 
B) Of these markets, which customers are most likely to purchase 
C) How much is the customer willing to pay? 
D) How often does the customer buy? 
E) All of these choices 
A) What are the potential markets for the product or service? 
B) Of these markets, which customers are most likely to purchase 
C) How much is the customer willing to pay? 
D) How often does the customer buy? 
E) All of these choices

Question 19

To access the timeliest information, it is important to gather ____ on an industry. ​

Accepted Answer

A) secondary data 
B) primary data 
C) blogs and social networking 
D) trade associations ​ 
E) None of these choices 
A) secondary data 
B) primary data 
C) blogs and social networking 
D) trade associations ​ 
E) None of these choices

Question 20

Industries remain static or stable over time, so it is easy for the entrepreneur to research and understand the industry. ​

Accepted Answer

A) True 
 B)False

The industry in which a new venture will operate is the business's ____.

A good starting point for gathering secondary market data is ____.

Identifying and profiling the first customer, estimating potential demand from that customer, and identifying subsequent customer segments and needs to grow the company are goals of market research for ____.

Discuss the purpose of the North American Industry Classification System (NAICS), and indicate what countries are part of the system.

Age, income level, education, and buying habits are all components of the ____.

Briefly discuss the components/elements of the industry life cycle.

____ change takes place as companies in the industry grow geographically and increase profits through innovations in operations, processes, distribution, and technology.

"How is the industry described?," "Is the industry growing?," and "Where are the opportunities?" are all examples of the questions that should be answered when conducting the ____.

____ has provided a way of effectively looking at the structure of an industry and at a company's competitive strength and positioning relative to that industry and to the markets it serves.

Observation, online or in-person surveys, phone surveys, interviews, and informal focus group are all ways to collect ____ data.

____ change is found in industries where resources turn over frequently and must continually be replaced.

Briefly discuss Porter's Five Forces Framework that is used to analyze an industry.

The "first customer" is the customer who pays for the product or service and is the customer with the most ____.

The ____ period moves the industry from many companies and high product costs, to a more stable industry with only a few efficient firms.

As more firms enter an industry, intense ____ occurs.

What is the phrase that is associated with the costs to produce a product when those costs have declined relative to the price of industry's goods and services?

Briefly discuss the Four-Step Market Research Process.

The key questions to be asked to discover your first customer include all of these except:

To access the timeliest information, it is important to gather ____ on an industry.

Industries remain static or stable over time, so it is easy for the entrepreneur to research and understand the industry.

Understanding Entrepreneurship

Preparing for the Entrepreneurial Journey

Creating Opportunity

Developing and Testing a Business Model

Prototyping a Solution

Protecting the Startups Assets

Calculating Startup Capital Requirements

Building the Founding Team

Preparing a Business Plan

Designing an Entrepreneurial Organization

Choosing the Legal Form of Organization

Developing the Startup Marketing Plan

Creating a Startup Funding Strategy

Incorporating Ethics and Social Responsibility Into the Business

Planning for Growth and Change

Funding Growth

Filters

Exam 4: Analyzing the Industry and Market

The industry in which a new venture will operate is the business's ____. ​

A good starting point for gathering secondary market data is ____. ​

Identifying and profiling the first customer, estimating potential demand from that customer, and identifying subsequent customer segments and needs to grow the company are goals of market research for ____. ​

Discuss the purpose of the North American Industry Classification System (NAICS), and indicate what countries are part of the system. ​

Age, income level, education, and buying habits are all components of the ____.

Briefly discuss the components/elements of the industry life cycle. ​

____ change takes place as companies in the industry grow geographically and increase profits through innovations in operations, processes, distribution, and technology. ​

"How is the industry described?," "Is the industry growing?," and "Where are the opportunities?" are all examples of the questions that should be answered when conducting the ____. ​

____ has provided a way of effectively looking at the structure of an industry and at a company's competitive strength and positioning relative to that industry and to the markets it serves. ​

Observation, online or in-person surveys, phone surveys, interviews, and informal focus group are all ways to collect ____ data. ​

____ change is found in industries where resources turn over frequently and must continually be replaced. ​

Briefly discuss Porter's Five Forces Framework that is used to analyze an industry. ​

The "first customer" is the customer who pays for the product or service and is the customer with the most ____. ​

The ____ period moves the industry from many companies and high product costs, to a more stable industry with only a few efficient firms. ​

As more firms enter an industry, intense ____ occurs. ​

What is the phrase that is associated with the costs to produce a product when those costs have declined relative to the price of industry's goods and services? ​

Briefly discuss the Four-Step Market Research Process. ​

The key questions to be asked to discover your first customer include all of these except: ​

To access the timeliest information, it is important to gather ____ on an industry. ​

Industries remain static or stable over time, so it is easy for the entrepreneur to research and understand the industry. ​

Understanding Entrepreneurship

Preparing for the Entrepreneurial Journey

Creating Opportunity

Developing and Testing a Business Model

Prototyping a Solution

Protecting the Startups Assets

Calculating Startup Capital Requirements

Building the Founding Team

Preparing a Business Plan

Designing an Entrepreneurial Organization

Choosing the Legal Form of Organization

Developing the Startup Marketing Plan

Creating a Startup Funding Strategy

Incorporating Ethics and Social Responsibility Into the Business

Planning for Growth and Change

Funding Growth

Filters

The industry in which a new venture will operate is the business's ____.

A good starting point for gathering secondary market data is ____.

Identifying and profiling the first customer, estimating potential demand from that customer, and identifying subsequent customer segments and needs to grow the company are goals of market research for ____.

Discuss the purpose of the North American Industry Classification System (NAICS), and indicate what countries are part of the system.

Briefly discuss the components/elements of the industry life cycle.

____ change takes place as companies in the industry grow geographically and increase profits through innovations in operations, processes, distribution, and technology.

"How is the industry described?," "Is the industry growing?," and "Where are the opportunities?" are all examples of the questions that should be answered when conducting the ____.

____ has provided a way of effectively looking at the structure of an industry and at a company's competitive strength and positioning relative to that industry and to the markets it serves.

Observation, online or in-person surveys, phone surveys, interviews, and informal focus group are all ways to collect ____ data.

____ change is found in industries where resources turn over frequently and must continually be replaced.

Briefly discuss Porter's Five Forces Framework that is used to analyze an industry.

The "first customer" is the customer who pays for the product or service and is the customer with the most ____.

The ____ period moves the industry from many companies and high product costs, to a more stable industry with only a few efficient firms.

As more firms enter an industry, intense ____ occurs.

What is the phrase that is associated with the costs to produce a product when those costs have declined relative to the price of industry's goods and services?

Briefly discuss the Four-Step Market Research Process.

The key questions to be asked to discover your first customer include all of these except:

To access the timeliest information, it is important to gather ____ on an industry.

Industries remain static or stable over time, so it is easy for the entrepreneur to research and understand the industry.