Exam 4: Analyzing the Industry and Market

Identification of the _____ and the first customer is one of the most important tasks that needs to be undertaken during the feasibility analysis for a new business.

One of the weakest portions of any feasibility analysis or business plan is the

In the context of Porter's Five Forces, barriers to entry, threat from substitutes, threat from buyers' bargaining power, and threat from suppliers' bargaining power all work together to

In assessing the competition, the idea is to benchmark the new venture against a competitor.

The government can limit entry to an industry or market through strict regulation, licensing requirements, and by limiting access to raw materials via laws or high taxes and to certain locations by means of zoning restrictions.

Due to the rise of digital media, many print newspapers have gone out of print or have reduced circulation. The newspaper industry is in the _____ stage of the industry life cycle.

Briefly discuss the stages of the industry life cycle.

List the questions that should be answered during data collection in industry analysis.

What is the importance of a customer profile? List some of the information that should be included in a customer profile.

Good competition is defined as companies that are

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

List some of the sources of primary industry data.

Target market research provides some of the least important data that is used to determine who the first customer is.

There are generally three types of competitors for a product or service: direct, indirect or substitute, and

The industry in which an entrepreneur's new business will operate represents the business's

In conducting an industry analysis, which of the following is NOT a question one would ask when collecting data?

The _____ represents an unserved niche that enables an entrepreneur to enter a market with no direct competition for a time.

Industries remain static or stable over time.

The North American Industry Classification System (NAICS) is the classification system that the United States, Canada, and Mexico developed to identify industries and to allow for common standards and statistics across North America.

The ethnographic approach for entrepreneurs to observe their customers consists of _____ steps.