Exam 3: Generating and Exploring New Entries

Describe the difference between managerial and entrepreneurial decision making, using the five key business dimensions discussed in the text.

What happens in the "Concept Stage"of product development.

When looking at market structure in the market analysis approach to opportunity assessment, an entrepreneur will use which of the following criteria?

As described in the text, the second phase of the entrepreneurial process is __________.

Business venture risks and rewards are determined by the market size and the length of the window of opportunity.

In the Opening Profile for Chapter 3, Chris Griffiths of Garrison Guitars used which of the following approaches to managing his employees?

Large-scale opportunity assessment: For a small-to-medium business, an entrepreneur will want to deal with the following questions:

When determining market share using the income statement approach to opportunity assessment, manufacturing industries use which of the following?

The final two segments of the income statement approach are determining the start-up costs of the business and calculating a ROI

The market analysis approach consists of assessing the attractiveness of an opportunity based on the

The market analysis approach to opportunity assessment uses which of the following measures?

The product planning and development process: In the product development stage, consumer reaction to the physical product is determined.

The product planning and development process: actual sales results, which indicate the acceptance level of consumers.

The product planning and development process: Promising new product ideas should be identified and impractical ones eliminated in the

When determining market share using the income statement approach to opportunity assessment, service industries use which of the following?

When using the income statement approach to opportunity assessment, the percentage of business you hope to attract within your planned market area is known as __________.

Using the income statement approach to opportunity assessment, briefly explain how you would estimate sales revenue using the concept of market share for a retailer, manufacturer, and a service provider.

The market analysis approach to opportunity assessment is generally used for which of the following?

When using the income statement approach to opportunity assessment, return on investment (ROI) is calculated by __________.

The stages of the entrepreneurial process discussed in the text are progressive and if not followed sequentially, can often lead to new business failure.