Question 1

Product/service feasibility analysis is an assessment of the overall appeal of the product or service being proposed.

Accepted Answer

A) True 
 B)False  True

Question 2

The proper sequence for developing successful business ideas is to first conduct a feasibility analysis, then progress through the opportunity recognition stage, and finish with the completion of a business plan.

Accepted Answer

A) True 
 B)False  False

Question 3

The First Screen feasibility analysis template included in Chapter 3 is called "First Screen" because:

Accepted Answer

A)  it is the first feasibility analysis template created 
B)  it is the first and most important step in the opportunity recognition process 
C)  it is the first step in a sequence of several steps that must be completed before a business idea is deemed to be feasible 
D)  feasibility analysis is an entrepreneur's initial or first pass at determining the feasibility of a business idea 
E)  it is the first of several "screens" that a business idea must pass through before it is considered to be feasible 
A)  it is the first feasibility analysis template created 
B)  it is the first and most important step in the opportunity recognition process 
C)  it is the first step in a sequence of several steps that must be completed before a business idea is deemed to be feasible 
D)  feasibility analysis is an entrepreneur's initial or first pass at determining the feasibility of a business idea 
E)  it is the first of several "screens" that a business idea must pass through before it is considered to be feasible D

Question 4

Describe the purpose of feasibility analysis. When should a feasibility analysis be conducted relative to opportunity recognition and the development of a business plan?

Accepted Answer

Feasibility analysis is the process of d

Question 5

The two components of industry/target market feasibility analysis are:

Accepted Answer

A)  industry status and target market status 
B)  industry attractiveness and target market attractiveness 
C)  industry sufficiency and target market demand 
D)  industry attractiveness and product/service demand 
E)  industry evolution and target market attractiveness 
A)  industry status and target market status 
B)  industry attractiveness and target market attractiveness 
C)  industry sufficiency and target market demand 
D)  industry attractiveness and product/service demand 
E)  industry evolution and target market attractiveness

Question 6

Morphology, the company profiled in the opening feature for Chapter 3, was started to produce a board game. The feature describes how Morphology sought to validate its business idea. According to the feature:

Accepted Answer

A)  Morphology was unable to validate its business idea and the idea was dropped 
B)  Morphology's feasibility analysis was incomplete, and the company has struggled ever since it was launched 
C)  Morphology's feasibility analysis was flawed, and the company failed 
D)  Morphology did an exemplary job validating its business idea, and its board game is now being sold in more than 40 stores across the United States, with some distribution in Canada 
E)  Morphology's feasibility analysis was well done, and the company was acquired by Mattel before it could launch its board game as an independent company 
A)  Morphology was unable to validate its business idea and the idea was dropped 
B)  Morphology's feasibility analysis was incomplete, and the company has struggled ever since it was launched 
C)  Morphology's feasibility analysis was flawed, and the company failed 
D)  Morphology did an exemplary job validating its business idea, and its board game is now being sold in more than 40 stores across the United States, with some distribution in Canada 
E)  Morphology's feasibility analysis was well done, and the company was acquired by Mattel before it could launch its board game as an independent company

Question 7

Al Jenkins is in the process of developing an exciting new product in the smartphone industry. He'd like to show a preliminary description of the product to industry experts and prospective customers to solicit their feedback. Al should complete and distribute a(n):

Accepted Answer

A)  perception statement 
B)  usability statement 
C)  early adopter statement 
D)  concept statement 
E)  adoption risk-reward statement 
A)  perception statement 
B)  usability statement 
C)  early adopter statement 
D)  concept statement 
E)  adoption risk-reward statement

Question 8

A new venture team 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) True 
 B)False

Question 9

There are two components to product/service feasibility analysis: product/service desirability and total startup funds needed.

Accepted Answer

A) True 
 B)False

Question 10

The mechanics for filling out a First Screen worksheet are complicated.

Accepted Answer

A) True 
 B)False

Question 11

Sam Willis is distributing an instrument, which includes a concept statement with a short survey attached, to try to gauge customer interest in a product he is developing. Sam is distributing a:

Accepted Answer

A)  shopper intent survey 
B)  consumer interest survey 
C)  product demand survey 
D)  buying intentions survey 
E)  purchase intent survey 
A)  shopper intent survey 
B)  consumer interest survey 
C)  product demand survey 
D)  buying intentions survey 
E)  purchase intent survey

Question 12

Talking to industry experts, obtaining feedback from prospective customers, and administering surveys are examples of:

Accepted Answer

A)  primary research 
B)  secondary research 
C)  derivative research 
D)  principal research 
E)  fundamental research 
A)  primary research 
B)  secondary research 
C)  derivative research 
D)  principal research 
E)  fundamental research

Question 13

Which of the following factors is a negative as it pertains to the financial feasibility of a business venture?

Accepted Answer

A)  steady and rapid growth in sales during the first five to seven years in a clearly defined market niche 
B)  high percentage of recurring revenue-meaning that once a firm wins a client, the client will provide recurring sources of revenue 
C)  inability to forecast income and expenses with a reasonable degree of accuracy 
D)  internally generated funds to finance and sustain growth 
E)  availability of an exit opportunity for investors to convert equity into cash 
A)  steady and rapid growth in sales during the first five to seven years in a clearly defined market niche 
B)  high percentage of recurring revenue-meaning that once a firm wins a client, the client will provide recurring sources of revenue 
C)  inability to forecast income and expenses with a reasonable degree of accuracy 
D)  internally generated funds to finance and sustain growth 
E)  availability of an exit opportunity for investors to convert equity into cash

Question 14

Briefly describe the purpose of the First Screen and how it's used.

Accepted Answer

The First Screen is a template for compl

Question 15

A(n) ________ involves showing a preliminary description of a product or service idea to prospective customers to gauge customer interest, desirability, and purchase intent.

Accepted Answer

A)  concept test 
B)  product/service statement 
C)  impression test 
D)  idea prospectus 
E)  idea test 
A)  concept test 
B)  product/service statement 
C)  impression test 
D)  idea prospectus 
E)  idea test

Question 16

The two primary issues to consider in organizational feasibility analysis are management prowess and:

Accepted Answer

A)  market timeliness 
B)  concept testing 
C)  resource sufficiency 
D)  target market attractiveness 
E)  total startup cash needed 
A)  market timeliness 
B)  concept testing 
C)  resource sufficiency 
D)  target market attractiveness 
E)  total startup cash needed

Question 17

Describe what a concept statement is, and what it should include.

Accepted Answer

A concept statement is a preliminary des

Question 18

First Screen is a template for completing industry analysis

Accepted Answer

A) True 
 B)False

Question 19

Cameron Smith recently surveyed 200 of his classmates to get a sense of the demand for a new software product he is working on. Collecting data via a survey you administer yourself is referred to as:

Accepted Answer

A)  direct research 
B)  derivative research 
C)  primary research 
D)  secondary research 
E)  initial research 
A)  direct research 
B)  derivative research 
C)  primary research 
D)  secondary research 
E)  initial research

Question 20

The focus in organizational feasibility analysis is on financial resources.

Accepted Answer

A) True 
 B)False

Product/service feasibility analysis is an assessment of the overall appeal of the product or service being proposed.

The proper sequence for developing successful business ideas is to first conduct a feasibility analysis, then progress through the opportunity recognition stage, and finish with the completion of a business plan.

The First Screen feasibility analysis template included in Chapter 3 is called "First Screen" because:

Describe the purpose of feasibility analysis. When should a feasibility analysis be conducted relative to opportunity recognition and the development of a business plan?

The two components of industry/target market feasibility analysis are:

Morphology, the company profiled in the opening feature for Chapter 3, was started to produce a board game. The feature describes how Morphology sought to validate its business idea. According to the feature:

Al Jenkins is in the process of developing an exciting new product in the smartphone industry. He'd like to show a preliminary description of the product to industry experts and prospective customers to solicit their feedback. Al should complete and distribute a(n):

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

There are two components to product/service feasibility analysis: product/service desirability and total startup funds needed.

The mechanics for filling out a First Screen worksheet are complicated.

Sam Willis is distributing an instrument, which includes a concept statement with a short survey attached, to try to gauge customer interest in a product he is developing. Sam is distributing a:

Talking to industry experts, obtaining feedback from prospective customers, and administering surveys are examples of:

Which of the following factors is a negative as it pertains to the financial feasibility of a business venture?

Briefly describe the purpose of the First Screen and how it's used.

A(n) ________ involves showing a preliminary description of a product or service idea to prospective customers to gauge customer interest, desirability, and purchase intent.

The two primary issues to consider in organizational feasibility analysis are management prowess and:

Describe what a concept statement is, and what it should include.

First Screen is a template for completing industry analysis

Cameron Smith recently surveyed 200 of his classmates to get a sense of the demand for a new software product he is working on. Collecting data via a survey you administer yourself is referred to as:

The focus in organizational feasibility analysis is on financial resources.

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

Product/service feasibility analysis is an assessment of the overall appeal of the product or service being proposed.

The proper sequence for developing successful business ideas is to first conduct a feasibility analysis, then progress through the opportunity recognition stage, and finish with the completion of a business plan.

The First Screen feasibility analysis template included in Chapter 3 is called "First Screen" because:

Describe the purpose of feasibility analysis. When should a feasibility analysis be conducted relative to opportunity recognition and the development of a business plan?

The two components of industry/target market feasibility analysis are:

Morphology, the company profiled in the opening feature for Chapter 3, was started to produce a board game. The feature describes how Morphology sought to validate its business idea. According to the feature:

Al Jenkins is in the process of developing an exciting new product in the smartphone industry. He'd like to show a preliminary description of the product to industry experts and prospective customers to solicit their feedback. Al should complete and distribute a(n):

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

There are two components to product/service feasibility analysis: product/service desirability and total startup funds needed.

The mechanics for filling out a First Screen worksheet are complicated.

Sam Willis is distributing an instrument, which includes a concept statement with a short survey attached, to try to gauge customer interest in a product he is developing. Sam is distributing a:

Talking to industry experts, obtaining feedback from prospective customers, and administering surveys are examples of:

Which of the following factors is a negative as it pertains to the financial feasibility of a business venture?

Briefly describe the purpose of the First Screen and how it's used.

A(n) ________ involves showing a preliminary description of a product or service idea to prospective customers to gauge customer interest, desirability, and purchase intent.

The two primary issues to consider in organizational feasibility analysis are management prowess and:

Describe what a concept statement is, and what it should include.

First Screen is a template for completing industry analysis

Cameron Smith recently surveyed 200 of his classmates to get a sense of the demand for a new software product he is working on. Collecting data via a survey you administer yourself is referred to as:

The focus in organizational feasibility analysis is on financial resources.

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