Exam 3: Feasibility Analysis

Does it make sense? Is it reasonable? Is it something consumers will get excited about? Does it take advantage of an environmental trend, solve a problem, or fill a gap in the marketplace? These are the types of questions asked during the ________ feasibility component of a complete feasibility analysis.

A feasibility analysis is an assessment of a potential product or service idea rather than a potential business.

LuminAid, the company profiled in the opening feature of Chapter 3, was started to produce solar pillows, which are solar powered devices that are simple and can be easily and affordably shipped to disaster locations. The feature describes how LuminAid sought to validate its business idea. According to the feature ________.

Which of the following is not an attribute of an attractive industry?

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

Which of the following issues should be considered in industry/target market feasibility analysis?

A/B split testing, landing pages, prototyping services, and Web site usability testing are all online tools available to assist in the ________ stage of developing a business idea.

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

Primary research probes data that is already collected.

According to the textbook, the only way to know if your product or service is what people want is by ________.

Which of the following is not a part of assessing the product/service feasibility of a business idea?

Which of the following is an incorrect approach to administering a concept test?

The Savvy Entrepreneurial Firm feature in Chapter 3 focuses on Bill Gross, and how a company he was leading, Knowledge Adventure, made a 180-degree turn on the positioning of a product. According to the feature, Gross and his team made the change as a result of ________.

________ research is research that is collected by the person or persons completing the analysis. ________ research probes data that is already collected.

Industry/target market feasibility is an assessment of the overall appeal of the industry and the target market for the product or service being proposed.

The What Went Wrong? Feature in Chapter 3 focuses on Standout Jobs. Although the company was acquired by a larger firm in 2010, it was not considered to be a financial success. According to the case, Standout Jobs failed to meet expectations for the following three reasons: ________.

________ feasibility is an assessment of the overall appeal of the product or service being proposed.

________ feasibility analysis is an assessment of the overall appeal of the industry and market for the product or service being proposed.

Mintel, IBISWorld, and Bizminer are databases most likely to be used during the ________ feasibility stage of the feasibility analysis process.

________ feasibility analysis is a quick financial assessment of the viability of a business idea.