Question 1

First Screen is a template for completing industry analysis

Accepted Answer

A) True 
 B)False

Question 2

Quirky is a Web site that allows you to submit product ideas to a community that vets and provides feedback on the ideas.

Accepted Answer

A) True 
 B)False

Question 3

The temptation to show a concept statement to friends and family members should be avoided because they are predisposed to give positive feedback.

Accepted Answer

A) True 
 B)False

Question 4

Census Bureau data, analyst forecasts, and other pertinent information gleaned through library and Internet research are examples of primary research.

Accepted Answer

A) True 
 B)False

Question 5

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 6

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

Accepted Answer

A) True 
 B)False

Question 7

The four forms of feasibility analysis include: product/service feasibility, industry/target market feasibility, organizational feasibility, and financial feasibility.

Accepted Answer

A) True 
 B)False

Question 8

A(n) ________ is a group of firms producing a similar product or service. A firm's ________ is the limited portion of the industry that it goes after or to which it wants to appeal.

Accepted Answer

A)  target market; industry 
B)  trade group; industry 
C)  industry; trade group 
D)  competitive group; target market 
E)  industry; target market 
A)  target market; industry 
B)  trade group; industry 
C)  industry; trade group 
D)  competitive group; target market 
E)  industry; target market

Question 9

Jennifer Burroughs is thinking about starting a firm in the upscale women's fashion industry. To get a full appreciation of the competitive nature of the industry, and how she might position her products, Jennifer has spent considerable time looking at industry-related publications, Hoover's Online, and ABI-Inform, which is a database that provides access to articles covering a wide-variety of business and industry related issues. Jennifer is conducting ________ research.

Accepted Answer

A)  primary 
B)  secondary 
C)  action 
D)  temporary 
E)  purposeful 
A)  primary 
B)  secondary 
C)  action 
D)  temporary 
E)  purposeful

Question 10

A concept statement should be two to three pages long.

Accepted Answer

A) True 
 B)False

Question 11

The two primary areas to consider in organizational feasibility analysis are management prowess and resource sufficiency.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following items is typically not included in a concept statement?

Accepted Answer

A)  A brief description of the company's management team 
B)  A description of how the product or service will be sold and distributed 
C)  A description of how much money the new venture needs 
D)  The benefits of the product or service 
E)  The intended target market 
A)  A brief description of the company's management team 
B)  A description of how the product or service will be sold and distributed 
C)  A description of how much money the new venture needs 
D)  The benefits of the product or service 
E)  The intended target market

Question 13

Feasibility analysis is the process of determining if a business idea is viable.

Accepted Answer

A) True 
 B)False

Question 14

Conner Brandshaw is investigating the feasibility of a new type of electronic game targeting middle school and high school-age boys. Which of the following is an example of "gumshoe research" that Conner could conduct to get a sense of the likely demand for his game?

Accepted Answer

A)  Download electronic games industry reports from the Internet. 
B)  Administer a buying intentions survey. 
C)  Administer a concept test. 
D)  Look at the Web sites of a number of companies that sell electronic games. 
E)  Spend several days in electronic games arcades and stores to observe the types of games that attract the interest of middle school age and high school age boys. 
A)  Download electronic games industry reports from the Internet. 
B)  Administer a buying intentions survey. 
C)  Administer a concept test. 
D)  Look at the Web sites of a number of companies that sell electronic games. 
E)  Spend several days in electronic games arcades and stores to observe the types of games that attract the interest of middle school age and high school age boys.

Question 15

PickFu and Ubounce are Web sites that provide access to ________.

Accepted Answer

A)  3D printing services 
B)  Web site usability testing 
C)  online whiteboarding services 
D)  A/B split testing services 
E)  feedback on business ideas 
A)  3D printing services 
B)  Web site usability testing 
C)  online whiteboarding services 
D)  A/B split testing services 
E)  feedback on business ideas

First Screen is a template for completing industry analysis

Quirky is a Web site that allows you to submit product ideas to a community that vets and provides feedback on the ideas.

The temptation to show a concept statement to friends and family members should be avoided because they are predisposed to give positive feedback.

Census Bureau data, analyst forecasts, and other pertinent information gleaned through library and Internet research are examples of primary research.

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 mechanics for filling out a First Screen worksheet are complicated.

The four forms of feasibility analysis include: product/service feasibility, industry/target market feasibility, organizational feasibility, and financial feasibility.

A(n) is a group of firms producing a similar product or service. A firm's is the limited portion of the industry that it goes after or to which it wants to appeal.

A concept statement should be two to three pages long.

The two primary areas to consider in organizational feasibility analysis are management prowess and resource sufficiency.

Which of the following items is typically not included in a concept statement?

Feasibility analysis is the process of determining if a business idea is viable.

Conner Brandshaw is investigating the feasibility of a new type of electronic game targeting middle school and high school-age boys. Which of the following is an example of "gumshoe research" that Conner could conduct to get a sense of the likely demand for his game?

PickFu and Ubounce are Web sites that provide access to ________.

Introduction to Entrepreneurship

Recognizing Opportunities and Generating Ideas

Developing an Effective Business Model

Industry and Competitor Analysis

Writing a Business Plan

Preparing the Proper Ethical and Legal Foundation

Assessing a New Venture's 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

First Screen is a template for completing industry analysis

Quirky is a Web site that allows you to submit product ideas to a community that vets and provides feedback on the ideas.

The temptation to show a concept statement to friends and family members should be avoided because they are predisposed to give positive feedback.

Census Bureau data, analyst forecasts, and other pertinent information gleaned through library and Internet research are examples of primary research.

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 mechanics for filling out a First Screen worksheet are complicated.

The four forms of feasibility analysis include: product/service feasibility, industry/target market feasibility, organizational feasibility, and financial feasibility.

A(n) ________ is a group of firms producing a similar product or service. A firm's ________ is the limited portion of the industry that it goes after or to which it wants to appeal.

A concept statement should be two to three pages long.

The two primary areas to consider in organizational feasibility analysis are management prowess and resource sufficiency.

Which of the following items is typically not included in a concept statement?

Feasibility analysis is the process of determining if a business idea is viable.

Conner Brandshaw is investigating the feasibility of a new type of electronic game targeting middle school and high school-age boys. Which of the following is an example of "gumshoe research" that Conner could conduct to get a sense of the likely demand for his game?

PickFu and Ubounce are Web sites that provide access to ________.

Introduction to Entrepreneurship

Recognizing Opportunities and Generating Ideas

Developing an Effective Business Model

Industry and Competitor Analysis

Writing a Business Plan

Preparing the Proper Ethical and Legal Foundation

Assessing a New Venture's 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

A(n) is a group of firms producing a similar product or service. A firm's is the limited portion of the industry that it goes after or to which it wants to appeal.