Chat with AIExam 2: Marketing
How do new business ventures arise from casual observation? Provide an example.
(30) 
VerifiedOften,ideas for a new product or service result from chance observation of daily living situations.This commonly occurs when people travel and observe product or service concepts being provided that are not yet available in the United States,Canada,or,perhaps,the person's local market area.Restaurant themes and concepts,such as Thai,Mexican,health food,and salads,typically are established in most cities only after they have proven successful somewhere else.Sporting trends,such as wakeboarding and rollerblading,and fashion colours and styles are also usually imported from outside the country.For this type of observation to yield results,you have to recognize the need for a new type of product or service offering and then work out some kind of solution.
Brainstorming occurs where a group of people get together and focus on a single problem and come up with as many deliberately unusual solutions as possible.
(35) VerifiedTrue
Outline the six steps in the opportunity selection process.
(34) VerifiedThe opportunity selection process contains six steps: 1.Identify your business and personal objectives. 2.Learn more about your favourite industries. 3.Identify promising industry segments. 4.Identify problem areas,and brainstorm solutions. 5.Compare possible solutions with your objectives and opportunities in the marketplace. 6.Focus on the most promising opportunities.
The individual who designs and develops a business,and then sells the rights to operate that business to others is called:
(31) The "ideal" business,according to Richard Buskirk,involves all of the following,except:
(38) The failure rate of franchised businesses is reported to be the same as that for independently established firms.
(39) Of the three basic categories into which most new concepts fall,which of the following types provides a product which currently exists in the market,but offers greater value?
(35) The Canadian Innovation Centre has a program to help inventors and entrepreneurs crystallize their ideas and commercialize and market the resulting products.
(31) Which of the following approaches assumes that events such as demographic change,sociopolitical trends,or growth give rise to new business opportunities?
(32) All of the following are possible disadvantages when you purchase an existing business,except:
(37) During the opportunity recognition process,elaboration involves moving the concept forward if it survives the evaluation stage.
(33) Describe how the franchisor may provide assistance and support to the franchisee.
(38) Of the three basic categories into which most new concepts fall,which of the following types caters to consumers in new markets?
(40) While Pauline was vacationing in Ireland,she frequented a fantastic modern coffee shop that had childcare facilities directly attached.She enjoyed companionship with other adults,while her children played and socialized in an exciting facility right next door.Upon returning to Canada,Pauline is planning to open a similar concept café in her community.This is an example of which type of new venture concept?
(41) All of the following are basic elements in the opportunity recognition process developed by Lumpkin,Hills and Shrader,except:
(31) 
Filters
- Essay(0)
- Multiple Choice(0)
- Short Answer(0)
- True False(0)
- Matching(0)