Chapter 4 Review

A(n) ________ is the process of examining a need in the market, developing a solution for that need, and determining the entrepreneur's ability to successfully turn the idea into a business.

• business plan

• strategic analysis

• idea assessment

• feasibility analysis

An effective tool used to help assess ideas is the ________.

• idea toolkit

• idea dashboard

• idea sketch pad

• iea metric

The process of determining whether an entrepreneur's idea is a viable foundation for creating a successful business is known as a ________.

• business plan

• strategic analysis

• industry analysis

• feasibility analysis

More women entering the workforce is an example of a ________ change.

• economic

• demographic

• technological

• sociocultural

The enactment of the Affordable Health Care Act in 2010 is an example of a ________ change.

• economic

• demographic

• technological

• political and legal

The Internet is an example of a ____ force.

• economic

• demographic

• technological

• sociocultural

Generation Y and Generation Z are examples of ____ changes.

• demographic

• economic

• technological

• sociocultural

Which of the following is not a question to ask to evaluate an industry?

• How sparse is the industry?

• How large is the industry?

• How fast is it growing?

• What threats does the industry face?

Porter's five forces model assesses industry attractiveness by surveying these five factors ________.

• potential entrants, suppliers, buyers, substitutes, and rivalry among existing firms

• potential entrants, suppliers, buyers, similar products, and rivalry among existing firms

• potential entrants, suppliers, raw materials, substitutes, and rivalry among existing firms

• potential entrants, competitors, buyers, substitutes, and rivalry among existing firms

For Under Armour, its top 10 suppliers manufacture less than half of its products. To Under Armour, supplier power is likely to be ________

• high

• moderate

• significant

• low