DEE Chapter 3

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

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

• business plan

• strategic analysis

• industry analysis

• feasibility analysis

Which of the following is not a macro force that creates change in industries?

• sociocultural

• economic

• technological

• entry barriers

The strongest of the five forces in most industries is ________.

• rivalry among companies

• bargaining power of buyers

• bargaining power of suppliers

• treat of substitute products

Switching costs, the number of buyers, and if the items represent a relatively small portion of the cost of finished products are key considerations regarding the ________.

• threat of new entrants

• rivalry among companies

• bargaining power of suppliers

• bargaining power of buyers

Generally, an industry is more attractive when ________.

• the number of competitors is large

• competitors are similar in size

• the industry is growing at a fast pace

• the opportunity to sell a differentiated product is present

When bargaining power of buyers is ________, the industry is ________ attractive.

• moderate; less

• low; more

• high; more

• low; less

Conducting ________ research involves collecting data firsthand and analyzing it while ________ research involves gathering data that has already been complied and is available.

• primary; secondary

• secondary; primary

• primary; industry

• product; secondary