Entrepreneurship Basics - Warm Up

The entrepreneurs best equipped to work long hours and overcome obstacles are ones who possess

• Passion for their work

• Financial Knowledge

• Technological skills

• Confidence

What is the first step in entrepreneurial discovery?

• Determining the risks and reqards

• Screening the product ideas

• Analyzing the feasibility of an idea

• Identifying an unmet want or need

A person who is a high achiever is often positively viewed by others as a

• follower

• show-off

• leader

• risk-taker

What question should an entrepreneur ask regarding the timing of a new product release?

• Should I move the product through direct or indirect channels?

• Is the market willing and able to pay for the product?

• How much money should I allocate the next month's advertising?

• What is the optimal break-even point for the product?

Which of the following is a requirement for good decision-making:

• A college degree

• Data

• At least three options

• Money

Which of the following best describes the type of company that benefits most from marketing research

• Large corporations with plans to change marketing strategies

• Any business wanting to improve its decision-making abilities

• Small businesses who wish to expand their operations

• Nonprofit organizations interested in their competition

Which of the following is an example of communicating with customers:

• Sponsoring a charity event

• Creating a new product

• Choosing a store to distribute products

• Developing a marketing plan

General Motors' attempt to meet the needs of specific groups of consumers by offering trucks, large cars, and compact cars is an example of __________ segmentation.

• demographic

• Educational

• Geographic

• Market

What is a business usually better able to do when it selects a certain target market?

• Eliminate ethical dilemmas

• Control expenses and increase profits

• Focus marketing decisions on a specific group of people

• Chane the variable-cost margin to quickly achieve break-even point

Risk should be managed

• through the purchase of insurance

• on a case-by-case basis

• after an incident has occured

• as a part of business strategy