Entrepreneurship - Chapter 3 Review

________ is the process of determining whether a business idea is viable.

• Feasibility analysis

• Opportunity recognition

• Viability analysis

• Achievability analysis

• Scenario analysis

Which of the following is NOT one of the four areas of feasibility analysis discussed in class?

• Product/service feasibility

• Societal feasibility

• Financial feasibility

• Organizational feasibility

Talking to industry experts, obtaining feedback from prospective customers, and administering surveys are examples of ________ research.

• primary

• secondary

• derivative

• principal

A feasibility analysis is an assessment of a potential product or service idea rather than a potential business.

• True

• False

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

• True

• False

The two components of product/service feasibility analysis are product/service ________ and product/service ________.

• value; affordability

• demand; timeliness

• timeliness; value

• desirability; demand

Which of the following is NOT a part of assessing the product/service feasibility of a business idea?

• "Get out of the building" and talk to potential customers

• Surveying potential customers

• Library research

• Analyzing industry attractiveness

A(n) ________ involves showing a preliminary description of a product or service idea to prospective customers to gauge customer interest, desirability, and purchase intent.

• concept test

• product/service statement

• impression test

• idea test

Growth Hackers, Meetup and Reddit are Web sites that provide access to ________.

• feedback on business ideas

• landing pages

• surveys

• market research

According to what we talked about in class, the only way to know if your product or service is what people want and need is by ________.

• interviewing industry experts

• library, Internet and gumshoe research

• conducting brainstorming sessions

• talking to them