Unit 2 Test

Carrying capacity refers to

• the number of differentiators a business can have

• how current your secondary data is

• the maximum number of companies an industry can support based on its potential customer base

• all of the above

Companies that sell to other companies are called

• c2c

• B2c

• B2B

• none of the above

Market research

• does not include global factors

• is used to help sales efforts

• is only needed when planning a new business venture

• all of the above

The process of guiding your business idea from inception through development and introduction to the market is called

• product planning

• SWOT analysis

• business model validation

• ideation

Which of the following is not a source for obtaining secondary data?

• interviews about your product

• government statistics

• annual business reports from other companies

• chamber of commerce

Social, economic, and political factors that could impact your business are called

• industry dynamics

• carrying capacity

• mass market

• business environment

All primary research

• involves talking directly to people

• requires a questionnaire

• involves a focus group

• is collected for a specific purpose

Which of the following is least important when collecting and evaluating data?

• finding data that supports your idea

• confiming research results with more than one source or method

• making sure data is relevant to the target market

• staying alert to biased sources

The period of time you have to act on a business opportunity before it disappears is called the

• opportunity time limit

• window of opportunity

• reasonable time frame

• none of the above

The type of business that provides the greatest amount of entrepreneurial freedom is a(n)

• business you start from scratch

• independent business you purchase

• franchise

• family business