UT 1 - Entrep

What is the primary purpose of understanding market trends?

• To increase personal knowledge

• To predict future consumer behavior and business opportunities

• To create random business ideas

• To focus only on current competitors

Which of the following factors influences market trends?

• Consumer preferences

• Technological advancements

• Economic conditions

• All of the above

A major shift in customer demand due to innovation is an example of:

• Seasonal change

• Market stagnation

• A disruptive trend

• A declining business model

What is the primary goal of environmental scanning?

• To monitor social, economic, and technological changes

• To create advertisements for a new product

• To identify employees for a new business

• To study historical business failures

In a SWOT analysis, which of the following is an example of an opportunity?

• Rising competition in the market

• A strong brand reputation

• A new untapped customer segment

• High production costs

What does competitive analysis help businesses determine?

• The strengths and weaknesses of competitors

• The personal preferences of employees

• The best advertising agency to use

• How to avoid creating new business strategies

Which method is commonly used for idea generation?

• SWOT Analysis

• Brainstorming

• Market Trend Analysis

• Financial Auditing

Why is idea evaluation crucial before launching a business?

• To ensure the idea aligns with market needs and profitability

• To increase the cost of starting a business

• To create unnecessary obstacles for entrepreneurs

• To focus solely on legal compliance

Which of the following is not a factor in evaluating a business idea?

• Market demand

• Personal hobbies unrelated to business

• Feasibility of production

• Competitive landscape

What is the goal of business positioning?

• To differentiate a product or service from competitors

• To copy competitors' marketing strategies

• To reduce business expenses

• To avoid customer feedback