Test bank 2 part 1

Wiivv, the company profiled in the opening feature of Chapter 2, is in the 3D printing business of footwear insoles. To manufacture the insoles, the company uses a process called ________ manufacturing.

• structured

• adhesive

• bounded

• batch

• adaptive

A(n) ________ is a favorable set of circumstances that creates a need for a new product, service, or business.

• idea

• scheme

• design

• proposal

• opportunity

According to the textbook, opportunities are ________.

• easy to spot

• easy to spot in fast growing industries, but tough to spot in slow growing industries

• easy to spot in the manufacturing sector, but tough to spot in the service sector

• tough to spot

• neither easy nor tough to spot

An opportunity has the following four essential qualities: ________.

• attractive; timely; durable; and anchored in a product, service, or business that creates or adds value for its buyer or end user

• practical; opportune; appropriate; and anchored in a product, service, or business that is efficient and effective

• realistic; striking; timely; and anchored in a product, service, or business that is timely

• attention-getting; attractive; timely; and anchored in a product, service, or business that creates or adds value for its buyer or end user

• attractive, durable, resilient, and opportune

Brad Johnson is starting an upscale men's clothing store in a mall near Seattle. He wants to open his store during the time period in which a business like his can realistically enter the new market. Brad is trying to open his business while the ________ is open.

• safe harbor

• window of opportunity

• portal of entry

• doorway of opportunity

• safety zone

The term "window of opportunity," as discussed in Chapter 2, is a metaphor that describes the time period in which a firm can ________.

• obtain funding or financing

• hire new employees

• complete a financial analysis

• realistically enter a new market

• write a business plan

Which of the following is correct regarding opportunities and ideas?

• An opportunity and an idea are essentially the same thing.

• An idea almost always meets the criteria of an opportunity.

• An opportunity is a thought, an impression, or a notion.

• An idea is a favorable set of circumstances that creates a need for a new product, service, or business.

• It's important to discern whether a particular idea meets the criteria for an opportunity.

A(n) ________ is a favorable set of circumstances that creates the need for a new product, service, or business. A(n) ________ is a thought, an impression or a notion.

• scheme, notion

• opportunity, idea

• idea, design

• idea, opportunity

• notion, scheme

Jessica Smith is thinking about starting a chain of fitness centers for young adults ages 18-30. Which of the following is NOT an appropriate criterion for Jessica to test her idea against?

• Determine whether the "window of opportunity" is open.

• Determine whether a fitness center for young adults ages 18-30 meets the threshold of being a good idea.

• Determine the extent to which the notion takes advantage of an environmental trend, solves a problem, or fills a gap in the marketplace.

• Determine whether opening a fitness center for young adults ages 18-30 is timely.

• Determine whether opening a fitness center for young adults ages 18-30 is a concept that creates value for its buyer or end user.

An idea is a favorable set of circumstances that creates a need for a new product, service, or business.

• TRUE

• FALSE