WorksheetsChapter 4: Business Opportunity
Total questions: 25
Worksheet time: 23mins
What is a business Opportunity?
the branch of knowledge concerned with the production, consumption, and transfer of wealth.
is an idea for a product/ service that may be used to start a business and generate money.
an organization or enterprising entity engaged in commercial, industrial, or professional activities
Successful business opportunities are based on .....
needs and desires
greed and glutton
desires and longing
politics and experience
What is the IMPORTANCE OF ASSESSING NEEDS AND DESIRES?
help you identify markets and geographical areas where you can expand to
is a vital element when developing your marketing strategy. When done correctly it can help to enlighten your marketing activities
You have a guaranteed market if you notice a need that isn't being addressed.
....is the systematic collection, recording, and analysis of data concerning the marketing of goods and services is known as market research.
Marketing strategy
Marketing research
Marketing tactics
Marketing purpose
it is important to do market research because...
it is easy
Every need and desire may be turned into a business opportunity.
Gathers data and views in an objective manner to find out what goods and services people want to buy.
When considering a business idea, make sure it follows the following guideline:
The product or service should not be free of harmful substances.
it is harmful to the environment
it violate certain laws
The product or service should not be harmful to the health of the individuals who use it.
Which of the following best describe Entrepreneurial Opportunity?
Situations in which new products, services and processes can be introduced and sold at greater than the cost of production
Situations in which new products, services and processes can be predicted to have higher sales than similar existing products
Situations in which existing products, services and processes shows decline is sales and in need of alteration
Situations in which products, services and processes can be produced whenever the resources are ready
"Short period of time during which an opportunity must be acted on" is the definition of
Entrepreneurial opportunity
Changing Opportunity
Window of opportunity
Attractive opportunity
Which of the following is true about Internal Factors of Opportunity Evaluation?
Market which involves determining the size of the market and the potential customers
Resources which include financial, physical and human resources consistent with magnitude of business venture
Financial which involves costs to be incurred in developing the business venture
Technical which involves determining the requirements to proceed with the idea include machineries, raw materials, infrastructure and the processes
Which of the following is true about feasibility study?
A tool to identify whether the business idea is feasible or not
A final discussion identify whether the business idea is feasible or not
A decision to identify whether the product prototype is feasible or not
A questionnaire to stakeholders to identify whether the business idea is feasible or not
Which is not included in factors to be considered in making the decision?
The product will give significant value to the customer
The entrepreneur can attract the necessary financial, physical, and human resources required by the venture opportunity
The sales price should always be relatively lower than competitor's price
The expected return of the venture is consistent with the risk of the venture
Which is true about technology-based idea blueprint?
Document summarizes the entrepreneur's proposal of a business venture
Document showing the past history of entrepreneur's proposals of a product
Document recording all of the entrepreneur's ideas of a product improvement
Document categorizing the technology used in a product that is about to be commercialized
Which of the following is an example of an entrepreneurial trait?
dishonest
unreliable
discipline
wholesale
Which of the following is an entrepreneurial requirement?
flexibility in order to successfully complete a variety of activities
a Master's Degree
start work at sunrise
be a Harvard graduate
Which of the following is a competitive advantage?
superior customer service and product quality
retail
advertising
improving an existing product/service
“The target consumer will be interested in health and wellness seminars, and other special events” refers to which form of market segmentation?
demographics
geographics
psychographics
buying patterns
Discounts are an example of which type of promotion?
advertising
sales promotion
publicity
visual merchandising
To identify consumer markets, you should be aware of
services
demographic changes
technology
investors
Before you can determine if a new venture is feasible, you must prepare
employees
taxes
the office
a business plan
One secret to finding a good business opportunity is the ability to understand ____________________, because changes in interests create profitable niches for new businesses to fill.
an industry
taxable income
good accountants
the law
Instead of starting a new business, you could buy an existing business.
True
False
Forming a partnership with another company is:
innovation
demographics
strategic alliance
customer goodwill
Finding new ways of doing things is:
Innovation
Customer loyalty
Industry
Business acumen
Successful business opportunities are based on (a)
