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Exam 3: Opportunity Recognition, Shaping, and Reshaping

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Question 21

Multiple Choice

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What does moving a seed of an idea to a more concrete possibility require?

A) Practical thinking
B) Market research
C) Input from others
D) A business plan
E) Maturity

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Question 22

Multiple Choice

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When starting web business, which measure of effectiveness matters most?

A) The number of "eyeballs" looking at your site
B) Profits
C) Click thru rates
D) Overhead expenses
E) Revenue

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Question 23

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Customers can assist you to determine direct competitors, indirect competitors, and substitutes.

A company will make a better growth decision by identifying the most lucrative PTA.

A highly priced product will usually be perceived as better quality by the customer.

What is the only action that the "gather stimuli" stage requires of the entrepreneur?

The first domain name on the Web was assigned in 1986.

According to the chapter, into what type of opportunity should a business idea translate?

To target goods and services specifically to Hispanic populations in the US is to focus one's market too narrowly.

You will likely fail if you start a business in an area you have no experience in

New, entrepreneurial ideas frequently sprout from an entrepreneur's desire for a product that he or she cannot currently find in the market.

The market enters a fast growth phase when customer awareness and demand exceed supply.

In aggregate, baby boomers create powerful trends for US businesses.

In which stage is it important to play devil's advocate?

Which of the following is not a part of IDEO's product design steps?

Most successful ideas are driven by the entrepreneur's personal experience.

Playing the role of devil's advocate is important at the "optimize practicality" stage of concept development.

Starting a company in a sphere of business that you really enjoy is not the best idea, in terms of the chance of success.

When pre-launch analysis predicts unfavorable outcomes you should:

Which of the following most typifies a "cocktail entrepreneur?"