What is a market? correct answers a group of consumers who have purchasing power and unsatisfied needs
What is market research? correct answers the gathering of information about a particular market, followed by analysis of that information
What questions do we want answered when conducting m...
MGMT 310 FINAL || All Correct.
What is a market? correct answers a group of consumers who have purchasing power and
unsatisfied needs
What is market research? correct answers the gathering of information about a particular market,
followed by analysis of that information
What questions do we want answered when conducting market research? correct answers Who,
What, When, Where, Why, How
Why don't all companies do market research? correct answers cost, complexity, strategic
decisions, irrelevancy
Secondary Data correct answers information that has already been compiled
Advantage to secondary data correct answers less expensive, available
Disadvantage to secondary data correct answers outdated, lacks specificity, questionable validity
Primary Data correct answers information gathered specifically for research at hand
When should a company conduct market research? correct answers Traditional product
development has used market research at the end of the process to validate a new design or
process
CASE STUDY: Peanut Butter Slices correct answers Business Model Canvas Development:
Interviews for Value Proposition
What are ethics? correct answers a system of moral principles, general rules of conduct,
guidelines of right and wrong
What is the difference between law and ethics? correct answers Ethical standards are human
principles of right and wrong, legal standards are based on written law. Something can be legal
but not ethical.
What are some examples of common entrepreneurial behaviors that might be construed as
unethical? correct answers - Overpromising customers on orders
- Conveying unjustified optimism to financiers
- Using resources that are not yours
- Misrepresentation
Withholding/minimizing information
Why are ethics important to an entrepreneur? correct answers Need to establish trust with your
customers.
, Why can ethics be hard as an entrepreneur? correct answers When you first start-up you need to
sell people on what your business values and does - often involves embellishing the truth.
- Large financial & emotional stake
- time pressure
- burn out and fatigue
- your business = your identity = lots to lose
What are payoffs to establishing a strong ethical culture? correct answers Long-term profitability
is maximized.
- Higher revenues
- Improved business awareness
- New sources of financing (ethical investors
- Establishment of positive reputation and avoidance of blowback
- however can cause for higher costs and lost opportunities
How to instill ethical culture correct answers - Lead by example, make daily conversation and
decision
- establish code of conduct providing specific values and guidance
- implement an ethics training program for employees
Primary reasons entrepreneurs look to raise money from external sources? correct answers - to
help development of business
- growth strategy
- track record, proof of concept
- expertise/resource needs
- personal preferences
What are the different sources of funding available? correct answers personal financing
microfinance loans
banks
government
crowdfunding
angels
venture capitalists
IPO
Where does the lion's share of a new venture's funding originate? correct answers venture
capitalists
What are the primary differences between angels and venture capitalists? correct answers
personal - Entrepreneurs vs Investors
firms funded - Small & early vs Large & mature
due dilligence done - Minimal vs Extensive
location of investment - concern vs not important
contract - simple vs comprehensive
monitoring after investment - active vs strategic
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