4740 Practice Quiz 2 and answers already passed
external environment - correct answer The industry in which an entrepreneur's new business will operate represents the business's
True - correct answer A primary market is defined as those customers or markets that have the most need for wh...
4740 Practice Quiz 2 and answers
already passed
external environment - correct answer ✔The industry in which an
entrepreneur's new business will operate represents the business's
True - correct answer ✔A primary market is defined as those customers or
markets that have the most need for what an entrepreneur is offering.
Which of the following is a goal of market research for a new company? -
correct answer ✔Identify and profile the first customer.
Estimate potential demand from the first customer.
Identify subsequent customer segments that can be tapped later on to grow
the company.
None of these are correct.
All of these are correct.
The stages of the industry life cycle are identified by the different kinds of
activities occurring at each stage. - correct answer ✔True
Which of the following is NOT part of an ethnographic approach to customer
observation? - correct answer ✔Develop a plan
The ethnographic approach for entrepreneurs to observe their customers
consists of _____ steps. - correct answer ✔five
Industries remain static or stable over time. - correct answer ✔False
, The _____ period moves the industry from many companies and high product
costs, to a more stable and mature industry with only a few efficient firms. -
correct answer ✔shakeout
Which of the following is NOT one of the steps in the process for gathering
market data? - correct answer ✔Determine the market's strengths,
weaknesses, opportunities, and threats.
Understanding how an industry operates is fundamental to shaping effective
_____ and growth strategies and to determining the potential for profitability -
correct answer ✔entry
Google, Wikipedia.com, journals, and trade magazines are examples of -
correct answer ✔secondary sources.
The North American Industry Classification System (NAICS) is the
classification system that the United States, Canada, and Mexico developed
to identify industries and to allow for common standards and statistics across
North America. - correct answer ✔True
Due to the rise of digital media, many print newspapers have gone out of print
or have reduced circulation. The newspaper industry is in the _____ stage of
the industry life cycle. - correct answer ✔decline
The government can limit entry to an industry or market through strict
regulation, licensing requirements, and by limiting access to raw materials via
laws or high taxes and to certain locations by means of zoning restrictions. -
correct answer ✔True
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