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Small Business Management Mid-Term Exam Study Guide questions with answers
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Small Business Management Mid-TermExam Study Guide
Why should the focus first be on the right side of the business model canvas? - correct answer ✔✔These
are the most critical aspects of starting a new venture.
What is the purpose of the customer empathy map? - correct answer ✔✔accurately portray the target
market for the product/service
Which of the following improve the performance of established products through characteristics that
mainstream customers adopt? - correct answer ✔✔sustaining technologies
The target market segment is known as a(n) ________. - correct answer ✔✔SAM
Why do most businesses fail within the first few years? - correct answer ✔✔cash flow issues
Which of the following is a new addition to the market or a novel change in an existing product or
service? - correct answer ✔✔innovation
Coca-Cola's brand-line extension with Cherry Coke and Coca-Cola with Lime is an example of ________. -
correct answer ✔✔incremental innovation
Financial analysis typically includes ________. - correct answer ✔✔a breakeven calculation
When an existing business fundamentally changes their approach to the business, it is called ________. -
correct answer ✔✔business model innovation
Which of the following is used to help determine whether to continue with the venture? - correct
answer ✔✔feasibility study
, Which part of the feasibility pyramid asses the capability of management and the sufficiency of
resources to bring the product to market? - correct answer ✔✔organizational feasibility
The quality of the labor pool refers to which part of the feasibility analysis? - correct answer ✔✔resource
sufficiency
resource sufficiency - correct answer ✔✔as an investment tool
3-D printing is an example of what type of innovation? - correct answer ✔✔disruptive
The ________ statement summarizes the benefits customers can expect from the product/service. -
correct answer ✔✔value proposition
Which of the following is the most common business model and involves one-sided actors? - correct
answer ✔✔direct
The business model canvas has ________ key components. - correct answer ✔✔nine
How does an entrepreneur create a unique value proposition? - correct answer ✔✔Find the intersection
between customer problems and your solution.
With the lean model canvas, which of the following is added? - correct answer ✔✔problem block
Why is direct labor considered a variable cost? - correct answer ✔✔because it can fluctuate with sales
revenues
The ________ type of organizational structure works best when the environment is changing rapidly, the
members of the organization have a shared purpose, and there is a need for innovation. - correct answer
✔✔flat
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