Entrepreneurship Lecture 6

Question 1

Which of these is true of a fragmented market?

Accepted Answer

A large number of competitors of about the same size

Question 2

Which of these are the sources or techniques used for field research?

Accepted Answer

Text, email or postal questionnaires

Question 3

Which section of a business plan outlines the target market segment & value proposition for proposed product or service?

Accepted Answer

Customers and value proposition

Question 4

It is usually easier for new entrepreneurial start-ups to enter a fragmented market

Accepted Answer

True

Question 5

Which of these techniques tries to assess how possible future situations might impact on a firm?

Accepted Answer

Scenario planning

Question 6

Who are direct competitors?

Accepted Answer

Those offering similar or identical products or services

Question 7

According to Porter, the greater the power of buyers, the greater the bargaining position of the firm selling to them

Accepted Answer

False

Question 8

Which new venture typology is based on introducing the same product or service into an existing market?

Accepted Answer

Copy-cat

Question 9

Business Incubators are designed to help promising start-ups the final push into the market.

Accepted Answer

False

Question 10

High creativity and innovation is one of the key traits that should be available by entrepreneurs

Accepted Answer

True

Question 11

Which of the following is an active form of connectivity?

Accepted Answer

Attending conferences

Question 12

Red ocean strategy is about helping your company gain uncontested market space separate from other, similar businesses.

Accepted Answer

False

Question 13

Which of these is a feature of declining markets?

Accepted Answer

Decreasing product range

Question 14

Bootsrapping refers to the process of using only existing resources: personal savings, personal computing equipment

Accepted Answer

True

Question 15

What are lean start-ups?

Accepted Answer

Ventures that launch a minimum viable product then use customer feedback

Question 16

Which of these is a unique feature of completely new markets?

Accepted Answer

No competitors

Questions 16