Ch 4 Study Guide Quiz

Which phrase refers to declining costs to produce a product relative to price of industry goods and services?

Which of the following allow a government to limit access to an industry?

T/F Target market research provides some of the least important data needed to decide who the first customer will be.​ 

____ change is found in industries where resources turn over frequently and must continually be replaced.​

T/F Industry life cycle stages vary in terms of time and duration by industry.

True or False: Industries typically remain static or stable over time.

______ is the most important type of data entrepreneurs collect.

Which of the following is NOT a question one would ask when researching an industry?​

T/F The internet is a good place to stat gathering secondary market data.

A/An ____ lays out the benefits, distribution channel, product/service, and potential competition customer segments.

How many stages in the industry life cycle?

Progressive change involves:

A/An ____ is a grouping of competitors that an entrepreneur targets.​

Brand equity, advertising expense, and industry growth are part of which of Porter's 5 Forces?

Which model is most commonly used to an industry?

Birth, growth and adaptation, and shakeout are stages of the ____ life cycle.​

Companies and their respective technologies jockey for position and the right to determine industry standards when? 

As more firms enter an industry, intense ____ occurs.​

What kind of change occurs when an innovation makes previous technology obsolete?

T/F Porter's 5 Forces provides an effective way to look at the structure of an industry.

T/F The internet is a good place to stat gathering primary market data.

T/F Google, Wikipedia, journals, and trade magazines are secondary sources.

The "first customer" is the customer who pays for the product or service and is the customer with the most ____.​

T/F Secondary data offers the timeliest information about an industry.

"How is the industry described?," and "Is the industry growing?," are part of analyzing _____?

Primary data offers the timeliest information about an industry.

The ____ represents an unserved niche that enables the entrepreneur to enter a market with no direct competition.

T/F the industry a new business operates in is part of its external environment.

Choose all correct responses: New company market research involves ____

Age, income level, education, and buying habits are all components of the ____.

It is best to begin researching the industry by using ____ information about the industry.​

Which is the best tool for analyzing an industry and understanding a company's competitive strength?

The classification system used to identify industries in USA, Candada, and Mexico

______ refers to the concept that customers are not likely to easily switch to something new.