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Entrepreneurship 12th Edition Chapter 10 Flashcards | StudBud
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Entrepreneurship 12th Edition Chapter 10
Entrepreneurship 12th Edition Chapter 10
15 terms
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Entrepreneurship Owning Your Future 12th Edition
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Even though you may really want a business idea to work out, try to be ________ when you evaluate your market research.
subjective
biased
objective
intuitive
2
How do you organize market research data?
create a competitive matrix of indirect competitors
create a grid that compares three or four direct competitors
do it all
group indirect competitors by demographics
3
The first and last basic steps of market research are
Determine Methods and Sources, Analyze the Data
Identify Research Objectives, Draw Conclusions
Gather the Data, Analyze the Data
Gather the Data, Draw Conclusions
4
The most important reason to do ongoing market research is
to test assumptions about a business opportunity
to waste time in between sales
to help entrepreneurs find new ideas
to throw out the work already done on an idea
5
Validating a business opportunity through research can help avoid costly mistakes
True
False
6
Research cycle is a 5 step process entrepreneurs use to answer ?? about their biz through gathering & analyzing data
False
True
7
Any data you find online you can assume to be accurate and true.
True
False
8
Business model ________ means to prove an idea is an opportunity through ongoing research.
plan
prototype
canvas
validation
9
Which of the following is not one of the basic steps of market research?
analyzing the data gathered
obtaining finances
identifying research objectives
organizing the data gathered
10
Ongoing market research should be the driving force of any business planning process
False
True
11
Deciding how much to charge for a product is one of the six steps of market research.
False
True
12
The Minimum Viable Product (MVP) is the least amount of product you need to sell to make a profit.
True
False
13
Process of ongoing market research and data analysis to prove a business idea is truly a business opportunity
research cycle
research objective
business model validation
lean startup methodologies
14
A prototype or 1st attempt at an idea built quickly that an entrepreneur tries to sell to get feedback
business model
3D product
Minimum viable product
MVP
15
Use creative thinking when analyzing the data that was organized
False
True
