Chapter 5 -Feasibility & Business Planning

Question 1

The channel used to deliver a service directly to the customer with no one in between is a(n)

Accepted Answer

direct channel.

Question 2

A contingency plan looks at the risks of the business, and suggests ways to minimize them.

Accepted Answer

True

Question 3

A document that describes a new business is a __________.

Accepted Answer

business plan.

Question 4

A mockup is a working model used to determine what it takes to develop their products/services.

Accepted Answer

False

Question 5

A ______ is a description of how entrepreneurs plan to make money with their business concepts.

Accepted Answer

business model

Question 6

Local ______ offices provide info. about the local economy, business trends, & business needs

Accepted Answer

chamber

Question 7

market analysis should contain geo, eco & demo., data about your bus. sight if bus. offline

Accepted Answer

True

Question 8

provides free, confidential, face-to-face and e-mail business counseling to small businesses

Accepted Answer

Service Corps of Retired Executives (SCORE)

Question 9

section presents your research on customer profile gathered from marketing research resources

Accepted Answer

market analysis

Question 10

A cotton shirt being soft and breathable are considered benefits of the product.

Accepted Answer

True

Question 11

Which plan looks at the people aspects of a business?

Accepted Answer

organizational plan

Question 12

Creating a(n) ____________________ involves a great deal of research.

Accepted Answer

business plan

Question 13

helps the entrepreneur decide whether a new business concept has potential

Accepted Answer

feasibility analysis

Question 14

most important - feasibility analysis is testing customers' interest & identify target market.

Accepted Answer

True

Question 15

promotes the value of the product or service to the customer

Accepted Answer

benefit

Question 16

A vision statement expresses the specific aspirations of a company, their major goal.

Accepted Answer

False

Question 17

presents company's strategy for making customers aware of the product or service it's offering

Accepted Answer

marketing plan

Question 18

Part of the purpose of trade associations is to supply information about start-up issues, etc.

Accepted Answer

True

Question 19

The channel used to deliver a product through wholesalers is a(n)

Accepted Answer

indirect channel.

Question 20

A competitive grid lists the competition, ____, benefits, distribution, &strengths& weaknesses.

Accepted Answer

customers

Question 21

A(n) ____________________ is a working model.

Accepted Answer

prototype

Question 22

The ____________________ plan presents the forecasts for the future of the business.

Accepted Answer

financial

Question 23

includes all processes in the business resulting in production&delivery of the product/service

Accepted Answer

operational plan

Question 24

______________ competitors are in the same or nearly the same business as you.

Accepted Answer

direct

Question 25

It is not necessary for the business plan to have both a cover page and a title page.

Accepted Answer

False

Question 26

offers technical and general assistance to entrepreneurs in a specific profession or industry

Accepted Answer

trade associations

Question 27

The growth plan presents forecasts for the future of the business.

Accepted Answer

False

Question 28

Manufacturer to wholesaler to retailer to consumer is using the direct channel of distribution.

Accepted Answer

False

Question 29

A(n) ____________________ is a group of businesses with a common interest.

Accepted Answer

industry

Question 30

include a(n) _____, table of contents & headings, & supporting documents in your business plan.

Accepted Answer

cover page

Chapter 5 -Feasibility & Business Planning

Questions 30

Chapter 5 -Feasibility & Business Planning

Questions 30