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Identifying Market Gaps & Opportunities Flashcards | StudBud
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Identifying Market Gaps & Opportunities
Identifying Market Gaps & Opportunities
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Questions
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Answers
1
Why is it important to identify customer pain points?
To lower business costs.
To create products that solve their problems.
To reduce innovation.
To increase competition.
2
What does idea generation mean in entrepreneurship?
Buying and selling products
Copying competitors
Looking for investors
Brainstorming new business ideas
3
A “niche market” refers to:
A market with no competition.
A large market with many customers.
A specialized segment of the market.
A market in decline.
4
What does a target market refer to?
A group of people interested in a product.
A list of products a business offers.
A company's competitors.
A physical store location.
5
Which of the following is an example of a market gap?
A saturated industry
A product that no longer sells
A customer need that is not being met
An increase in competition
6
Which of the following describes a “brainstorming" session?
Researching legal regulations.
Writing a business plan.
Analyzing financial data.
Generating a large number of ideas quickly.
7
What does the term "brainstorm" refer to in business?
A list of business competitors.
A way to decrease expenses.
A way to increase profits.
A method to generate creative ideas.
8
What tool can entrepreneurs use to find out what customers want?
Market research.
Networking events.
Business loans.
Competitor analysis.
9
Which of the following is NOT a source for finding market trends?
Industry Reports.
Customer Feedback
Business laws.
Social media.
10
What is the goal of an idea generation workshop?
To close down a business.
To compete with others.
To create multiple new ideas.
To finalize a business plan.
11
How can entrepreneurs use trends to their advantage?
By decreasing product quality.
By developing products that align with the trend.
By ignoring market changes.
By copying competitors.
12
What is a potential outcome of filling a market gap?
Business growth and success.
Less customer satisfaction.
Decreased innovation.
More competition.
13
What is one way to gather market information?
Ignoring customer feedback.
Increasing product prices.
Decreasing product quality.
Conducting surveys.
14
Why is it important to think creatively in business?
To avoid making decisions.
To identify unique opportunities and solutions.
To reduce customer satisfaction.
To lower marketing costs.
15
What is the benefit of filling a market gap?
Decreasing customer satisfaction.
Reducing profits.
Less market share.
Meeting unmet customer needs.
16
What does market saturation mean?
The market has no room for new competitors.
The market is growing rapidly.
The market is not meeting customer demand.
The market is only for large businesses.
17
What is a market trend?
A new business idea.
A financial investment.
A pattern of demand over time.
A change in technology.
18
Why is it important to identify market gaps?
To reduce production costs.
To avoid competition.
To raise prices.
To find new business opportunities.
19
What is a market opportunity?
A legal requirement.
A business expense.
An area where a business can grow.
A popular business.
