Chapter 5 - Burns - Entrepreneurship And Small Business 4e

10 Questions

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Entrepreneurship Quizzes & Trivia

Questions and Answers
  • 1. 
    Which of these statements are correct?
    • A. 

      Entering a completely new market is usually high risk

    • B. 

      Entering a completely new market involves low marketing costs

    • C. 

      Entering an emerging market is safe

    • D. 

      Entering an emerging market involves high marketing costs

  • 2. 
    Which of these statements are correct?
    • A. 

      Entering a mature market requires innovation

    • B. 

      Entering a mature market involves low marketing costs

    • C. 

      Entering an declining market is always unwise

    • D. 

      Entering an declining market probably involves market consolidation

  • 3. 
    • A. 

      It is typically easier to start-up in a consolidated than a fragmented market

    • B. 

      It is typically easier to start-up in a completely new rather than a mature market

    • C. 

      It is typically easier to start-up in a local market rather than a national market

    • D. 

      It is typically easier to start-up in a completely new, fragmented market than a mature, consolidated market

  • 4. 
    • A. 

      Desk research can be used to find out the size of a market

    • B. 

      Desk research can be used to find out how markets work

    • C. 

      Desk research can be used to find out consumers reactions to a product or service

    • D. 

      Desk research can be used to find out distribution chains

  • 5. 
    Which of these statements are correct?
    • A. 

      Your total available market is part of your served market

    • B. 

      Your target market is part of your served available market

    • C. 

      Your penetrated market is part of your served available market

    • D. 

      Your served available market is part of your total available market

  • 6. 
    Which of these statements about Porter’s Five Forces are correct?
    • A. 

      It can change over time

    • B. 

      It provides a framework for predicting the success of a business

    • C. 

      It can predict industry profitability

    • D. 

      It can be influenced by the strategies of a small firm

  • 7. 
    Which of these statements are true?
    • A. 

      The past influences the future

    • B. 

      The past determines the future

    • C. 

      Discontinuous change in the future can never be predicted

    • D. 

      Influences on the future can be highlighted

  • 8. 
    Which of these statements are correct?
    • A. 

      SWOT analysis informs you about the future

    • B. 

      Brainstorming can be used to develop scenario planning

    • C. 

      Scenario planning can be used to highlight critical success factors

    • D. 

      PESTEL is a technique that predicts the future

  • 9. 
    • A. 

      They can emerge out of scenario planning

    • B. 

      They can emerge from a PESTEL analysis

    • C. 

      They can emerge from a SWOT analysis

    • D. 

      They inform critical success factors

  • 10. 
    Which of these statements about a good business idea are correct?
    • A. 

      It usually involves invention

    • B. 

      It usually has few direct competitors

    • C. 

      It is usually launched into a growing market

    • D. 

      It is usually based upon a well-established business model