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Study Resources (Business Management)

  71) Describe how library and Internet research can be used to generate new business ideas. 72) A(n) ________ is a physical or digital repository for storing ideas. A) suggestion bank B) idea depository C) suggestion pool D) idea bank E) proposition pool   73) Which of the following is an example of how to encourage creativity at the.
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  11) The four forms of feasibility analysis include: product/service feasibility, industry/target market feasibility, organizational feasibility, and financial feasibility.   12) Primary research probes data that is already collected.   13) Census Bureau data, analyst forecasts, and other pertinent information gleaned through library and Internet research are examples of primary research. 14) Describe the purpose of.
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  60) The ________ contains 23 categories of information that give a prospective franchisee a broad base of information about the background and financial health of the franchisor. A) Franchise Due Diligence Certificate B) Franchise Offering Contract C) Standardized Franchise Contract D) Franchise Disclosure Document E) Franchise Code of Conduct       61) The Franchise Disclosure Document is accepted.
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  1) LuminAid, the company profiled in the opening feature of Chapter 3, was started to produce solar pillows, which are solar powered devices that are simple and can be easily and affordably shipped to disaster locations. The feature describes how LuminAid sought to validate its business idea. According to the.
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  1) Her Campus Media, the focus of the opening feature of Chapter 4, features a vibrant online magazine, with feature articles targeted toward all aspects of college life and survival. According to the feature, Her Campus's business model focuses on connecting companies with college females. The key to making this.
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  21) Hulu.com allows people to watch television shows and movies on the Internet. Hulu.com's business opportunity was made possible by ________ that enhanced the ability of television shows and movies to be uploaded to the Internet and played by anyone with a suitable computer and an Internet connection. A) social forces B).
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  66) To make sure that its customers are satisfied and to probe for new product ideas, Intuit routinely sends employees to the facilities of their customers. This technique for generating new business ideas is called ________. A) brainstorming B) day-in-the-life research C) focus group D) survey E) customer advisory board   67) Brainstorming is used to generate.
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  38) A(n) ________ is a group of firms producing a similar product or service. A firm's ________ is the limited portion of the industry that it goes after or to which it wants to appeal. A) target market; industry B) trade group; industry C) industry; trade group D) competitive group; target market E) industry; target.
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  70) According to a recent FTC report, instances of problems between franchisors and their franchisees tend to be ________. A) prevalent practices B) isolated occurrences C) nonexistent D) prevalent practices for product and trademark franchise systems and isolated occurrences for business format franchise systems E) isolated occurrences for product and trademark franchise systems and prevalent.
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  31) Product/service feasibility analysis is an assessment of the overall appeal of the product or service being proposed.   32) The two components to product/service feasibility analysis are product/service desirability and total startup funds needed.   33) A concept statement should be two to three pages long. 34) The temptation to show a concept statement.
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  48) Which of the following represents the correct order of the five stages of the creative process? A) Preparation, incubation, elaboration, insight, evaluation B) Insight, preparation, incubation, elaboration, insight C) Preparation, incubation, insight, evaluation, elaboration D) Incubation, evaluation, insight, preparation, elaboration E) Incubation, preparation, evaluation, elaboration, insight   49) Macy is a very creative person. Often, when.
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  38) Which of the following statements is incorrect in regard to entrepreneurial alertness? A) The research findings on entrepreneurial alertness are conclusive. B) Alertness is largely a learned skill. C) People who have more knowledge of an area tend to be more alert to opportunities in that area than others. D) The term "entrepreneurial.
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  45) According to the textbook, a franchisee's weekly or monthly royalty fees are typically around ________ to ________ percent of gross income. A) 1; 2 B) 2; 3 C) 3; 4 D) 4; 5 E) 5; 6   46) In the majority of cases, a franchisee pays the franchisor a royalty based on ________. A) a predetermined fixed.
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  11) Which of the following was not identified in the textbook as a key to effective new product development? A) Develop products that add value. B) Get quality and pricing right. C) Find a need and fill it. D) Conduct ongoing feasibility analysis. E) Focus on broad target markets.   12) Which of the following was not.
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  11) A comparison analysis is a detailed evaluation of a firm's competitors.   12) An industry is a group of firms producing a similar product or service, such as tires, life insurance, or smartphone apps.   13) The two trends that are most important to focus on in an industry analysis are business trends.
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  56) Which of the following is an example of a resource that normally would not be evaluated as part of the "resource sufficiency" stage of organizational feasibility analysis? A) Ability to form favorable business partnerships B) Financial resources C) Affordable office space D) Key equipment needed to operate the business E) Key support personnel 57) To.
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  67) Licensing is the granting of permission by one company to another company to use a specific form of its intellectual property under clearly-defined conditions.   68) Technology licensing is the licensing of proprietary technology that the licensor typically controls by virtue of a utility patent.   69) Loss of proprietary information is a.
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  20) Which of the following firms introduced a disruptive business model? A) Salesforce.com B) eBay C) Panera Bread D) Barnes & Nobel E) J. Crew   21) Standard business models depict existing plans or recipes firms can use to determine how they will create, deliver, and capture value for their stakeholders.   22) It is important to understand that.
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  29) Paul Mason's firm sells medical equipment to heart surgeons. The company fields a direct sales force that travels the country demonstrating its equipment to heart surgeons and hospital administrators. Recently, Paul's company started producing equipment for eye surgeons, partly to maximize the value of his sales force, which can.
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  57) A ________ is a partnership between two or more firms that is developed to achieve a specific goal and has no joint ownership involved. A) joint alliance B) joint venture C) licensing agreement D) merger E) strategic alliance   58) Which of the following was identified in the textbook as an advantage of participating in strategic.
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  38) Kaitlyn Harris is opening up a women's fashion boutique that will focus on professional women that are 18-30 years old. The age range of women that Kaitlyn plans to focus on is referred to as her ________ market. A) controlled B) ambitious C) identifiable D) target E) aspirational   39) A company's ________ scope defines the.
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  11) Melanie Jacobs recently opened a Papa John's franchise. So far, she is very satisfied with Papa John's because in exchange for an initial franchise fee and an ongoing royalty payment, Papa John's has provided Melanie a formula for doing business along with training, advertising, and other forms of assistance..
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  29) Which of the following companies is suitable for franchising? A) Home Depot B) Dropbox C) Qdoba Mexican Grill D) Walmart E) GoPro   30) The Savvy Entrepreneurial Firm feature in Chapter 15 focuses on Wahoo's Fish Taco, a franchise organization that offers Mexican food mixed with Brazilian and Asian flavors. According to the feature, one of.
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  48) A firm's ________ describe(s) the ways in which it makes money. A) proceeds account B) break-even analysis C) revenue streams D) cash flow E) income statement 49) Advertising, commissions, download fees, licensing, and product sale are examples of ________. A) revenue streams B) basis of differentiation C) key assets D) channels E) cost structure   50) In the terminology of the Barringer/Ireland.
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  58) An entity created by two or more firms pooling a portion of their resources to create a separate, jointly-owned organization is called a ________. A) trade association B) network C) joint venture D) consortia E) strategic alliance   59) The four major categories in the Barringer/Ireland Business Model Template are: core strategy, resources, financials, and operations. 60).
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  58) Evaluation is the stage of the creative process during which the idea is put into its final form.   59) Describe the difference between strong-tie and weak-tie relationships. Is it more likely that an entrepreneur will get new ideas through strong-tie or weak-tie relationships? 60) ________ is (are) used to generate a.
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  38) The majority of businesses go through a discernable set of stages of growth referred to as the ________. A) business rotation cycle B) business existence cycle C) organizational sequence D) business life cycle E) organizational life cycle   39) Which of the following is not one of the five stages in the organizational life cycle? A) Introduction B).
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  1) iCracked, the company profiled in the opening feature of Chapter 2, was started by AJ Forsythe and Anthony Martin, two California college students. Through personal experiences, the two discovered that an opportunity existed to start a company that would ________. A) repair computer printers inexpensively and conveniently B) repair used automobiles.
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  57) ________ means that as the number of employees a firm needs increases, it becomes increasingly difficult for it to find the right employees, place them in appropriate positions, and provide adequate supervision. A) Difficult hazard B) Adverse hazard C) Adverse selection D) Moral selection E) Moral hazard   58) Kendell Adams owns a software development company..
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  20) If a business enhances the quality of a product, makes it more convenient to use, improves its durability, or makes it more up-to-date, any one of those initiatives fall under the category of ________. A) increasing the market penetration of an existing product or service B) extending product lines C) geographic expansion D).
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  48) The main challenges for a business in the introduction stage are to make sure the initial product or service is right and to start laying the groundwork for building a larger organization.   49) A business's early growth stage is generally characterized by increasing sales and heightened complexity.   50) As a business.
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  66) Which of the following is incorrect regarding the "total startup cash needed" component of financial feasibility analysis? A) It's not necessary to complete an actual budget of startup expenses. B) When explaining where the startup funds will come from, avoid cursory explanations such as "I plan to bring investors on board".
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  74) Briefly describe the four main components of the Barringer/Ireland Business Model Template. Identify the subcomponents of each the four main components of a business model. 75) What are core competencies? Provide an example of the core competencies that are utilized by an entrepreneurial firm.       .
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  55) One of the most important questions a prospective franchisor should consider is whether the fees and royalties charged by a franchisor are consistent with the franchise's value or worth.   56) How can a person tell if franchising is right for them?   57) According to the textbook, the first rule of buying.
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  30) Geographic expansion is most common in manufacturing settings.   31) Describe what a product line extension strategy is. What are the advantages of this strategy? Describe a company you are familiar with that utilizes a product line extension growth strategy.   32) According to a survey of rapid growth firms conducted by the.
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  47) Which of the following is an advantage of growth by means of external growth strategies? A) Gaining access to new products and markets B) Increased business complexity C) Clash of corporate cultures D) Antitrust implications E) Loss of organizational flexibility 48) The two primary steps involved in finding an appropriate acquisition candidate are (1) Make.
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  31) Many new businesses are successful by taking advantage of fads.   32) Aging of the population, the increasing diversity of the workplace, and the continual migration of people from small towns and rural areas to cities are important economic trends. 33) Describe the three separate ways that entrepreneurs identify new business, product,.
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  1) Uptown Cheapskate, the company profiled in the opening feature of Chapter 15, was started by Chelsea and Scott Sloan. According to the feature, Chelsea and Scott decided to grow Uptown Cheapskate via franchising because they wanted to ________. A) grow quickly without making a huge investments in real estate B) capture.
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  1) Greenvelope, the company profiled in the opening feature of Chapter 5, believes it has created sufficient barriers to entry to enable it to maintain a leadership position in the invitation industry. Its barriers to entry include ________. A) the price-point of its products, the amount of its funding, the strength.
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  68) Value-driven businesses focus on minimizing costs wherever possible.   69) In the financing/funding section of the Barringer/Ireland Business Model Template, there are three categories of costs to consider: capital costs, one-time expenses, and provisions for ramp-up expenses.   70) The operations section of the Barringer/Ireland Business Model Template includes three sections: product (or.
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  37) According to the textbook, from the franchisor's point of view, the primary disadvantage of franchising is that ________. A) it is a poorly understood form of business ownership B) an organization allows others to profit from its trademark and business method C) franchise organizations consistently make less money than alternative forms of.
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  28) The four major categories in the Barringer/Ireland Business Model Template are ________. A) core strategy, resources, financials, and operations B) core strategy, value proposition, customers and channels C) value proposition, resources, customers and partners D) activities, partners, customers, and competitors E) value proposition, cost structure, financials, and operations 29) Which of the following is not.
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  21) A Pepsi Cola bottling dealership is an example of a business format franchise.   22) In a business format franchise, the franchisor provides a formula for doing business to the franchisee along with training, advertising, and other forms of assistance.   23) Business format franchises typically allow franchisees substantial flexibility in how they.
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  37) Which of the following is the primary advantage of a wholly owned subsidiary as a foreign market entry strategy? A) Provides a firm total control over its operations B) Easier to raise capital to implement than other foreign market entry strategies C) Gaining an appreciation of local customs and market preferences D) Low.
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  21) Tracy Brady is in the process of developing an exciting new product in the smartphone industry. She'd like to show a preliminary description of the product to industry experts and prospective customers to solicit their feedback. Tracy should complete and distribute a(n) ________ statement. A) perception B) usability C) early adopter D) concept E).
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  48) Describe the purpose of industry/target market feasibility analysis, and identify the two primary issues that should be considered. What is the difference between a firm's industry and its target market?   49) The two primary issues to consider in organizational feasibility analysis are ________. A) target market attractiveness and financial rate of.
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  10) ________ business models depict existing plans or recipes firms can use to determine how they will create, deliver, and capture value for their stakeholders. A) Revolutionary B) Normal C) Customary D) Disruptive E) Standard   11) Brandon Jones has crafted a business model for his firm that is based on an existing plan or template for.
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