I
What is the primary purpose of scanning the marketing environment?
A. To develop a new product without analyzing external factors
B. To immediately launch a product based on initial ideas
C. To avoid market research and focus solely on internal business operations
D. To understand the macroenvironment, microenvironment, and internal environment in order to identify business opportunities
D. To understand the macroenvironment, microenvironment, and internal environment in order to identify business opportunities
Societal environment includes the following, except:
A. Economic forces
B. Sociocultural forces
C. Political forces
D. Natural resources
D - Natural resources
External factor that drives changes like legislation, taxation policy, employment law, health and safety, foreign trade, terrorism, war
a. Political/Legal
b. Socio cultural
c. Technological
d. Ecological/Environment
a. Political/Legal
Screening when important attributes for evaluating the ideas are defined.
a. Qualitative screening
b. Quantitative Screening
c. Group Screening
d. Idea Screening
a. Qualitative screening
The term behavioral segmentation refers to:
A) divided based on consumers
B) divided in terms for customers think and believe.
C) divided according to geographical location.
D) divided according to customers’ behavior pattern as they interact with a company.
D) divided according to customers’ behavior pattern as they interact with a company.
What variable of societal environment includes income level and employment rate?
A. Economic forces
B. Sociocultural forces
C. Political forces
D. Technological forces
A. Economic forces
External factor that drives changes like new products, new processes, new and emerging discoveries, internet, etc
a. Political/Legal
b. Socio cultural
c. Technological
d. Ecological/Environment
C - Technological
What is the purpose of the entrepreneurial process?
A) To establish and manage a business without any structured approach
B) To avoid the risk and complexities of business creation
C) To provide a step-by-step guide for systematically starting and running a business
D) To focus solely on the financial aspects of a business
C) To provide a step-by-step guide for systematically starting and running a business
What is a key activity for entrepreneurs at the "investor" level?
A) Managing day-to-day operations
B) Purchasing or selling businesses and delegating management
C) Directly overseeing every detail of the business
D) Focusing solely on generating sales
B) Purchasing or selling businesses and delegating management
In a business sense, it is an idea that has commercial potential. Something you can make money with, develop a business around it, or create value with it.
a. Business Opportunity
b. Business Ideas
c. Business
d. Challenge
a. Business Opportunity
External factor that drives changes like Climate change, pollution, waste products, energy efficiency etc.
a. Political/Legal
b. Socio cultural
c. Technological
d. Ecological/Environment
d. Ecological/Environment
What roles do an entrepreneur’s personal talents and skills play in opportunity seeking?
A) They are not relevant to finding business opportunities
B) They provide a unique source of business ideas and can lead to new ventures based on personal expertise
C) They primarily affect the financial planning of the business
D) They are only useful for improving operational efficiency
B) They provide a unique source of business ideas and can lead to new ventures based on personal expertise
Why is the "Seeking" step considered the most difficult in the 3S framework?
A) Due to the number of options the entrepreneur must choose from
B) Because it involves large financial investments
C) Since it requires government approval
D) Because it is the last step before product launch
A) Due to the number of options the entrepreneur must choose from
Examining the environment and evaluating of self (entrepreneur) and the community is Environmental ____________.
a. Scanning
b. Screening
c. Selecting
d. Seizing
a. Scanning
What is the function of Value Proposition?
A. Use to power up sales
B. convince customer to purchase a particular product or services.
C. customers buying habits
D. provide value to your customers
B. convince customer to purchase a particular product or services.
How do consumer preferences and perceptions play a role in opportunity seeking?
A) They are irrelevant to opportunity seeking
B) They help in identifying specific needs and wants that can lead to potential business opportunities
C) They only affect the pricing strategy of a product
D) They determine the legal requirements for starting a business
B) They help in identifying specific needs and wants that can lead to potential business opportunities
What is the role of an extrapreneur?
A) To lead and manage their own start-up business
B) To innovate and provide solutions across multiple companies
C) To work within a large corporation as a product or business development manager
D) To focus on integrating technology into business models
B) To innovate and provide solutions across multiple companies
What is the origin of the word “entrepreneur”?
A) Latin, meaning “creator”
B) French, combining “entre” (between) and “prendre” (to take)
C) Greek, meaning “leader”
D) Spanish, meaning “innovator”
B) French, combining “entre” (between) and “prendre” (to take)
What is the significance of the "S1: Seeking the Opportunity" step in the 3S framework?
A) It focuses on product development
B) It is the easiest step due to limited options
C) It involves choosing from a wide range of potential opportunities
D) It deals with marketing the product
C) It involves choosing from a wide range of potential opportunities
Is the process of comparing and contrasting new product related ideas in order to select the most promising ones for your business.
a. Scanning
b. Screening
c. Selecting
d. Seizing
b. Screening
How does a social entrepreneur differ from a traditional entrepreneur?
A) They focus solely on profit-making without social impact
B) They work exclusively within large corporations
C) They address social problems and aim to benefit disadvantaged communities rather than purely seeking profit
D) They innovate primarily for technological advancement
C) They address social problems and aim to benefit disadvantaged communities rather than purely seeking profit
What is considered the first and most difficult step in the entrepreneurial process?
A. Product Development
B. Marketing Strategy
C) Opportunity spotting and assessment
D) Developing a business plan
C) Opportunity spotting and assessment
What does the "3S" framework stand for in opportunity spotting and assessment?
A. Search, Sort, and Sell
B. Seeking, Securing, and Selling
C. Sourcing, Selling, and Satisfying
D. Seeking, Screening, and Seizing
D. Seeking, Screening, and Seizing
In the entrepreneurial process, what is the focus of the "Idea Generation" aspect?
A) Conducting detailed financial forecasting
B) Developing a detailed business plan
C) Creating and refining new business ideas and opportunities
D) Establishing the legal structure of the business
C) Creating and refining new business ideas and opportunities
What is the general rule for finding a business opportunity ?
A. Develop a product first and then find a market
B. Find the opportunity first before creating a product or service
C. Focus solely on internal environment analysis
D. Create a marketing plan before finding an opportunity
B. Find the opportunity first before creating a product or service