Ch 3: Business oppurtunities
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Questions and Answers

What does a SWOT analysis evaluate?

  • Market trends in the industry
  • Consumer behavior towards a product
  • Internal characteristics of a business (correct)
  • The financial status of a project

    • Which step is crucial when conducting research involving human subjects?

  • Identifying gaps in the market
  • Obtaining clear consent (correct)
  • Testing the questionnaire
  • Approaching research professionally

    • In a SWOT analysis, what do 'Weaknesses' refer to?

  • External chances to improve performance
  • External elements that can cause trouble
  • Characteristics that give a project an advantage
  • Characteristics that place the business at a disadvantage (correct)

    • What should entrepreneurs do to tap into business opportunities effectively?

    <p>Assess product/service feasibility</p> Signup and view all the answers

    What is an important consideration when designing a questionnaire for research?

    <p>Ensuring questions are clear and concise</p> Signup and view all the answers

    Why is it essential to pilot test a questionnaire?

    <p>To ensure clarity and effectiveness in data gathering</p> Signup and view all the answers

    What is the primary purpose of observing consumer behaviors in research?

    <p>To capture unbiased behaviors</p> Signup and view all the answers

    How can entrepreneurs differentiate their offerings from competitors?

    <p>By understanding who their customers are</p> Signup and view all the answers

    What is necessary when conducting research in corporate settings?

    <p>Scheduling and adhering to appointments professionally</p> Signup and view all the answers

    What should entrepreneurs do before entering new markets or expanding within existing ones?

    <p>Determine the target market and assess product/service feasibility</p> Signup and view all the answers

    What is the primary purpose of research in identifying business opportunities?

    <p>To understand customer preferences</p> Signup and view all the answers

    What factors does the development of a research instrument aim to gather data about?

    <p>Potential market, customer satisfaction, geographical positioning</p> Signup and view all the answers

    Which of the following is an example of primary data?

    <p>Direct surveys conducted by researchers</p> Signup and view all the answers

    What is secondary data in the context of researching business opportunities?

    <p>Data previously collected by other entities</p> Signup and view all the answers

    What are the common aspects of customer preferences that research questions often include?

    <p>Product type, timing, location, and method of delivery</p> Signup and view all the answers

    Which of the following is the main purpose of evaluating potential markets?

    <p>To determine market size</p> Signup and view all the answers

    What is the importance of understanding community demography and average income levels?

    <p>To determine the feasibility of new businesses</p> Signup and view all the answers

    Which of the following is a common source of secondary data?

    <p>Government agencies</p> Signup and view all the answers

    What is the main purpose of gathering data on customer satisfaction levels?

    <p>To evaluate existing offerings</p> Signup and view all the answers

    What is the purpose of gathering data on geographical positioning for potential new businesses?

    <p>To identify potential markets</p> Signup and view all the answers

    What should entrepreneurs do to effectively tap into business opportunities according to the text?

    <p>Identify gaps in the market and assess product/service feasibility.</p> Signup and view all the answers

    In the context of SWOT analysis, what do 'Threats' refer to?

    <p>External elements that could cause trouble for the business.</p> Signup and view all the answers

    Why is it important to test a sample for bias in research?

    <p>To avoid skewing the sample towards any particular group.</p> Signup and view all the answers

    What is a key step in the research process for entrepreneurs when conducting interviews?

    <p>Designing the questionnaire and testing its effectiveness.</p> Signup and view all the answers

    When conducting research involving human subjects, what ethical standard must be adhered to regarding consent?

    <p>Consent must be obtained even when sensitive data is not involved.</p> Signup and view all the answers

    Which factor should entrepreneurs focus on when identifying business opportunities to differentiate their offerings from competitors?

    <p>Analyzing market competition and identifying potential suppliers.</p> Signup and view all the answers

    What should entrepreneurs consider before entering new markets or expanding within existing ones?

    <p>Determining target market characteristics and competition analysis.</p> Signup and view all the answers

    What is an essential element of professional behavior when conducting research in corporate settings?

    <p>Scheduling and adhering to appointments with research participants.</p> Signup and view all the answers

    What is the primary purpose of pilot testing a questionnaire in research?

    <p>To ensure clarity and effectiveness in data gathering.</p> Signup and view all the answers

    In a SWOT analysis, what does 'Strengths' refer to?

    <p>Characteristics of the business that give it an advantage over others.</p> Signup and view all the answers

    What type of data is collected by observing consumer behaviors in a research setting?

    <p>Primary data</p> Signup and view all the answers

    What is the main purpose of gathering data on community demography and average income levels in a research context?

    <p>To understand the influence on purchasing power</p> Signup and view all the answers

    Which of the following is an example of secondary data sources when conducting research for business opportunities?

    <p>Government agencies</p> Signup and view all the answers

    What is the purpose of clarifying the information needed before deploying any research tool?

    <p>To ensure research questions are well-defined</p> Signup and view all the answers

    Which of the following is NOT a common aspect of customer preferences that research questions often include?

    <p>Company size</p> Signup and view all the answers

    What is the main purpose of gathering data on geographical positioning for potential new businesses?

    <p>To evaluate market potential</p> Signup and view all the answers

    What should entrepreneurs do to effectively differentiate their offerings from competitors?

    <p>Gathering primary and secondary data</p> Signup and view all the answers

    What is an essential consideration when designing a questionnaire for research purposes?

    <p>Ensuring questionnaire validity and reliability</p> Signup and view all the answers

    What is the importance of understanding potential market size when evaluating business opportunities?

    <p>To evaluate market demand</p> Signup and view all the answers

    What is the primary purpose of research in identifying business opportunities?

    <p>To evaluate market demand</p> Signup and view all the answers

    What is the main purpose of identifying gaps in the market when evaluating business opportunities?

    <p>To determine where customer needs are not being met</p> Signup and view all the answers

    What is a crucial consideration to differentiate offerings from competitors when identifying business opportunities?

    <p>Understanding customer needs</p> Signup and view all the answers

    In a SWOT analysis, what do 'Opportunities' refer to?

    <p>External chances to improve performance in the environment</p> Signup and view all the answers

    Why is it essential for entrepreneurs to identify potential suppliers when evaluating business opportunities?

    <p>For raw materials or other necessary services</p> Signup and view all the answers

    What should entrepreneurs focus on to effectively differentiate their offerings from competitors?

    <p>Understanding customer needs</p> Signup and view all the answers

    What is the primary purpose of conducting interviews in the research process for entrepreneurs?

    <p>Obtaining information based on face-to-face or other methods</p> Signup and view all the answers

    'Weaknesses' in a SWOT analysis refer to what characteristics?

    <p>Characteristics that place the business at a disadvantage relative to others</p> Signup and view all the answers

    'Threats' in a SWOT analysis are related to what external factor?

    <p>External elements that could cause trouble for the business or project</p> Signup and view all the answers

    What should entrepreneurs do to effectively tap into business opportunities according to the text?

    <p>Understand customer needs &amp; analyze competition</p> Signup and view all the answers

    What is the primary purpose of analyzing the competition when identifying business opportunities?

    <p>To strategize on standing out from other businesses.</p> Signup and view all the answers

    Which of the following research methods would be most effective for understanding community demography and average income levels?

    <p>Secondary data analysis</p> Signup and view all the answers

    When designing a research instrument, which of the following factors is NOT a primary consideration?

    <p>Competitor's market share</p> Signup and view all the answers

    Which of the following is NOT a common aspect of customer preferences that research questions often include?

    <p>Competitor's pricing strategy</p> Signup and view all the answers

    Which of the following is a key step in the research process for entrepreneurs when conducting interviews?

    <p>Using open-ended questions</p> Signup and view all the answers

    Which of the following is the main purpose of evaluating potential markets?

    <p>Identifying gaps in the market</p> Signup and view all the answers

    Which of the following is an essential consideration when designing a questionnaire for research purposes?

    <p>Ensuring the questions are clear and concise</p> Signup and view all the answers

    Which of the following is NOT an ethical standard when conducting research involving human subjects?

    <p>Disregarding participants' comfort</p> Signup and view all the answers

    Which of the following is an example of primary data?

    <p>Direct surveys conducted by an entrepreneur</p> Signup and view all the answers

    Which of the following is the primary purpose of gathering data on community demography and average income levels in a research context?

    <p>Understanding purchasing power</p> Signup and view all the answers

    Which of the following is NOT a common source of secondary data?

    <p>Direct surveys conducted by an entrepreneur</p> Signup and view all the answers

    What is the primary focus of research questions related to customer preferences?

    <p>Preferred service or product locations</p> Signup and view all the answers

    Which of the following is a characteristic of primary data?

    <p>Direct surveys conducted by the entrepreneur</p> Signup and view all the answers

    When developing a research instrument, what does the design aim to gather comprehensive data about?

    <p>Geographical positioning for new businesses</p> Signup and view all the answers

    What distinguishes secondary data from primary data in a research context?

    <p>It's information previously collected by other entities</p> Signup and view all the answers

    Why is it crucial for businesses to clarify the required information before deploying any research tool?

    <p>To identify the exact information needed for effective decision-making</p> Signup and view all the answers

    What is the primary importance of understanding potential suppliers for entrepreneurs when evaluating business opportunities?

    <p>To ensure a continuous supply of necessary resources</p> Signup and view all the answers

    In the context of research, what is the primary purpose of pilot testing a questionnaire?

    <p>To refine question clarity and data gathering effectiveness</p> Signup and view all the answers

    When conducting a SWOT analysis, what do 'Weaknesses' primarily refer to?

    <p>Characteristics that place the business at a disadvantage relative to others</p> Signup and view all the answers

    In effective research, why is it essential to avoid bias when selecting a sample?

    <p>To prevent skewed results that misrepresent the population</p> Signup and view all the answers

    What ethical standard must be adhered to regarding confidentiality when conducting research involving human subjects?

    <p>Guaranteeing that personal information is kept confidential</p> Signup and view all the answers

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