Podcast
Questions and Answers
What is a primary characteristic of an online business?
What is a primary characteristic of an online business?
- It can attract customers globally. (correct)
- It requires a physical storefront.
- It cannot operate without local marketing.
- It offers only tangible products.
Which of the following best describes outsourcing?
Which of the following best describes outsourcing?
- Limiting business operations to core competencies only.
- Hiring external individuals or companies for certain tasks. (correct)
- Using advanced technology to perform tasks in-house.
- Creating new internal departments for diverse functions.
What does a niche market refer to?
What does a niche market refer to?
- A general audience that covers various interests.
- A dynamic market with constantly changing demographics.
- A broad market with multiple competitors.
- A small, specialized segment of the market. (correct)
What is the main purpose of brainstorming?
What is the main purpose of brainstorming?
How do demographics influence entrepreneurship?
How do demographics influence entrepreneurship?
What is a strategic alliance?
What is a strategic alliance?
What role do trade magazines serve for businesses?
What role do trade magazines serve for businesses?
How does innovation differ from creativity?
How does innovation differ from creativity?
Study Notes
Online Business and Services
- Online businesses operate through the Internet, enabling a global customer reach for purchasing.
- Services are intangible offerings that enhance lives, including sectors like insurance, tourism, and education.
Outsourcing and Strategic Partnerships
- Outsourcing involves hiring third parties to perform tasks a business cannot or prefers not to handle internally.
- A strategic alliance is a collaborative partnership between companies to supply a product or service, enhancing collective strength.
Corporate Ventures and Innovation
- Corporate ventures are initiatives within large firms, allowing them to adopt an entrepreneurial mindset to foster innovation and competitiveness.
- Innovation is characterized by new methods or ideas; it is driven by creativity, which follows identifiable patterns in the development process.
Market Niche and Creativity Techniques
- A niche is a specialized market segment with unmet demand, presenting potential business opportunities.
- Brainstorming encourages free thinking to generate ideas, treating all suggestions equally regardless of their initial perceived value.
Understanding Demographics
- Demographics analyze personal characteristics of a population, including age, gender, income, and education, crucial for entrepreneurial insights and market strategy.
Publications for Industry Insights
- Trade magazines provide industry-specific news, featuring articles on new products, market trends, and insights for businesses.
- Specialty magazines target niche audiences with specific interests, such as fashion or outdoor activities, offering tailored content.
Trade Shows
- Trade shows are events where vendors and manufacturers showcase and promote new and existing products, facilitating networking and industry engagement.
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Description
Test your knowledge on key vocabulary from Chapter 3 of Entrepreneurship, focusing on recognizing business opportunities. This quiz covers essential terms like online business and services, providing a foundational understanding of how businesses operate in the digital economy.
