Focus Group Discussions and Product Opportunities

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What is the purpose of library and internet research according to the text?

To gather ideas for building new products (correct)

To meet new people and discuss business ideas

To learn about the history of cheesecake varieties

To find books for entertainment purposes

How has internet research changed the way people gather ideas compared to the past?

It has made it harder to find relevant information

It has made the process more difficult and time-consuming

It has increased the need to visit multiple libraries

It has simplified and directed people to numerous possible ideas (correct)

What is stated as an advantage of doing internet research over traditional library research?

Going from library to library for gathering books

Being directed to pages, articles, or blogs easily (correct)

Greater availability of physical books

Easier access to librarians for advice

How can a person still opt for traditional library research according to the text?

By visiting multiple libraries to gather books Signup and view all the answers

What is the main function of a focus group discussion mentioned in the text?

To identify opportunities to produce something new Signup and view all the answers

How many raised hands during a discussion indicate a potential opportunity for a new product line?

5 or more Signup and view all the answers

What is the main purpose of library and internet research for entrepreneurs?

To gather a variety of ideas and opportunities Signup and view all the answers

Why do entrepreneurs use library and internet research according to the text?

To identify trends, problems, and gaps for creating opportunities Signup and view all the answers

What is the significance of gathering ideas through library and internet research?

To increase the chances of identifying valuable opportunities Signup and view all the answers

How does library and internet research contribute to the success of entrepreneurial ventures?

By helping in identifying trends and gaps in the market for creating innovative solutions Signup and view all the answers

Which activity is NOT associated with library and internet research for entrepreneurs?

Social media advertising Signup and view all the answers

What does effective library and internet research enable entrepreneurs to do?

Identify valuable opportunities and create innovative solutions Signup and view all the answers

What initially sparked the creation of Google?

The need to extract ideas for a certain topic from various websites Signup and view all the answers

Why is it important for entrepreneurs to find gaps in the marketplace?

To cater to the needs of different target markets Signup and view all the answers

Which of the following is NOT mentioned as a way to address gaps in the marketplace?

Reducing prices of existing products Signup and view all the answers

What is the purpose of developing new categories for a different target market?

To cater to a wider range of consumers' needs Signup and view all the answers

Which business is mentioned in the text as an example of filling a gap in the marketplace with 24-hour fitness centers?

Anytime Fitness Signup and view all the answers

Why is Google considered a useful tool all over the world according to the text?

Because it generates services useful for everyone needing information Signup and view all the answers