Opportunity Identification and Selection

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Questions and Answers

Which of the following analyses is LEAST relevant when initially formulating a business concept?

Resource Analysis, to understand the tangible and intangible assets available to the business.
Competitor Analysis, to understand the strengths and weaknesses of other businesses. (correct)
Personal Value Analysis, to align the business with the entrepreneur's core beliefs and principles.
Environmental Analysis, to assess external factors like market trends and competition.

In firm-level screening, evaluating the 'technical viability' of a product primarily involves assessing:

The availability of necessary technology and expertise to produce the product. (correct)
The potential for securing government subsidies and tax incentives.
The overall demand and market acceptance of the product.
The initial capital and financial resources needed for production setup.

Which aspect of firm-level screening directly addresses the question: 'Can the business generate sufficient revenue to cover its costs and provide a return on investment?'

Profitability (correct)
Capital/Financial Requirement
Technical Viability
Demand of the Product

A resource analysis primarily aims to:

Define the initial capabilities of the business based on available assets. (C) Signup and view all the answers

Which of the following scenarios exemplifies the application of 'Personal Value Analysis' in forming a business concept?

A social worker starting a non-profit organization to address homelessness in their community. (D) Signup and view all the answers

A comprehensive environmental scan for a new business venture should primarily focus on which aspect to ensure long-term sustainability?

Balancing short-term profitability with sustainable resource utilization and ethical practices. (B) Signup and view all the answers

How does a forward-backward industry linkage analysis most effectively contribute to strategic decision-making within environmental scanning?

By identifying potential synergies and dependencies across the supply chain to enhance resilience and create competitive advantages. (A) Signup and view all the answers

In the context of environmental analysis for a business concept, what is the most critical consideration regarding 'people's skills' and 'available business assistance programs'?

Their alignment with the company's mission and values, promoting diversity and ethical innovation. (B) Signup and view all the answers

Which approach to demand-supply analysis provides the most profound insights for a business aiming to establish a sustainable competitive advantage?

Integrating external environmental variables to predict future shifts and adapt proactively. (D) Signup and view all the answers

How should 'moments (time)' be most effectively considered within the environmental analysis phase of business planning to ensure resilience?

Evaluating past trends, assessing current conditions, and projecting future scenarios to anticipate and adapt to change. (B) Signup and view all the answers

Which scanning method is characterized by the continuous and comprehensive collection of data from diverse factors within the business environment?

Continuous Scanning (A) Signup and view all the answers

An organization is facing an immediate threat to its market share due to a competitor's aggressive pricing strategy. Which information collection method would be the MOST suitable initial response?

Ad hoc Scanning (D) Signup and view all the answers

What is the primary focus of 'personal-level screening' in the context of organizational assessment?

Assessing employee qualifications and fit (C) Signup and view all the answers

Which of the following statements accurately describes the role of 'weaknesses' in a SWOT analysis?

They focus on internal limitations or deficiencies within the organization. (B) Signup and view all the answers

In conducting a SWOT analysis, which question is MOST relevant to identifying potential opportunities?

What emerging technologies could enhance our offerings? (C) Signup and view all the answers

A tech company excels in product innovation but struggles with marketing and distribution. In a SWOT analysis, how should these factors be categorized?

Innovation as a strength, marketing as a weakness (D) Signup and view all the answers

Which of the following scenarios illustrates the use of regular scanning for information collection?

A firm commissions a market research report annually to track consumer trends and preferences. (D) Signup and view all the answers

An organization identifies a new, potentially lucrative market segment that aligns with its core competencies but requires significant investment in new technologies. How would this be represented in a SWOT analysis?

Opportunity (C) Signup and view all the answers

Flashcards

Idea Generation

The first step in identifying a business opportunity, involving brainstorming and researching potential ideas.

Selection and Screening

Evaluating and filtering generated ideas based on feasibility and potential.

Formulate Business Concept

Developing a detailed description of the business, including its product/service, target market, and value proposition.