Opportunity Seeking Strategic Planning Quiz

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What is a crucial step in evaluating a new business idea?

Avoiding exposure to the target market

Choosing the same product as existing competitors

Limiting promotion and advertising

Understanding competitors' strengths and weaknesses (correct)

Why is technical feasibility important in developing a new product?

To ensure the product can meet customer needs (correct)

To limit the testing process

To avoid competition

To delay the launch of the product

What is the significance of exposure to the target market for a new product?

It increases competitors' strengths

It helps evaluate customer response (correct)

It decreases the economic value of the product

It simplifies promotion and advertising

How does knowing competitors' strengths and weaknesses benefit a prospective entrepreneur?

By devising effective promotion and advertising strategies Signup and view all the answers

What role does innovation play in the process of conceiving a new product?

To differentiate the new product from existing ones Signup and view all the answers

Why should a new product be different from existing products in the market?

To attract customer evaluation and feedback Signup and view all the answers

What is the first step that a new entrepreneur should take before venturing into a business?

Know Product and Service Signup and view all the answers

When evaluating a business opportunity, what should an entrepreneur focus on regarding market analysis?

Understanding the income levels of prospective customers Signup and view all the answers

In strategic planning, what is an essential aspect that entrepreneurs should consider for innovation in product development?

Harnessing technical knowledge to change products Signup and view all the answers

When selecting a business location, what factor should an entrepreneur prioritize for small entrepreneurs?

Rent and Space availability Signup and view all the answers

What is a key requirement for generating income from products or services in a business?

Delivering customer satisfaction Signup and view all the answers

What should entrepreneurs focus on during environmental scanning to identify business opportunities?

Analyzing competitors' strategies Signup and view all the answers

What determines the kind of business operation based on the text?

Savings assets of the entrepreneur Signup and view all the answers

Which of the following is considered an external source of funds according to the text?

Banks Signup and view all the answers

Why does a new product need customers' viewpoint before being launched according to the text?

To understand the target market's needs and wants Signup and view all the answers

In product development, what is determined by quality and price according to the text?

Product competitiveness Signup and view all the answers

What type of analysis does the entrepreneur need to conduct to determine major users of a product?

Market demand analysis Signup and view all the answers

Which source of funds is mentioned in the text as coming from the starting entrepreneur's assets?

Savings assets Signup and view all the answers

Opportunity Seeking Strategic Planning Quiz

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