Understanding the Societal and Industry Environments
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Questions and Answers

What is a Focused Group Discussion (FGD) used for?

  • To collect data on random consumers
  • To criticize consumers for their buying behavior
  • To gather the views of selected consumers on buying behavior (correct)
  • To advertise products to consumers
  • What is one of the rules of Brainstorming mentioned in the text?

  • Improving others' ideas is not allowed
  • Wider ideas are accepted (correct)
  • Accepting fewer ideas
  • Encouraging destructive criticism
  • How is Brainwriting different from Brainstorming?

  • Brainwriting only accepts few ideas
  • Brainwriting uses writing or online channels (correct)
  • Brainwriting does not allow writing ideas
  • Brainwriting uses face-to-face communication
  • What is the primary focus of conducting a Brainwriting session?

    <p>Sharing creative ideas in writing or online</p> Signup and view all the answers

    Which method allows the improvement of others' ideas according to the text?

    <p>Brainstorming</p> Signup and view all the answers

    What is the significance of 'Range' when screening opportunities, according to the text?

    <p>It indicates the potential for a wide range of product or service offerings.</p> Signup and view all the answers

    Which criterion refers to the 'next big thing' or a game-changer in an industry during opportunity screening?

    <p>Revolutionary Impact</p> Signup and view all the answers

    Why is it important to rate opportunities based on 'Resonsiveness to customer needs and wants'?

    <p>To align with customer preferences for success.</p> Signup and view all the answers

    How does the text suggest evaluating opportunities based on 'Resources Required'?

    <p>Fewer resources needed indicate higher desirability.</p> Signup and view all the answers

    In opportunity screening, what does 'Revenue' primarily help in determining?

    <p>Sales potential of products or services</p> Signup and view all the answers

    Why is 'Return on Investment (ROI)' considered an important criterion during opportunity screening?

    <p>To determine the profitability of an opportunity</p> Signup and view all the answers

    What allows an entrepreneur to see things in a positive and optimistic light during crisis or difficult situations?

    <p>Entrepreneurial mind frame</p> Signup and view all the answers

    Which aspect of an entrepreneur's opportunity seeking is driven by passion and the pursuit of fulfillment in the discovery process?

    <p>Heart flame</p> Signup and view all the answers

    What refers to the ability of an entrepreneur to sense without using the five senses?

    <p>Gut Game</p> Signup and view all the answers

    In the Forces of Competition Model, which of the following is NOT one of the five forces competing within the industry?

    <p>Employees</p> Signup and view all the answers

    Which method is essential for generating business ideas according to the provided text?

    <p>Past experiences and exposures</p> Signup and view all the answers

    What aspect of opportunity seeking for an entrepreneur involves a positive and optimistic outlook on challenges?

    <p>Heart flame</p> Signup and view all the answers

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