Question 1 Buy less, but are useful as in aggregate they may buy quite a lot.

Answer saved

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a. Competitors

b. Minor customers
c. Suppliers
d. Major customers

Question 2 Fill in the blanks.

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demographic pro A pro ile for a business would include such factors as
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customer size, number of employees, type of products, and annual revenue.

Question 3 Fill in the blanks.

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Surveys Typically, anonymous and try to reach as many members of a target
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market as possible

Question 4 People in your target market who are not currently looking for a solution.
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a. Target market users

b. Market Segment
c. Strategic Mindset
d. Long-term competitive advantage
Question 5 This is not essential, but is normally a great help in thinking through the case for a new
Answer saved business.
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1.00 Select one:
a. A market research

b. A formal business plan

c. No correct answer
d. Both of the given choices are correct

Question 6 Entrepreneurs have strong desire to achieve higher goals.

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a. An eye for opportunity

b. Silent needs

c. All of the answers correct

d. Need to achieve

Question 7 Their core competency is said to be content delivery, but they are now venturing into
Answer saved original content creation too.
Marked out of
1.00 Select one:
a. Canon
b. Netflix

c. NEC
d. Apple

Question 8 Which of these questions will help you analyze the product or service from the
Answer saved customer's point of view?
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1.00 Select one:
a. Who is going to sell the product?
b. Can you see yourself selling this product or service for the next five to 10
years?

c. Is there a real demand for the product at the price you will have to charge?
d. What does the product achieve, avoid or preserve for the customer?
Question 9 Enables you to concentrate on and solve your target market's problems.
Answer saved

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a. Outside-in approach

b. Stated need
c. Silent need
d. No correct answer

Question 10 Which of these states the importance of core competencies?

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a. Help in the development of core products
b. No correct answer

c. Both of the given choices are correct

d. Indicator that resources are being used in the right places in the right
amount

Question 11 To succeed as an entrepreneur, you must develop the ability to select and offer the
Answer saved right products or services to your customers.
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1.00 Select one:
a. In a competitive market
b. In the right market

c. In any market available

d. All of the answers correct

Question 12 Entrepreneurs are always alert to opportunities.

Answer saved

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a. An eye for opportunity
b. Stated needs

c. Stability and structure

d. Opportunity Recognizers
Question 13 The total cost associated with delivering goods or services to customers.
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a. Distribution cost

b. Marketing Cost
c. Target Market
d. All of the answers correct

Question 14 The act of utilizing the promotional mix

Not yet
answered
Select one:
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a. Process of promotion
b. Distribution cost

c. Profit tiers
d. Marketing Cost

Question 15 Entrepreneurs most likely have a keen sense of what type of person is needed to fulfill
Answer saved a position.
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1.00 Select one:
a. Business Reporter
b. Teacher

c. Recruiter
d. Sales

Question 16 Entrepreneurs must demonstrate this characteristic in order to cope with all the risks of
Answer saved operating their own business.
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1.00 Select one:
a. Risk bearing
b. Need to achieve

c. Self-confidence
d. Locus of control
Question 17 How many new businesses fail within 18 months of getting started?
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a. Three out of five

b. Thirty-five
c. Five
d. Three

Question 18 If your customers enjoy dealing with you, they are likely to buy more. In addition, you
Answer saved can only tackle problems that customers have if you know what they are.
Marked out of
1.00 Select one:
a. What they expect of you
b. What they think about your competitors

c. What makes them feel good about buying

d. What they think about you

Question 19 To make a product successful, you must be.

Answer saved
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a. Both of the given choices are correct
b. Personally committed to its success

c. Either of the given choices are correct

d. Emotionally committed to its success

Question 20 Fill in the blanks.

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If you have a retail outlet, you have the means of distributing a customer
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1.00 comment card or questionnaire .
Question 21 Customers understand problems, but they cannot help you to move your product
Answer saved forward.
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1.00 Select one:
a. All of the answers correct

b. Focusing only on innovation and the competition.

c. Focusing only on customers
d. Focusing only on revenue

Question 22 Explicit statements from your market that declare, "I want a product to do X".
Answer saved

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a. Stated Needs
b. Risk and rewards

c. Market Forecast
d. Marketing Effort

Question 23 Truly think outside the box, stretch the limits, and are combinatorial in non-traditional
Answer saved ways.
Marked out of
1.00 Select one:
a. Need to achieve
b. An eye for opportunity

c. Opportunity Recognizers
d. All of the answers correct

Question 24 Companies have systems in place to avoid this type of customers.

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a. Lead
b. Gold

c. Platinum
d. Iron
Question 25 Problems with yet undefined solutions.
Answer saved

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a. Stated Needs

b. No correct answer
c. Both of the given choices are correct
d. Silent Needs

Question 26 A certain amount of risk is involved in all entrepreneurial ventures, and growth is no
Answer saved different.
Marked out of
1.00 Select one:
a. Choosing that product or service
b. Risk bearing

c. Risk and rewards

d. Targeting your market

Question 27 They may sell directly into the market but largely they need to be kept aligned to your
Answer saved strategy.
Marked out of
1.00 Select one:
a. Competitors
b. Suppliers

c. Major customers
d. Minor customers

Question 28 As an organization, they developed products that are rich in design and user
Answer saved experience.
Marked out of
1.00 Select one:
a. Netflix
b. NEC

c. Apple
d. Canon
Question 29 It is critical to find a balance between prospects and customers to ensure that your
Answer saved future revenue is protected, while still keeping existing customers happy.
Marked out of
1.00 Select one:
a. Focusing only on innovation and the competition.

b. Focusing only on customers

c. All of the answers correct
d. Focusing only on revenue

Question 30 Companies would always give the best service and other benefits to this type of
Answer saved customers.
Marked out of
1.00 Select one:
a. Iron
b. Lead

c. Gold
d. Platinum

Question 31 Fill in the blanks.

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Your target market should be measurable, sufficiently large and reachable .
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Question 32 Entrepreneurs are the persons who take decisions under uncertainty and thus they are
Answer saved willing to take risk, but they never gamble with the results.
Marked out of
1.00 Select one:
a. Risk bearing

b. Locus of control
c. Need to achieve
d. No correct answer
Question 33 There are those people in society whose ultimate goal is to go into business at some
Answer saved defined point life no matter how attractive wage employment might seem.
Marked out of
1.00 Select one:
a. Need to improve personal income

b. Love for adventure

c. To fulfill a life-long ambition
d. Inability to secure a desirable job

Question 34 Entrepreneurs believe in their own ability to control the consequences of their
Answer saved endeavor by influencing their socio-economic environment rather than leave everything
Marked out of to luck.
1.00

Select one:
a. Self-confidence
b. Risk bearing

c. Locus of control
d. Need to achieve

Question 35 It becomes difficult especially in a service environment where labor as well as time also
Answer saved has a cost factor associated with it.
Marked out of
1.00 Select one:
a. Technical/technology capabilities
b. Research and Development

c. Opportunity Recognizers
d. Calculating cost per customer

Question 36 Your skill at this is critical to your success.

Answer saved

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a. No correct answer
b. Customer

c. Existing Customers
d. Target market users
Question 37 People who have already purchased your product.
Answer saved

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a. Both of the given choices are correct

b. Existing Customers
c. Customers
d. No correct answer

Question 38 There are not enough employment opportunities in the formal sector. The small
Answer saved business sector has the capacity to create many jobs.
Marked out of
1.00 Select one:
a. Love for adventure
b. Inability to secure a desirable job

c. Need to improve personal income

d. To fulfill a life-long ambition

Question 39 The most important advantage of having core competencies is having this.
Answer saved
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a. No correct answer
b. Core competency trunk

c. Choosing that product or service

d. Long-term competitive advantage

Question 40 His definition of entrepreneurship placed an emphasis on innovation.

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a. M. M. P. AKhouri
b. Joseph Schumpeter

c. J.B. Say
d. Rotte MacClellan
Question 41 The interaction with competitors is usually directly
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a. Antagonistic

b. Hostile
c. Pleasant
d. Friendly

Question 42 What is/are the thing/s you need to know before you can sell to a potential customer?
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a. All of the answers correct
b. If the customer is happy with their current supplier

c. Who the customer's current supplier is

d. If buying from you would you offer the customer any benefits

Question 43 Those who sell non-competing products and which generally help your sales.
Answer saved
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a. Complementors
b. Influencers

c. Substitutors
d. Competitors

Question 44 If I had asked people what they wanted, they would have said faster horses.
Answer saved

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a. Michael Smith
b. Jonathan Bender

c. J.B. Say
d. Henry Ford
Question 45 Fill in the blanks.
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psychographic v The desire for status, enhanced appearance and more money are
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examples of this variable.

Question 46 Without developing a core competency, a company may be highly profitable.

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a. Long term

b. Only for a short period

c. No correct answer

d. Occasionally

Question 47 Critical to determining attractiveness.

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a. Duration

b. Ability
c. Risks
d. Growth

Question 48 Successful entrepreneurs always have the profit margin in sight and know that their
Answer saved business success is measured by profits.
Marked out of
1.00 Select one:
a. Focus on profits

b. Opportunity Recognizers
c. An eye for opportunity
d. Business Plan
Question 49 If you know how your customers view your competition, you stand a much better
Answer saved chance of staying ahead of your rivals.
Marked out of
1.00 Select one:
a. What they expect of you

b. What makes them feel good about buying

c. What they think about you
d. What they think about your competitors

Question 50 Attempt to get an understanding of a specific market segment by questioning eight to

Answer saved 12 members of that group to discover what psychographic and behavioristic factors
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Select one:
a. Focus groups
b. Interviews

c. Surveys
d. All of the answers are correct