Name: ____________________________________ Year/Block: _________________

Subject: __________________________________ Instructor: _________________

I. MODIFIED TRUE OR FALSE. Write T if the statement is true; if False, Change the underlined word or phrase
to make the statement correct.

1. Every improvement that an entrepreneur makes in a product or services can be seen as radical
innovation.

2. External marketing environment can be controlled; the business has very less control or no control
over the internal environment.
_______________ 3.

4. The business environment is one of the most dynamic aspects of the business.

5. Find the business first before coming up with a new product or service.

6. A better understanding of the marketing environment allows the marketer understand more about
competitions.

7. Business culture is dependent on the dominant culture of employees in the business.

8. Brainstorming is a method of generating ideas to gather views of selected consumers on certain

issues related to their buying behavior.

9. Once the 3S of opportunity spotting and assessment have been diligently done, the entrepreneur is
ready to start up his business.

10. There is no innovation until something gets implemented.

II. Multiple Choice. Select the best answer from the choices. Encircle the letter of your choice.

1. It is the ability to develop new ideas and to discover new ways of looking at problems and opportunities.

a. Innovation b. Creativity c. invention

2. The ability to apply creative solutions to the problems and opportunities in order to enhance people’s lives or enrich
society.

a. Creativity b. Innovation c. invention

3. An innovation where the required resources, materials, technology, human and capital resources are obtained.

a. Analytical planning b. Commercial application c. resource organization

4. It is the replicating of an existing product or service and then adding the entrepreneur’s own creative touch in order
to improve.

a. synthesis b. duplication c. extension

5. It is the stage in the service planning and development process which validate the work done to measure success in
the commercialization of the product or service.

a. Concept stage b. Product development stage c. test marketing stage

6. It is the “pushing through” with the chosen opportunity.

a. Opportunity seizing b. Seeking opportunity c. screening opportunity

7. It is the process of cautiously selecting the best opportunity.

a. Opportunity seizing b. Seeking opportunity c. screening opportunity

8. It refers to the entrepreneur’s tolerance of business risks.

a. risk appetite b. stress tolerance c. opportunity seeking

Name: ____________________________________ Year/Block: _________________
Subject: __________________________________ Instructor: _________________
9. This refers to the collection of values, beliefs, principles and expectations learned and shared by employees,
stakeholders, and members of the management.

a. business resources b. business structure

c. business culture

10. A method of generating ideas that allows the participants to have creative ideas using rules.

a. focused-group discussion b. brainstorming c. brainwriting

11. It is the degree by which all units across the business accept and share a common culture.

a. cultural acceptance b. cultural integration c. culture of business

12. It is the most difficult process in opportunity spotting due to the number of options the entrepreneur will have to
choose from.

a. seeking opportunity
b. screening opportunity
c. seizing opportunity

13. It is the starting point of any venture that involves understanding and knowing the complexities of the whole
environment.

a. marketing environment scanning

b. environment scanning
c. opportunity scanning

14. It is an innovation that involve finding an entirely new way to do things.

a. radical innovation
b. incremental innovation
c. ordinary innovation

15. It is a component of marketing environment which includes forces inside the organization which affects its
marketing operations.

a. internal environment b. external environment c. macro-environment

III. Differentiate (nos. 1-4; 2 pts each/ no. 5; 4 pts; a total of 10 pts)

1. Creativity
2. Business idea
3. Opportunity
4. Invention
5. Macro vs micro-environment