"Unit 02.

pptx,"

1. **Which of the following is a key technique for genera ng new business ideas?**

- a) Financial Analysis

- b) SWOT Analysis

- c) Customer Advisory Boards

- d) Market Satura on

- **Answer: c) Customer Advisory Boards**

2. **What is 'Day-In-The-Life' research?**

- a) Analyzing financial statements of a day

- b) Spending a day with a customer to understand their needs

- c) A method to track daily sales

- d) Monitoring a day’s market trends

- **Answer: b) Spending a day with a customer to understand their needs**

3. **What is the purpose of se ng up customer advisory boards?**

- a) To discuss financial reports

- b) To discuss needs, wants, and problems for new ideas

- c) To evaluate employee performance

- d) To create marke ng strategies

- **Answer: b) To discuss needs, wants, and problems for new ideas**

4. **What is an 'idea bank'?**

- a) A financial ins tu on for startups

- b) A repository for storing ideas

- c) A method for saving money

- d) A tool for financial analysis

- **Answer: b) A repository for storing ideas**

5. **What should be the first step in protec ng an idea?**

- a) Sharing it publicly
 - b) Pu ng it in a tangible form

- c) Selling it to a compe tor

- d) Ignoring it un l necessary

- **Answer: b) Pu ng it in a tangible form**

6. **Why is it important to secure an idea?**

- a) To make it publicly available

- b) To prevent it from being lost or stolen

- c) To sell it quickly

- d) To ignore it un l later

- **Answer: b) To prevent it from being lost or stolen**

7. **What can lead to forfei ng the right to claim exclusive rights to an idea?**

- a) Keeping it secret

- b) Making an inadvertent or voluntary disclosure

- c) Filing for a patent

- d) Discussing it with a legal advisor

- **Answer: b) Making an inadvertent or voluntary disclosure**

8. **Which search engine is useful for business research?**

- a) Google Scholar

- b) Yahoo

- c) ProQuest

- d) Bing

- **Answer: c) ProQuest**

9. **Which of the following is not a step in protec ng an idea?**

- a) Securing the idea

- b) Pu ng the idea in tangible form

- c) Avoiding disclosure

- d) Immediate public disclosure

 - **Answer: d) Immediate public disclosure**

10. **Which of the following is a benefit of establishing a focal point for ideas in a firm?**

- a) Increasing bureaucracy

- b) Ensuring ideas are evaluated properly

- c) Decreasing crea vity

- d) Promo ng disorganiza on

- **Answer: b) Ensuring ideas are evaluated properly**

11. **What is crea vity in the context of a firm?**

- a) The raw material for innova on

- b) A financial metric

- c) A legal requirement

- d) An administra ve process

- **Answer: a) The raw material for innova on**

12. **Which of the following techniques helps track new business ideas con nuously?**

- a) SWOT analysis

- b) Se ng up email alerts

- c) Financial forecas ng

- d) Market satura on analysis

- **Answer: b) Se ng up email alerts**

13. **What is one of the primary purposes of targeted searches on the internet for new business
ideas?**

- a) To get the latest financial reports

- b) To obtain links to ar cles and blogs about the topic

- c) To analyze past business performance

- d) To compile compe tor's data

- **Answer: b) To obtain links to ar cles and blogs about the topic**

14. **What is a customer advisory board?**

- a) A board that meets to discuss customer sa sfac on metrics

- b) A board that meets to discuss new ideas for products or services

- c) A financial oversight board

- d) A regulatory compliance board

- **Answer: b) A board that meets to discuss new ideas for products or services**

15. **What should you do a er securing an idea to protect it from being stolen?**

- a) Immediately disclose it publicly

- b) Keep it a secret

- c) Document it and date it

- d) Sell it to the highest bidder

- **Answer: c) Document it and date it**

16. **Which of the following is a common mistake that leads to losing rights to an idea?**

- a) Not disclosing it at all

- b) Documen ng it properly

- c) Making it public inadvertently

- d) Keeping it a secret

- **Answer: c) Making it public inadvertently**

17. **What is the role of an 'idea bank'?**

- a) To serve as a financial ins tu on

- b) To store and manage new ideas

- c) To analyze market trends

- d) To provide customer service

- **Answer: b) To store and manage new ideas**

18. **How can companies avoid losing their innova ve ideas?**

- a) By not discussing them with anyone

- b) By pu ng them in a tangible form and securing them

 - c) By selling them quickly

- d) By ignoring them

- **Answer: b) By pu ng them in a tangible form and securing them**

19. **Which research method involves employees spending a day with customers?**

- a) Market analysis

- b) Financial audi ng

- c) Day-In-The-Life research

- d) SWOT analysis

- **Answer: c) Day-In-The-Life research**

20. **What does establishing a focal point for ideas ensure?**

- a) It is everyone’s responsibility

- b) It is no one's responsibility

- c) There is a specific person responsible for tracking ideas

- d) Ideas are publicly shared

- **Answer: c) There is a specific person responsible for tracking ideas**

21. **Why is crea vity important at the firm level?**

- a) It increases bureaucracy

- b) It is the founda on of innova on

- c) It decreases produc vity

- d) It complicates processes

- **Answer: b) It is the founda on of innova on**

22. **What kind of search engines are useful for industry reports?**

- a) Social media pla orms

- b) General search engines

- c) Specialized business research databases

- d) E-commerce websites

- **Answer: c) Specialized business research databases**

23. **What should be included when documen ng an idea to protect it?**

- a) Only the idea

- b) The idea and the date it was first thought of

- c) Just the date

- d) Neither the idea nor the date

- **Answer: b) The idea and the date it was first thought of**

24. **What is the importance of avoiding voluntary disclosure of an idea?**

- a) To make it known to everyone

- b) To keep it confiden al and secure exclusive rights

- c) To sell it immediately

- d) To get immediate feedback

- **Answer: b) To keep it confiden al and secure exclusive rights**

25. **Which pla orm is not men oned as useful for business research in the document?**

- a) BizMiner

- b) ProQuest

- c) Mintel

- d) Wikipedia

- **Answer: d) Wikipedia**

26. **What is one func on of a customer advisory board?**

- a) To handle customer complaints

- b) To discuss poten al new products or services

- c) To conduct financial audits

- d) To manage company finances

- **Answer: b) To discuss poten al new products or services**

27. **Which of the following is not a step in protec ng an idea?**

- a) Securing the idea

 - b) Publicly announcing the idea

- c) Documen ng the idea

- d) Avoiding disclosure

- **Answer: b) Publicly announcing the idea**

28. **Which industry report is men oned in the document?**

- a) Forbes

- b) LexisNexis Academic

- c) The Wall Street Journal

- d) Business Insider

- **Answer: b) LexisNexis Academic**

29. **Why is targeted searching useful when star ng from scratch with business ideas?**

- a) It helps find financial reports

- b) It provides links to relevant ar cles and news

- c) It focuses on legal compliance

- d) It tracks stock market trends

- **Answer: b) It provides links to relevant ar cles and news**

30. **What does establishing an idea bank help with?**

- a) Storing and organizing ideas

- b) Financial management

- c) Conduc ng market research

- d) Handling customer complaints

- **Answer: a) Storing and organizing ideas**

31. **What is one benefit of the 'Day-In-The-Life' research method?**

- a) It provides financial insights

- b) It offers direct customer experience insights

 - c) It focuses on regulatory compliance

- d) It tracks daily sales data

- **Answer: b) It offers direct customer experience insights**

32. **What should be done first when you have a new idea?**

- a) Share it with everyone

- b) Ignore it un l later

- c) Put it in a tangible form and secure it

- d) Sell it immediately

- **Answer: c) Put it in a tangible form and secure it**

33. **Why is it important to avoid inadvertent disclosure of an idea?**

- a) To make it public

- b) To keep it secure and maintain exclusive rights

- c) To sell it quickly

- d) To gather public opinion

- **Answer: b) To keep it secure and maintain exclusive rights**

34. **Which technique is not men oned as useful for genera ng new business ideas?**

- a) Day-In-The-Life research

- b) SWOT Analysis

- c) Customer Advisory Boards

- d) Financial Forecas ng

- **Answer: d) Financial Forecas ng**

35. **What should a firm do to track new business ideas efficiently?**

- a) Hire more employees

- b) Establish a focal point for ideas

- c) Increase marke ng efforts

- d) Decrease produc on costs

- **Answer: b) Establish a focal point for ideas**

36. **What is the role of specialized business research databases?**

- a) They provide social media insights

- b) They offer industry reports and specialized informa on

- c) They track market sales

- d) They manage financial records

- **Answer: b) They offer industry reports and specialized informa on**

37. **Which of the following is not a characteris c of 'Day-In-The-Life' research?**

- a) It provides financial data

- b) It offers insights into customer needs

- c) It involves direct interac on with customers

- d) It helps generate new product ideas

- **Answer: a) It provides financial data**

38. **Which pla orm is men oned as useful for business research?**

- a) Google Books

- b) ProQuest

- c) Amazon

- d) eBay

- **Answer: b) ProQuest**

39. **Which of the following is a key benefit of having an idea bank?**

- a) Increasing product prices

- b) Storing and managing ideas effec vely

- c) Decreasing employee turnover

- d) Enhancing regulatory compliance

- **Answer: b) Storing and managing ideas effec vely**

40. **What should be avoided to protect the exclusivity of an idea?**

- a) Pu ng it in a tangible form
- b) Discussing it publicly without protec on

- c) Keeping it confiden al

- d) Documen ng it and da ng it

- **Answer: b) Discussing it publicly without protec on**