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Question

1. Which of the following shows the process of creating something new? a) Business modelb) Modeling

c)  Creativity

d) Innovation

2. What is the primary opportunity that exists for startups in emerging industries?

a)    Consolidating the industry and establish industry leadership because of doing so

b)   Winning customers by placing an emphasis on service and process innovation

c)    Pursuing a niche strategy that focuses on a narrow segment of the industry

d)   Capturing a first-mover advantage


3. Which of the following are the main components of an industry/target market feasibility analysis?

a)    Industry status and target market status

b)   Industry attractiveness and target market attractiveness

c)    Industry sufficiency and target market demand

d)   Industry attractiveness and product/service demand


4.  Products pass through a chain of activities and at each activity the product gains some value. The chain of activities gives the products more added value than the sum of added values of all activities. This chain of activities is described as:

a)    Production chain

b)   Supply-chain

c)    Optimal value

d)   Value-chain


5.  Innovation is an important strategy companies use to adapt to the changing business environment. Three broad categories of innovation consist of:

a)    Product, Process, and Franchising

b)   Product, Efficiency, and Business Model

c)    Product, Process, and Business Model

d)   Product, Marketing, and Efficiency


6.  The most essential role of the executive summary in the business plan is to

a)    Describe the company's goals in detail

b)   Explain the business plan's objectives in detail

c)    Identify the means for measuring a company's performance

d)   Attract investors


PART 2: TRUE/FALSE QUESTIONS


The following questions are True (T) or false (F) questions requiring you to provide an answer by writing True or False after [T/F]

7.  Indicate whether the following statement is true of false. The three approaches used to identify business opportunities are observing trends, solving a problem, and filling gaps in the marketplace. [T/F] 

8.  A core strategy describes how the firm plans to compete relative to its competitors. Indicate whether this statement is true or false [T/F]

9.  Creativity is a key pillar of innovation. Without creativity there is no innovation and without innovation no sustainable business operation. Indicate whether this statement is true or false [T/F]

10.      A target market is a segment within a larger market that represents a narrow group of customers with similar interests. Indicate whether this statement is true or false [T/F]

Step-by-step answer

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