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Exam 3: Opportunity Recognition, Shaping, and Reshaping

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Question 21

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Starting a company in a sphere of business that you really enjoy is not the best idea, in terms of the chance of success.

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Question 22

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In which stage is it important to play devil's advocate?

A) Optimize practicality
B) Multiply stimuli
C) Gather stimuli
D) Create customer concepts
E) Create stimuli

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Question 23

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Playing the role of devil's advocate is important at the "optimize practicality" stage of concept development.

When pre-launch analysis predicts unfavorable outcomes you should:

When starting web business, which measure of effectiveness matters most?

To target goods and services specifically to Hispanic populations in the US is to focus one's market too narrowly.

In aggregate, baby boomers create powerful trends for US businesses.

A company will make a better growth decision by identifying the most lucrative PTA.

What is the only action that the "gather stimuli" stage requires of the entrepreneur?

A highly priced product will usually be perceived as better quality by the customer.

According to the chapter, into what type of opportunity should a business idea translate?

The first domain name on the Web was assigned in 1986.

New, entrepreneurial ideas frequently sprout from an entrepreneur's desire for a product that he or she cannot currently find in the market.

The market enters a fast growth phase when customer awareness and demand exceed supply.

You will likely fail if you start a business in an area you have no experience in

Which of the following is not a part of IDEO's product design steps?

Most successful ideas are driven by the entrepreneur's personal experience.

What does moving a seed of an idea to a more concrete possibility require?

Customers can assist you to determine direct competitors, indirect competitors, and substitutes.

Which of the following most typifies a "cocktail entrepreneur?"