Entrepreneurship Review Questions
Course Introduction
This course introduces students to the fundamental concepts, challenges, and opportunities associated with entrepreneurship. It explores the entrepreneurial mindset, the process of identifying and evaluating business opportunities, and the steps involved in launching and growing new ventures. Students will learn how to develop business models, craft effective value propositions, and apply principles of innovation and creativity. Through case studies, practical exercises, and project work, participants will also gain insights into securing funding, managing risk, and navigating ethical and legal considerations in entrepreneurship.
Recommended Textbook
New Products Management 10th Edition by C.
Merle Crawford
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20 Chapters
1103 Verified Questions
1103 Flashcards
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Page 2
Chapter 1: The Strategic Elements of Product Development
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Sample Questions
Q1) Briefly explain the terms: new products process,product innovation charter,and product portfolio management.
Answer: The new products process is the procedure that takes the new product idea through concept evaluation,product development,launch,and post-launch. The product innovation charter can be thought of as a strategy for new products.It ensures that the new product team develops products that are in line with firm objectives and strategies and that address marketplace opportunities. Product portfolio management helps the firm assess which new products would be the best additions to the existing product line,given both financial and strategic objectives.
Q2) P&G's Ivory Soap and Tide powder laundry detergent have been revised numerous times throughout their history.Identify the product category that these products would BEST fit into.
A)Line extensions
B)New-to-the-firm products
C)New-to-the-world products
D)Product improvements
Answer: D
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3
Chapter 2: The New Products Process
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Sample Questions
Q1) In which phase of the new products process is the marketing plan sketched and gradually fleshed out?
A)Concept generation
B)Opportunity identification and selection
C)Concept / Project evaluation
D)Development
Answer: D
Q2) Explain the term "lickety-stick."
Answer: Lickety-stick is an iterative new products process.The developing team develops prototypes from dozens of different new product ideas ("lickety"),eventually settling on a prototype that customers like ("stick").
Q3) Firms that launch pioneering new-to-the-world products into the market incur a significantly lower long-term survival rate than those that enter the market later.
A)True
B)False
Answer: True
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Chapter 3: Opportunity Identification and Selection: Strategic Planning for New Products
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Sample Questions
Q1) Which of the following is the most common way to execute a first-to-market strategy?
A)State-of-the-art breakthrough
B)Applications engineering
C)Leveraged creativity
D)Adaptive applications
Answer: C
Q2) Any "rules of the road," requirements imposed by the situation or by upper management form a part of _____ section of a PIC.
A)background
B)focus
C)goals-objectives
D)guidelines
Answer: D
Q3) User and end-use are not alike.
A)True
B)False
Answer: True
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Chapter 4: Creativity and the Product Concept
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Sample Questions
Q1) Since creative people often interact with other creative types,they tend to respond best to group rewards.
A)True
B)False
Q2) The America-First Corporation is preparing to staff its new product development department.In order to identify and choose more creative persons,the firm should probably screen applicants using the:
A)Myers-Briggs Type Indicator.
B)DISC assessment.
C)Keirsey Temperament Sorter.
D)Minnesota Multiphasic Personality Inventory.
Q3) Which of the following inputs,in the case of a service,required by the creation process can be BEST described as the sequence of steps by which the service will be created?
A)Form
B)Technology
C)Benefit
D)Conceptualization
Q4) Briefly describe the three inputs required in the creation process.
Q5) What are the various obstacles to idea generation?
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Chapter 5: Finding and Solving Customers Problems
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Sample Questions
Q1) Step one of reverse brainstorming involves identifying a group of heavy product users or activity participants within that category.
A)True
B)False
Q2) According to an assessment by the Arlington Institute,in the future,human cloning will raise ethical issues as well as the possibility of extending human life thanks to organ and tissue cloning.This high-impact,low-probability event is an example of:
A)observation.
B)lateral thinking.
C)wild cards.
D)itemized response.
Q3) Which of the following guidelines should be followed for conducting a good scenario analysis?
A)Do a 20- to 25-year projection
B)A group of about 20 people works best
C)Periodically summarize progress
D)Never repeat the groups for scenario analyses
Q4) Explain reverse brainstorming.
Q5) Describe the focus group method.
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Chapter 6: Analytical Attribute Approaches: Introduction and
Perceptual Mapping
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Sample Questions
Q1) In AR perceptual gap mapping,once the Likert-scale attribute scores are obtained,average ratings of each brand on each attribute are presented in the:
A)cubical plot.
B)cluster plot.
C)spherical plot.
D)snake plot.
Q2) In order to be useful,a factor which has been identified during factor analysis should have an eigenvalue greater than:
A)5.0.
B)0.5.
C)1.0.
D)10.0.
Q3) Describe determinant gap maps.
Q4) Attributes used in gap analysis should normally be _____ and:
A)dynamic;quantifiable.
B)static;differentiating.
C)differentiating;important.
D)quantifiable;important.
Page 8
Q5) Discuss various attributes of products with examples.
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Chapter 7: Analytical Attribute Approaches: Trade-Off
Analysis and Qualitative Techniques
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Sample Questions
Q1) Conjoint results are a valid early indicator of ultimate product success,at least for product line extensions.
A)True
B)False
Q2) Information acceleration:
A)involves using a two-dimensional matrix for studying consumer preferences of product attributes.
B)simulates the information typically available in a realistic purchase situation.
C)is very inexpensive and has a number of extensions.
D)involves listing all of the physical features of a product type.
Q3) Determinant attributes should be identified prior to conducting a conjoint analysis.
A)True
B)False
Q4) List the guidelines for the use of conjoint analysis.
Q5) Discuss adaptive conjoint analysis.
Q6) Morphological matrix is the simplest format for studying relationships.
A)True
B)False
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Chapter 8: The Concept Evaluation System
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Sample Questions
Q1) Which of the following industries is most likely represented by a late expenditure curve?
A)Consumer packaged goods
B)Pharmaceuticals
C)Optics
D)Computers
Q2) Which of the following risk strategies is said to be employed by a firm that develops a contingency plan to accompany new product development?
A)Avoidance
B)Active acceptance
C)Mitigation
D)Passive acceptance
Q3) Which of the following statements is true regarding surrogate questions?
A)Surrogates often remain constant at different times in the evaluation process.
B)An example of a surrogate question is,"Will the product sell?"
C)They are based on the fact that the timing of factual information often matches our need for it.
D)Their response has little value except to help answer a critical question that cannot be answered directly.
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Page 10
Chapter 9: Concept Testing
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Sample Questions
Q1) Concept testing,if done properly,is equally effective and useful for all types of products.
A)True
B)False
Q2) Once the product innovation charter has selected a market area for focus,which of the following should be done prior to appearance of the concept?
A)Eliminate other existing product concepts.
B)Withdraw all other products of the firm from the market.
C)Study the market which has been selected.
D)Decide the budget allocation for the new product.
Q3) Pre-BASES is a concept test that provides rough sales predictions.
A)True
B)False
Q4) Describe the real-time response survey procedure.
Q5) Briefly discuss the situations in which concept testing will not be useful.
Q6) Basically,a product concept is a:
A)physical prototype.
B)product feature.
C)core competency.
D)claim of proposed satisfactions.
Page 11
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Chapter 10: The Full Screen
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Sample Questions
Q1) Discuss the objectives of full screen.
Q2) One of the methods used to combine the individual team member's ratings drops the highest and lowest ratings before averaging.Identify the method in discussion.
A)Sensitivity testing
B)Factor analysis
C)Olympic method
D)Profiling method
Q3) In the absence of accurate present value data,the scoring model relies upon ____.
A)opinions
B)factor analysis
C)market testing
D)surrogates
Q4) If a concept passes the full screen:
A)it enters the concept development stage.
B)it will require a serious increase in commitment of financial and human resources.
C)the product innovation charter for the concept is developed.
D)it undergoes concept testing.
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Chapter 11: Sales Forecasting and Financial Analysis
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Sample Questions
Q1) Explain the top-down and bottom-up approaches to strategy development.
Q2) Which of the following is NOT a key factor in the Hoechst-U.S.scoring model?
A)Probability of technical success
B)Probability of commercial success
C)Competitive response
D)Strategic leverage
Q3) In order to calculate the NPV (net present value)that might be associated with a proposed product,it is necessary to:
A)create a sales forecast.
B)calculate the internal rate of return (IRR).
C)define the payback period.
D)assess costs.
Q4) According to the Hoechst-U.S.scoring model,which of the following is a full-screen feasibility factor?
A)Probability of technical success
B)Business-strategy fit
C)Strategic leverage
D)Reward
Q5) What are some of the considerations to keep in mind when developing a sales forecast?
Page 13
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Chapter 12: Product Protocol
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Sample Questions
Q1) What is product protocol?
Q2) Discuss the general purposes of the product protocol statement.
Q3) Which of the following best describes what consumers and end-users desire to purchase?
A)Product protocols
B)Core benefits
C)Formal products
D)Fully augmented products
Q4) In the development of a new computer printer,the House of Quality requires inputs from _____ and _____ personnel and encourages communication and cooperation across these functional areas.
A)finance;marketing
B)marketing;technical
C)finance;human resources
D)technical;human resources
Q5) What are the various advantages of using quality function deployment?
Q6) In practice,the first step of QFD is the HOQ.
A)True
B)False
Q7) What are the three types of product attributes?
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Chapter 13: Design
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Sample Questions
Q1) On average,up to 80 percent of a product's cost is determined by the time it is designed.
A)True
B)False
Q2) Leadership of the design team is usually delegated to industrial designers during the _____ stage of the process.
A)manufacturing process design
B)detail design
C)technical design
D)functional design / styling
Q3) What is a prototype? What types of prototypes may be used,and for what purposes?
Q4) The _____ shows the components and functional elements of the product and how they are interconnected.
A)product derivative
B)product schematic
C)geometric layout
D)chunk map
Q5) What are derivative products?
Q6) Briefly describe the major contributions of design to new product goals.
Q7) Discuss colocation.
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Chapter 14: Development Team Management
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Sample Questions
Q1) Team members from packaging,legal,or logistics,whose importance is brief in time,are typically _____.
A)core team members
B)ad hoc team members
C)extended team members
D)product champions
Q2) A pressing problem on new product teams is keeping the group enthusiastic.
A)True
B)False
Q3) The product champion's role is to maintain corporate hierarchy and persuade other people in the firm to support innovation.
A)True
B)False
Q4) Which of the following organizational options offers the least project focus?
A)Functional
B)Functional matrix
C)Balanced matrix
D)Project matrix
Q5) What are the various conflict management styles?
Q6) What are the characteristics of a culture of collaboration?
Page 16
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Chapter 15: Product Use Testing
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Sample Questions
Q1) An alpha test is a slow test of a very early version of the product with employees,where the product often is not nearly ready to release to customers.
A)True
B)False
Q2) Sample size is primarily a function of what is being tested.
A)True
B)False
Q3) Case-based research used by some software manufacturers:
A)is a very comprehensive form of product use testing that runs parallel to the software's development process.
B)begins with the investigation stage where users are encouraged to try early prototypes of the new software.
C)involves preliminary beta tests where developers interview users to learn their expectations.
D)provides knowledge from initial reactions of users to color,speed,durability,mechanical suitability,etc.
Q4) Describe alpha,beta,and gamma testing.
Q5) Describe case-based research.
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Chapter 16: Strategic Launch Planning
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Sample Questions
Q1) Which of the following is a product level performance measure used by firms as a goal for individual products?
A)Market share
B)Unit volume
C)Customer acceptance
D)Time to launch
Q2) Collaborative customizers sell the same basic product to different segments,but adapt the product's presentation depending on segment needs.
A)True
B)False
Q3) Generally,packaging may provide all of the following EXCEPT:
A)Containment
B)Display
C)Information
D)Core benefits
Q4) What is brand equity? Discuss its importance.
Q5) Describe the various types of product line replacement strategies.
Q6) Discuss the "crossing the chasm" model suggested by Geoffrey Moore.
Q7) What are the various types of mass customization?
Page 18
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Chapter 17: Implementation of the Strategic Plan
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Sample Questions
Q1) Firms attempting to increase penetration in existing markets are most likely to be emphasizing _____.
A)defensive additions
B)offensive improvements
C)preannouncements
D)new-to-the-world products
Q2) Which of the following pricing strategies involves a very high price,intended to stay that way,with clear product differentiation?
A)Premium pricing
B)Skimming pricing
C)Penetration pricing
D)Meet the market pricing
Q3) Which of the following statements is true regarding preannouncements?
A)Large firms are more likely to preannounce than firms with smaller share.
B)There will be more preannouncing in industries that are very competitive.
C)There will be less preannouncing where switching costs are high.
D)Preannouncement can be used to block a competitive entry.
Q4) There will be more preannouncing in industries that are very competitive.
A)True
B)False
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Chapter 18: Market Testing
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Sample Questions
Q1) Discuss the various problems associated with simulated test markets.
Q2) The direct marketing method of market testing is most likely used for _____.
A)industrial services
B)consumer durables
C)consumer packaged goods
D)consumer services
Q3) Which of the following statements is true regarding test marketing?
A)Test market results are projectable.
B)We can control all environmental factors.
C)It offers the most abundant supply of information.
D)Test marketing is cheap and quick.
Q4) Which of the following techniques combines virtual testing techniques with traditional simulated test market procedures?
A)Visionary shopper
B)BehaviorScan system
C)Minimarket
D)InfoScan
Q5) Pseudo sale is more vigorous than the controlled sale and much more revealing.
A)True
B)False
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Chapter 19: Launch Management
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Sample Questions
Q1) All of the following statements about the decision to abandon a product are true EXCEPT:
A)abandoned products may still produce revenue for the firm.
B)abandonment marks the end of the launch manager's joB.
C)abandonment may require the firm to maintain parts and service inventories for existing customers.
D)abandonment may require a gradual stock-reduction program.
Q2) The most common type of company failure is _____,particularly at the retail or dealer level.
A)inappropriate pricing
B)inadequate distribution
C)inappropriate advertising
D)poor packaging
Q3) A tracking variable is _____ if it identifies the problem.
A)measurable
B)continuous
C)relevant
D)predictable
Q4) Briefly describe the process and problems associated with designing a tracking system.
21
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Chapter 20: Public Policy Issues
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Sample Questions
Q1) A steam vaporizer whose center of gravity is so high that the unit is likely to spill is an example of inherent risk.
A)True
B)False
Q2) A firm announces that its product has been pirated and that only the real thing offers top value and should be sought out.The firm is most likely to be protecting itself against product piracy through _____.
A)communication
B)legal recourse
C)labeling
D)piracy as promotion
Q3) Currently,product design is the most complex and frustrating of the social / legal problems faced by firms.
A)True
B)False
Q4) Generally,green product innovation refers to development of a low cost version of a successful product.
A)True
B)False
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