Q&A Hero

Q: Brainstorming groups should: A.contain an expert in the field to be discussed. B.be serious and work-oriented. C.try to generate as many ideas as possible. D.encourage criticism of ideas from other participants in the group.

Q: Focus groups use which of the following methods? A.A moderator leads the group in an open, in-depth discussion. B.A moderator asks each individual in the group questions, interview style. C.Each participant fills out a questionnaire, followed by individual exit interviews. D.Each participant obtains new ideas and solutions by focusing on problems.

Q: The largest source of new product ideas is: A.the U.S. Patent Office. B.the entrepreneur's research and development. C.customers. D.the federal government.

Q: The Occupational Safety and Health Act (OSHA) mandated that first-aid kits be available in business establishments employing more than three people. A newly formed company was successful in developing first-aid kits that allowed companies to comply with the standards of the act. This is an example of: A.distribution channels as an excellent source for new ideas. B.existing products and services as a source for new ideas. C.potential consumers as a source for new ideas. D.government regulations as a source for new product ideas.

Q: Patents filed with the U.S. Patent Office: A.are not disclosed to the public. B.are the property of the U.S. Government. C.frequently suggest other new products. D.are only accessible to public limited companies.

Q: Which of the following statements is true? A.Customers form the largest source of new ideas for entrepreneurs. B.While members of the distribution channel may be willing to provide new ideas for entrepreneurs, they may not help market them. C.The Federal Government is not a source of new ideas since the patent information they collect is confidential. D.Potential entrepreneurs should establish a formal method for monitoring and evaluating competitive products and services on the market.

Q: Trends for the next decade include all of the following except: A.Green products B.New age music C.Clean energy D.Health Maintenance

Q: An online company's front-end operations involve integration of customer orders with distribution channels.

Q: The entrepreneur should always design and build his own webpage to maintain strategic control.

Q: In the product development stage, consumer reaction to the physical product/service is determined.

Q: Only the test marketing phase of product planning provides actual sales results to judge the product's customer appeal.

Q: In the test market stage of product planning, the refined product idea is tested to determine customer acceptance.

Q: In the concept stage, the refined idea is tested to determine consumer acceptance.

Q: One evaluation method successfully used in the concept stage is the systematic market evaluation checklist.

Q: The product life cycle consists of five main stages.

Q: When evaluating new product development, the criteria should be exclusive and subjective.

Q: The entrepreneur's ability to recognize a business opportunity is a result of his or her knowledge and experience.

Q: When a firm classifies a new product the two key factors used are market and technology newness.

Q: Discontinuous innovations have the least disrupting influence on established consumption patterns.

Q: New products may be classified from the viewpoint of either the consumer or the firm.

Q: The product Spanx is an example of an ordinary innovation.

Q: Nanotechnology would be classified as a breakthrough technology.

Q: Creative synthesis is closely connected to the technique of parameter analysis.

Q: The big-dream approach requires the entrepreneur to dream about the problem and its solution, thinking big.

Q: Using the big-dream approach, a new idea is developed through a list of related issues or suggestions.

Q: In parameter analysis a new idea is developed through a list of related issues or suggestions.

Q: Attribute listing is an idea-finding technique that requires the entrepreneur to list the attributes of an item or problem and then look at each from a variety of viewpoints.

Q: The collective notebook method involves members recording their ideas at least once a day for about a week.

Q: Forced relationships is a method of forcing confrontations in focus groups.

Q: Developing a new idea through a chain of word associations is known as the checklist method.

Q: In the checklist method, a new idea is developed through a list of related issues or suggestions.

Q: The Gordon method, like most other methods, begins with group members not knowing the exact nature of the problem.

Q: In reverse brainstorming the focus is on all the things that are right about an idea.

Q: Brainstorming is an unstructured process used for generating possible ideas about a problem within a limited time frame through the spontaneous contributions of participants.

Q: Creativity tends to decrease with age.

Q: Brainwriting is a written form of brainstorming.

Q: Like the focus group, problem inventory analysis focuses on specific problems in a general product category.

Q: The drawback with problem inventory analysis is that it cannot be used to test a new product idea.

Q: Focus groups have been used for a variety of purposes since the 1920's.

Q: The focus group is an excellent method for initially screening ideas and concepts.

Q: Focus groups consist of 15 to 25 participants who are asked specific objective functions.

Q: The largest source of new ideas is the U.S. Patent Office.

Q: The files of the U.S. Patent Office are kept confidential and entrepreneurs cannot study their contents.

Q: Members of the distribution channel are usually good sources of ideas for new products.

Q: Trends often provide one of the greatest opportunities for starting a new venture.

Q: Elon Musk is also called as the Iron Man Entrepreneur.

Q: List, in order, the stages of the product planning and development process.

Q: Identify and describe the three majors types of innovation.

Q: Give 5 examples of questions that could be asked using the checklist method.

Q: Discuss brainstorming, its definitions and tips for having a successful brainstorming session.

Q: Discuss both the Gordon method and Forced Relationship creative problem solving techniques.

Q: What percentage of small businesses have a website? A.60% B.70% C.80% D.90%

Q: The stage in the product planning and development process in which actual sales results are available is the: A.idea stage. B.concept stage. C.product development stage. D.test marketing stage.

Q: In which stage of the product planning and development process would it be appropriate to give product samples to a panel of potential customers? A.Idea stage B.Concept stage C.Product development stage D.Commercialization stage

Q: In what stage would it be most beneficial to use conversational interviews? A.Idea stage B.Concept stage C.Product development stage D.Commercialization stage

Q: In the idea stage of the product planning and development process: A.conversational interviewing is used. B.product samples are given out. C.systematic market evaluation is used. D.multiple brand comparison is used.

Q: In what stage would you use the systematic market evaluation checklist? A.Idea stage B.Concept stage C.Product development stage D.Commercialization stage

Q: How many stages are in the product planning and development process? A.Two B.Three C.Four D.Five

Q: The _______ is defined as the stages each product goes through from introduction to decline.A.entrepreneurial decision making processB.test marketing processC.product planning and development processD.product life cycle

Q: The opportunity recognition process contains all of the following except: A.work experience B.reformation C.entrepreneurial alertness D.networks

Q: Continuous innovations are described as: A.having the least disrupting influence on established consumption patterns. B.having some disruptive influence on established consumption patterns. C.having no disruptive influence on established consumption patterns. D.having to establish new consumption patterns due to the creation of a previously unknown product.

Q: Which of the following is defined as having some disruptive influence on established consumption patterns? A.Continuous Innovations B.Dynamically Continuous Innovations C.Discontinuous Innovations D.Breakthrough Innovations

Q: Which of the following was not discussed in the text as a breakthrough innovation? A.The airplane B.The Internet C.Spanx D.Penicillin

Q: What type of innovation is illustrated by the ideas of the airplane and penicillin? A.ordinary innovation B.continuous innovation C.technological innovation D.breakthrough innovation

Q: Parameter analysis consists of two main aspects which are: A.creative synthesis and parameter identification. B.breakthrough innovation and forced association. C.attribute listing and parameter identification. D.parameter variation and verification.

Q: Creative synthesis is an important aspect of the _________ method of creative problem solving. A.brainwriting B.forced association C.attribute listing D.parameter analysis

Q: This problem-solving method involves developing new ideas by thinking without constraints. A.Value analysis B.Attribute listing C.Big-dream approach D.Brainwriting

Q: This problem-solving method requires the entrepreneur to list the properties of an item or problem and then look at each from a variety of viewpoints. A.Value analysis B.Attribute listing C.Brainwriting D.Big-dream approach

Q: Which of the following creative methods involves having participants write down their ideas several times a day? A.Collective notebook method B.Parameter analysis C.Brainstorming D.Forced relationship

Q: In the ________ method, a word is written down, then another, creating a chain of ideas. A.reverse brainstorming B.matrix charting C.heuristic D.free association

Q: In the ________ method a new idea is developed through a list of related issues or suggestions. A.Gordon B.checklist C.collective notebook D.matrix charting

Q: Explain the three major causes of "liabilities of newness."

Q: Explain why an entrepreneur might adopt an imitation strategy.

Q: Identify and describe the three major risk reduction strategies.

Q: Identify and briefly explain the 4 ways that lead time can be extended by creating barriers to entry. Give examples where appropriate.

Q: Identify the main disadvantages of being a first-mover.

Q: List the 5 main first-mover advantages discussed in the text.

Q: Explain the difference between errors of omission and commission.

Q: Explain what constitutes a new entry.

Q: Identify and briefly describe the major stages of entrepreneurial strategy.