MIE 209 EXAM 2 QUESTIONS AND
ANSWERS GRADED A+ 2025/2026
Which of the following is the process of determining whether an entrepreneur's idea is a viable
foundation for creating a successful business.? - ANS Feasibility analysis
Which of the following is not a component of the Really Big Idea Sketch Pad? - ANS Profit
Which of the following components of the Really Big Idea Sketch Pad involves explaining why a
proposed product or service is valuable to customers and how it addresses an unmet need? -
ANS Value proposition
Which of the following components of the Really Big Idea Sketch Pad addresses the unique
features of a start-up company's product or service that will differentiate it from those of
competitors? - ANS Core competencies
Which part of a feasibility analysis assesses the concept from the broadest "macro" level? -
ANS Industry and market feasibility
What advantage does conducting a feasibility analysis provide for an entrepreneur? -
ANS They can determine where minor or major pivots are needed.
Which of the following should be one of the areas to focus on when conducting a feasibility
analysis? - ANS Whether there is a potentially profitable niche in the industry to pursue
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, Which macro force in an industry addresses the similarities and the differences among the
various generations (for example, Baby Boomers, Generation X, Millennials, and Generation Z)?
- ANS Demographic
The influx of women into the U.S. workforce in the 1970s and 1980s and the sweeping changes
that this event created in both society and the economy is an example of which macro force? -
ANS Sociocultural
The Great Recession, during which many businesses, both big and small, failed, is an example of
which macro force? - ANS Economic
How do changes in the global environment impact opportunities for small businesses? -
ANS They are able to grow faster through exporting.
Based on the bargaining power of buyers, when is an industry more attractive? - ANS When
customers have a high switching cost
Which of the five forces in Porter's Five Forces Model is strongest in a given market for a
particular good or service? - ANS Rivalry among companies competing in the industry
Retail giant Walmart's ability to negotiate price concessions from its vendors and maintain a
favorable bargaining position illustrates which of the forces in Porter's Five Forces model? -
ANS Bargaining power of buyers
What advantage do businesses that sell in an attractive niche have over those who do not? -
ANS They are less impacted by Porter's Five Forces.
E-mail has given entrepreneurs the ability to send documents as attachments instantly to
recipients around the world rather than sending them through package delivery services such as
FedEx or UPS. For these package delivery services, e-mail represents which of the following
forces in Porter's Five Forces Model? - ANS Threat of substitute products and services
2 @COPYRIGHT 2026 ALLRIGHTS RESERVED.
ANSWERS GRADED A+ 2025/2026
Which of the following is the process of determining whether an entrepreneur's idea is a viable
foundation for creating a successful business.? - ANS Feasibility analysis
Which of the following is not a component of the Really Big Idea Sketch Pad? - ANS Profit
Which of the following components of the Really Big Idea Sketch Pad involves explaining why a
proposed product or service is valuable to customers and how it addresses an unmet need? -
ANS Value proposition
Which of the following components of the Really Big Idea Sketch Pad addresses the unique
features of a start-up company's product or service that will differentiate it from those of
competitors? - ANS Core competencies
Which part of a feasibility analysis assesses the concept from the broadest "macro" level? -
ANS Industry and market feasibility
What advantage does conducting a feasibility analysis provide for an entrepreneur? -
ANS They can determine where minor or major pivots are needed.
Which of the following should be one of the areas to focus on when conducting a feasibility
analysis? - ANS Whether there is a potentially profitable niche in the industry to pursue
1 @COPYRIGHT 2026 ALLRIGHTS RESERVED.
, Which macro force in an industry addresses the similarities and the differences among the
various generations (for example, Baby Boomers, Generation X, Millennials, and Generation Z)?
- ANS Demographic
The influx of women into the U.S. workforce in the 1970s and 1980s and the sweeping changes
that this event created in both society and the economy is an example of which macro force? -
ANS Sociocultural
The Great Recession, during which many businesses, both big and small, failed, is an example of
which macro force? - ANS Economic
How do changes in the global environment impact opportunities for small businesses? -
ANS They are able to grow faster through exporting.
Based on the bargaining power of buyers, when is an industry more attractive? - ANS When
customers have a high switching cost
Which of the five forces in Porter's Five Forces Model is strongest in a given market for a
particular good or service? - ANS Rivalry among companies competing in the industry
Retail giant Walmart's ability to negotiate price concessions from its vendors and maintain a
favorable bargaining position illustrates which of the forces in Porter's Five Forces model? -
ANS Bargaining power of buyers
What advantage do businesses that sell in an attractive niche have over those who do not? -
ANS They are less impacted by Porter's Five Forces.
E-mail has given entrepreneurs the ability to send documents as attachments instantly to
recipients around the world rather than sending them through package delivery services such as
FedEx or UPS. For these package delivery services, e-mail represents which of the following
forces in Porter's Five Forces Model? - ANS Threat of substitute products and services
2 @COPYRIGHT 2026 ALLRIGHTS RESERVED.
