EEE 2023 EXAM 1 QUESTIONS
WITH CORRECT ANSWERS
concept test - Answer-showing a preliminary description of a product or service idea,
called a concept statement. to industry experts and prospective customers to solicit their
feedback
steps in product/service demand - Answer-1. talking face-to-face with potential
customers
2. using online tools to assess demand
steps in product/service desirability - Answer-1. ask yourself questions
2. concept statement
components of industry/target market feasibility - Answer-industry attractiveness, target
market attractiveness
components of organizational feasibility analysis - Answer-management prowess,
resource sufficiency
components of financial feasibility analysis - Answer-total start-up cash needed,
financial performance of similar business, overall financial attractiveness of the
proposed venture
break-even analysis - Answer-a calculation that allows a firm to determine the volume of
business is must do to "break even" in terms of profit and loss
formula for break-even analysis - Answer-Total fixed costs/(price-average variable
costs)
tools used to conduct a feasibility analysis - Answer-market research, google trends,
google adwords, SimilarWeb, prototyping services, surveys, a/b split testing, landing
pages
tools for industry/target market feasibility analysis - Answer-IBISword, LexisNexis
Academic, ProQuest,
tools for organizational feasibility analysis - Answer-Thomas Register of American
Manufacturers, City-Data.com, Quickfacts, Trade Associations, Partnering for Success,
tools for financial feasibility analysis - Answer-Biz stats, Bizminer,
, business model - Answer-a firm's plan or recipe for how it creates, delivers, and capture
value for its stakeholders
what is the proper time to determine a company's business model? - Answer-following
the feasibility analysis stage and prior to fleshing out the operational details of the
company
destructive business models - Answer-uber, google
general business model - Answer-birchbox
useful sources of information to understand the business models of other firms -
Answer-Merging Online, LexisNexis Academic
individual sections of the business model - Answer-core strategy, resources, financials,
operations
primary elements of a core strategy - Answer-business mission, basis of differentiation,
target market, product/market scope
why is industry analysis important - Answer-helps a firm determine if the target market is
identified during feasibility analysis is favorable for a new firm
assessing industry attractiveness - Answer-study environmental and business trends,
the competitive five forces model
the five competitive forces model - Answer-threat of substitutes, threat of new entrants,
rivalry among existing firms, bargaining power of suppliers, bargaining power of buyers
types of competitors new ventures face - Answer-direct competitors, indirect
competitors, future competitors
competitive analysis grid - Answer-a tool for organizing the information a firm collects
about its competitors
business plan - Answer-a written narrative, usually 25 to 35 pages, that describes what
a new business plans to accomplish
two primary audiences for a business plan - Answer-a firm's employees, investors and
other external stakeholders
3 types of business plans - Answer-summary business plan, full business plan,
operational business plan
WITH CORRECT ANSWERS
concept test - Answer-showing a preliminary description of a product or service idea,
called a concept statement. to industry experts and prospective customers to solicit their
feedback
steps in product/service demand - Answer-1. talking face-to-face with potential
customers
2. using online tools to assess demand
steps in product/service desirability - Answer-1. ask yourself questions
2. concept statement
components of industry/target market feasibility - Answer-industry attractiveness, target
market attractiveness
components of organizational feasibility analysis - Answer-management prowess,
resource sufficiency
components of financial feasibility analysis - Answer-total start-up cash needed,
financial performance of similar business, overall financial attractiveness of the
proposed venture
break-even analysis - Answer-a calculation that allows a firm to determine the volume of
business is must do to "break even" in terms of profit and loss
formula for break-even analysis - Answer-Total fixed costs/(price-average variable
costs)
tools used to conduct a feasibility analysis - Answer-market research, google trends,
google adwords, SimilarWeb, prototyping services, surveys, a/b split testing, landing
pages
tools for industry/target market feasibility analysis - Answer-IBISword, LexisNexis
Academic, ProQuest,
tools for organizational feasibility analysis - Answer-Thomas Register of American
Manufacturers, City-Data.com, Quickfacts, Trade Associations, Partnering for Success,
tools for financial feasibility analysis - Answer-Biz stats, Bizminer,
, business model - Answer-a firm's plan or recipe for how it creates, delivers, and capture
value for its stakeholders
what is the proper time to determine a company's business model? - Answer-following
the feasibility analysis stage and prior to fleshing out the operational details of the
company
destructive business models - Answer-uber, google
general business model - Answer-birchbox
useful sources of information to understand the business models of other firms -
Answer-Merging Online, LexisNexis Academic
individual sections of the business model - Answer-core strategy, resources, financials,
operations
primary elements of a core strategy - Answer-business mission, basis of differentiation,
target market, product/market scope
why is industry analysis important - Answer-helps a firm determine if the target market is
identified during feasibility analysis is favorable for a new firm
assessing industry attractiveness - Answer-study environmental and business trends,
the competitive five forces model
the five competitive forces model - Answer-threat of substitutes, threat of new entrants,
rivalry among existing firms, bargaining power of suppliers, bargaining power of buyers
types of competitors new ventures face - Answer-direct competitors, indirect
competitors, future competitors
competitive analysis grid - Answer-a tool for organizing the information a firm collects
about its competitors
business plan - Answer-a written narrative, usually 25 to 35 pages, that describes what
a new business plans to accomplish
two primary audiences for a business plan - Answer-a firm's employees, investors and
other external stakeholders
3 types of business plans - Answer-summary business plan, full business plan,
operational business plan
