QUESTION 1 A gap analysis exists between the demand by customers and the supply
ID: 1190002 • Letter: Q
Question
QUESTION 1
A gap analysis exists between the demand by customers and the supply provided by firms in the market.
True
False
10 points
QUESTION 2
A type of analysis that examines opportunities in the marketplace next to the individual's ability to address those gaps is.
Opportunity analysis
Difference analysis
Market analysis
Customer analysis
10 points
QUESTION 3
After the audit was complete, Jennie and Doug discovered they had different opinions about key business issues.
True
False
10 points
QUESTION 4
After visiting the BBQ auction, Jeannie and Doug realized the number of failed restaurants and the actions they needed to be successful.
True
False
10 points
QUESTION 5
An opportunity exists in Northern Minnesota. A customer needs a "hand warmer" packet. Mary, new business owner, decides she has the ability to address this gap.
True
False
10 points
QUESTION 6
As a result of the deficit analysis, the potential small business owner proved there was a need for the business. This is called doing the owner's ______________.
operational financing
due diligence
basic market plan
business ideas generation
10 points
QUESTION 7
Brainstorming is a creative process where individuals are brought together to come up with ideas about a specific topic.
True
False
10 points
QUESTION 8
Brainstorming works well with _____________ groups.
technical
advisory
formal
informal
10 points
QUESTION 9
Deficit analysis is a method that affords the potential owner to clearly define the business opportunity.
True
False
10 points
QUESTION 10
In the Philo Asian Grille case study, Jennie and Doug realized after the auction that:
Their concept had merit.
There was no used equipment.
Businesses can fail.
They should focus on customer over concept.
10 points
QUESTION 11
In the Rodriquez Family Auto Repair shop case, Alex realized he would need _______ to start the business.
further education
more ideas
extensive capital
to hire a few staff members
10 points
QUESTION 12
In the deficit analysis, the first column should include the _________________.
business ideas
categories
resources
resources required
10 points
QUESTION 13
Many new businesses are formed as a result of an entrepreneur's previous work experience.
True
False
10 points
QUESTION 14
Mark brings his friends together to generate ideas on his new business. This is called ________.
business meeting
gap analysis
brainstorming
focus group
10 points
QUESTION 15
Potential owners should examine all of these specific areas except:
Work experience
Financial history
Education
Family history
10 points
QUESTION 16
Talking with retired business executives can generate new business ideas for startups.
True
False
10 points
QUESTION 17
The founder of a small business needs to be involved in the design, funding and running of the new business.
True
False
10 points
QUESTION 18
The process of generating ideas should occur in a ______________ environment and not a ____________environment.
process, interactive
interactive, linear
linear, interactive
linear, process
10 points
QUESTION 19
The process of generating new business ideas is something that occurs automatically.
True
False
10 points
QUESTION 20
The second column in a deficit analysis is devoted to listing the market need.
True
False
10 points
QUESTION 21
The small business owner must possess all of the following except:
Necessary skills
Depth of understanding of the market
Passion for starting a business
Follow a sequential formula
10 points
QUESTION 22
These are ways to identify gaps or business opportunities except:
Discuss opportunities with family members
Interview successful entrepreneurs
Read government documents
Examine trends
10 points
QUESTION 23
Threats to profit margin states the firm could lose money and still survive.
True
False
10 points
QUESTION 24
When a potential business owner has several ideas for a business, the individual needs to perform a due diligence analysis.
True
False
10 points
QUESTION 25
_________ is a threat created to a business regarding its opportunity to sell to many customers and to obtain repeat business.
Profit margin
Sales generation scheme
Operational financing
Deficit gap
Opportunity analysis
Difference analysis
Market analysis
Customer analysis
Explanation / Answer
Q1. The given statement is true.
Reason - Gap analysis provides a framework through which current market offerings are analyzed to asses the extent up to which demands of customers are met by these offerings.
Thus, gap analysis tries to analyze whether any rift between what customers demand and what firms provide or supply exist or not.
So, when demands put forward by customers with respect to a product is not in line with product as offered or supplied by firms, gap analysis tends to exist.
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.