Small Business An Entrepreneurs Plan 6th Edition By Ron Knowles – Test Bank
Chapter 3-Positioning Yourself as an Entrepreneur for Market Opportunities
MULTIPLE CHOICE
1. Which of the following best represents the number of steps to the opportunity selection process?
|
a! |
4 |
|
b! |
5 |
|
c! |
6 |
|
d! |
7 |
ANS: D
PTS: 1
REF: p. 62
2. Which of the following choices best describes a screen through which ideas are passed in order to find solutions?
|
a. |
brainstorming |
|
b. |
matrix grid |
|
c. |
situational analysis |
|
d. |
mind mapping |
ANS: B
PTS: 1
REF: p. 69-70
3. According to Michael Porter, which of the following should NOT be part of your competitive strategy?
|
a. |
broad selection process |
|
b. |
opportunity selection process |
|
c. |
company strengths and weaknesses |
|
d. |
industry opportunities and threats |
ANS: B
PTS: 1
REF: p. 62
4. According to Michael Porter, which of the following is part of the factors external to the company?
|
a. |
strengths and weaknesses |
|
b. |
strengths and opportunities |
|
c. |
opportunities and threats |
|
d. |
threats and weaknesses |
ANS: C
PTS: 1
REF: p. 73
5. Which of the following should be the first step in the opportunity selection process?
|
a. |
formulate your business strategy |
|
b. |
identify your business goals |
|
c. |
identify problems that need solutions |
|
d. |
brainstorm for ideas |
ANS: B
PTS: 1
REF: p. 62
6. Which of the following is the purpose of a matrix grid?
|
a. |
brainstorm new ideas |
|
b. |
focus your ideas |
|
c. |
do a life-cycle analysis |
|
d. |
mind-map your ideas |
ANS: B
PTS: 1
REF: p. 69
7. Which of the following are work ethic, personal beliefs and faith examples of?
|
a. |
objectives |
|
b. |
values |
|
c. |
goals |
|
d. |
strategies |
ANS: B
PTS: 1
REF: p. 61
8. Which of the following is accomplished by listing business goals?
|
a. |
formulation of your values |
|
b. |
completion of one step in the opportunity selection process |
|
c. |
contribution toward finding a market gap |
|
d. |
completion of a key step in a SWOT analysis |
ANS: B
PTS: 1
REF: p. 62
9. Which of the following is NOT a step in the opportunity selection process?
|
a. |
identifying problems that need solutions |
|
b. |
identifying promising industry segments |
|
c. |
identifying a return on owners’ investments |
|
d. |
brainstorming for solutions |
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