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Terms in this set (58)Which of the following is NOT a creative thinking exercise entrepreneurs use to generate ideas? Judge Each Idea as Realistic or Not Sharon is thinking about opening a bakery. She knows she wants to set her own hours, reduce her stress and make a profit. But she still has a lot to think through. Which of the following would NOT be a good early step? Immediately finding a storefront property for her business, putting down a deposit Sharon realizes that she needs additional research before she approaches potential investors. What kind of research should she do to effectively evaluate her potential business opportunity? Conduct market research to determine whether her business idea is a business opportunity that its a consumer need or want. What are the four parts of a SWOT Analysis? Strengths, Weaknesses, Opportunities, Threats George and Miguel are considering opening up a shoe store but first need to do market research. Which one of these is NOT part of the market research process? Start promoting their shoe store to ppl in the neighborhood Business Opportunity Consumer need or want that can be potentially met by a new business Internal Entrepreneurs Entrepreneurs that apply their hobbies, skills, and interests to a business opportunity. External Entrepreneurs Create business ideas by identifying sources of opportunity. A Market Potential group of customers- ppl or businesses- who are ABLE and WILLING to purchase a particular product or service Which of the following ensures a good idea for a business is an actual business opportunity? The idea solves a unique or want in the market that group of customers is WILLING to buy. Secondary Data Information that was previously gathered for a purpose other than the study @ hand. Primary Data New Info gathered during the Market Research phase that come directly fro potential groups of customers or competitors in the market. Interviews or Surveys Asking potential customers their thoughts regarding your business and/or the current businesses they visit. Focus Groups Bringing a small group of ppl 2gether to help solve a problem or a set of questions Observations Visting competitors in the area and observations how they interact w customers Which of the following should you NOT do when collecting and evaluating data on your market? Only look for data that supports your initial idea Target Market Segment Specific group of customers in the broader target market who are most likely to buy a product or service. Consumer Profile An overview analysis of a group of potential customers that businesses use to improve how they market their goods and services. Demographics Objective social and economic facts bat ppl such as age, gender, and family size Geographics Where customers live and where businesses are located, including region, city, and neighborhood Psychographics Psychological characteristics of consumers such as Buying Patterns What customers are WILLING to spend $$$$Money on and how much they are WILLING to spend
Competition Rival businesses competing for the dollars your target market spends. Indirect Competitor Is a business that sells a different product or service Direct Competitor A business in the market that sells a product or service similar to yours. Competitive Advantage A benefit of your product that differentiated your business from the competition. Organizational Structures Systems for dividing work, authority and responsibility. There are different approaches to structures based on what is best for the business. Line Organization Is the simplest organizational structure, which contains a direct chain of command through levels of personnel. Project Organization puts employees in more than one department together to work towards a specific goal. Unit of Sale Defines what the customer is likely going to be buying Cost of Goods Sold ( COGS ) Calculating every single cost that goes into making a unit. How to Calculate this: Materials- Cost of ingredients and / or parts that go into one unit. Labor- The $$$ Money u pay employees for their time making the unit. Packaging- The cost to pack the unit and get it to the customer. Which of the following is NOT a way that an entrepreneur could increase the contribution margin or profit of each unit sold? Increasing the selling price and Decreasing the Variable Expenses per unit will BOTH Increase Profit. Manufacture Creates a products Wholesaler Sells a products in large volumes to the retailer. Retailer Sells directly to the customers. Service Provider offers services to customers. Break Even Point when a business's expenses and sales equal zero because the business has sold exactly enough units to cover its fixed expenses. Financial Ratios Equations; Break- Even= (Fixed Expenses) / (Contribution Margin) Sales Forecast Prediction of amt. of future sales ur company expects to achieve over a certain period of time. SWOT Analysis Evaluation of a company's internal strengths, internal strengths, internal weakness, external opportunities in the market and external threats in the market. Full Capacity How many units can you physically sell in a month Break Even Fixed costs / contribution per unit Benefits: Reasons customers choose to buy a product. Which of the following is NOT an important step in the marketing cycle? Show customers your marketing plan so they know you though out these steps Last Quiz: Judge each idea as realistic or Not 2.)Sharon is thinking about opening a bakery. She knows she wants to set her own hours, reduce her stress and make a profit. But she still has a lot to think through. Which of the following would NOT be a good early step? Immediately finding a storefront properly for her business, putting down a deposit and signing a lease 3.) Sharon realizes that she needs additional research before she approaches potential investors. What kind of research should she do to effectively evaluate her potential business opportunity? Conduct market research to determine weather her business idea is a business opportunity that meets a consumer need or want. 4.) What are the four parts of a SWOT analysis? Ans. 3 5.)George and Miguel are considering opening up a shoe store but first need to do market research. Which one of these is NOT part of the market research process? Start promoting their shoe to ppl in the neighborhood. 6.) George and Miguel want to know more about their local and online competitors and about the retail industry. What is the best way for them to find all of this information? {All
the above} B.) Explore websites of other shoe retail businesses and take notes. C.) Try to think of friends, family members or acquaintances who have experience in retail and ask hem bat it. D.) All the above 7.)Which of these is NOT part of a consumer profile? Polygraphics 8.) Regina is looking to start a knitting business and completes a target market profile to include in her business plan. Identify which item in her target market profile is in the wrong category and where it should be moved. "Don't spend $$money$$ on unnecessary items" 9.)Regina is creating her competitive analysis. She understands why it's important to know her direct competitors, but she's not sure why indirect competitors matter. She asks you if indirect competitors are important to know about. What should you say? Yes. Indirect competition is important to understand, since the different product fulfills the same customer need. 10. ) Which of the following is a fixed expense for Maria's sandwich food truck? { All of the above } A.) Salaries for her employees B.) Truck Insurance C.) Advertising D.) All the Above 11.) Which of the following is a start-up expense for Maria's food truck? { All of the above } A.) Kitchen appliances and other equipment need to conduct her business B.) Cell Phone Bill C.) Gas D.) All of the above 12.) Pete wants to write a business plan for Pete's PB&J Cupcake Cart. He needs to identify all expenses associated with making a peanut butter and jelly cupcake for a Economics of One Unit. What is the most accurate way of determining his expenses? Go thru the detailed process of making the cupcake step by step, measuring the ingredients he uses and calculating the cost per ingredient 13.) Pete's disappointed with the projections of how much his cupcake cart will make in the first month. What could he do to try to improve his net profit? { All the above } 15.) Which of the following is NOT one of the four steps to preparing a sales forecast? Select an organizational structure for your company Sets with similar termsmodule 234 terms rgfiguer module 234 terms cai-zia Entrepreneur Vocab38 terms Kailyn_xoxo Business42 terms Evan_Weidner Other sets by this creatorEverFi lessons 1-456 terms HessK123 Review Material for Slideshow on Modern…14 terms HessK123 Vocabulary 715 terms HessK123 Science28 terms HessK123 Verified questionsQUESTION Currently, Forever Flowers Inc. has a capital structure consisting of 25% debt and 75% equity. Forever’s debt currently has a 7% yield to maturity. The risk-free rate $\left(\mathrm{r}_{\mathrm{RF}}\right)$ is 6%, and the market risk premium $\left(\mathrm{r}_{\mathrm{M}}-\mathrm{r}_{\mathrm{RF}}\right)$ is 7%. Using the CAPM, Forever estimates that its cost of equity is currently 14.5%. The company has a 40% tax rate. a. What is Forever’s current WACC? b. What is the current beta on Forever’s common stock? c. What would Forever’s beta be if the company had no debt in its capital structure? (That is, what is Forever’s unlevered beta, $\left.\mathrm{b}_{\mathrm{U}} ?\right)$ Forever’s financial staff is considering changing its capital structure to 40% debt and 60% equity. If the company went ahead with the proposed change, the yield to maturity on the company’s bonds would rise to 10.5%. The proposed change will have no effect on the company’s tax rate. d. What would be the company’s new cost of equity if it adopted the proposed change in capital structure? e. What would be the company’s new WACC if it adopted the proposed change in capital structure? f. Based on your answer to part e, would you advise Forever to adopt the proposed change in capital structure? Explain. Verified answer
QUESTION Should stockholder wealth maximization be thought of as a long-term or a short-term goal? For example, if one action increases a firm’s stock price from a current level of $20 to$25 in 6 months and then to $30 in 5 years, but another action keeps the stock at$20 for several years but then increases it to $40 in 5 years, which action would be better? Think of some specific corporate actions that have these general tendencies. Verified answer QUESTION A salesperson closes the sale on one of the biggest accounts she has ever landed it has potential to grow bigger. The vice president of sales congratulates her and then proceeds to explain a company policy regarding house accounts: All large accounts are redassified as house accounts and are serviced by the vice president. This policy ensures continuity and provides large accounts with special attention. The sales rep would earn commission on the initial sale, but not on future sales for this account Do you think this selling policy is ethical? Why or why not? Verified answer QUESTION Arvin Australian Imports has agreed to purchase 15,000 cases of Australian wine for 4 million Australian dollars at today’s spot rate. The firm’s financial manager, Sarah Vintnor, has noted the following current spot and forward rates: $$ \begin{matrix} \text{ } & \text{U.S. Dollar/ Australian Dollar} & \text{Australian Dollar/ U.S. Dollar}\\ \text{Spot} & \text{0.7644} & \text{1.3082}\\ \text{30-day forward} & \text{0.7632} & \text{1.3103}\\ \text{90-day forward} & \text{0.7606} & \text{1.3148}\\ \text{180-day forward} & \text{0.7571} & \text{1.3209}\\ \end{matrix} $$ On the same day, Vintnor agrees to purchase 15,000 more cases of wine in 3 months at the same price of 4 million Australian dollars. a. What is the price of the wine in U.S. dollars if it is purchased at today’s spot rate? b. What is the cost in U.S. dollars of the second 15,000 cases if payment is made in 90 days and the spot rate at that time equals today’s 90-day forward rate? c. If the exchange rate for the Australian dollar is 1.25 to $1 in 90 days, how much will Vintnor have to pay for the wine (in U.S. dollars)? Verified answer Other Quizlet sets한국어 3C - 쓰기18 terms luu_huyen_trang6 WHAP Midterm Study Guide20 terms alxsonnxcole 2) Current Events Economics65 terms kyliekb Marketing Research Exam 136 terms mohar005 Related questionsQUESTION What new affiliate of DECA U Ontario was introduced this year? 3 answers QUESTION A differentiation strategy is one in which a firm: 10 answers QUESTION a collection of large complex data sets, including structured and unstructured data, which cannot be analyzed using traditional database methods or tools 15 answers QUESTION When conducting primary research and comparing various survey methods, the least expensive method is the: 3 answers Which is the most common source of ideas for new businesses?The most essential trends are economic trends, social trends, technological advances, and political action and regulatory changes. Changes in these areas often provide the impetus for new business ideas.
What are the two most important considerations in choosing an idea for a business?What are the two most important considerations in choosing an idea for a new business? To find something that you love to do and are good at, to determine whether your idea can satisfy a need in the marketplace.
Is a potential group of customer people or business that are able and willing to purchase a particular product or service?Market - A group of individuals with unsatisfied wants and needs who are willing and able buyers.
What is the definition of an entrepreneur Quizizz?An entrepreneur is someone who creates a business and potentially makes money and runs the business.
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Which of the following ensures a good idea for a business is an actual business opportunity?
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