Question

Which of the following is not an individual, group or institution that normally reads a company's business plan? A) potential alliance partners and major customers B) board of directors C) state and local government officials D) key recruits for jobs with the new firm E) rank-and-file employees An entrepreneur starts a fitness center just for women. At the time it was founded, most fitness centers targeted fitness enthusiasts and included a number of amenities, ranging from showers and towel service to swimming pools. Rather than competing head-to-head against these centers, the entrepreneur opened a fitness center targeted towards what she felt was an ignored part of the marketplace: women who wanted to lose weight. The best way to describe how this business idea was recognized is: A) brainstorming B) reading industry reports C) talking to consumers D) finding a gap in the marketplace E) observing trends A ________ industry is an industry that is experiencing slow or no increase in demand.   A) global B) fragmented C) emerging D) declining E) mature The term "window of opportunity," as discussed in Chapter 2, describes the time period in which a firm can: A) obtain funding or financing B) hire new employees C) get government approval for a regulated product or service D) obtain patent protection for a new product E) realistically enter a new market Which of the following is not a recommended guideline for writing a business plan? A) A business plan needs to project a sense of anticipation and excitement about the possibilities that surround a new venture. B) A business plan should look sharp, but not a lot of money should be spent on the physical appearance of the plan. C) For most plans, 25 to 35 pages is sufficient. D) To make the best impression, a business plan should follow an unconventional structure and stand out in some dramatic way. E) Shy away from using a lot of boldfaced type, italics, clip art, and different font sizes and colors when preparing a business plan. In the context of competitor analysis, businesses that offer identical or similar products are referred to as: A) urgent competitors B) immediate competitors C) straight competitors D) direct competitors E) indirect competitors

Answer 1

C) State and local government officials are not an individual, group or institution that normally reads a company's business plan. Whereas the remaining ones who read a company’s business plan are either an individual, group or institution.

D) Finding a gap in the marketplace is something which this business idea can be the best way to describe as. The entrepreneur found a gap that he fills through his business idea of targeting women.

D) Declining industry is an industry that is experiencing slow or no increase in demand. Whereas the remaining ones are not applicable in this context.

E) Realistically enter a new market by the firm is something that the term "window of opportunity," describes the time period.

D) To make the best impression, a business plan should follow an unconventional structure and stand out in some dramatic way is not a recommended guideline for writing a business plan. Whereas the remaining ones are recommended ways in this context.

D) Direct competitors is the term used for businesses, in the context of competitor analysis, that offers identical or similar products. Whereas the remaining ones are not relevant in this context.

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