2024 – Question 1 5 5 points Jamie Finch is crafting the business model for her fashion design

      

Question   1

5   / 5 points

Jamie Finch is crafting the business model for her fashion design firm. She just completed the section that describes how her firm plans to compete relative to her rivals. Jamie just completed the ________ portion of her business model template.

Question options:

  

   

a) 

operations

 

   

b) 

core strategy

 

   

c) 

resources

 

   

d) 

strategic plan

 

Question 2

5   / 5 points

________ feasibility analysis is conducted to determine whether a proposed business has sufficient management expertise, organizational competence, and resources to successfully launch its business.

Question options:

  

   

a) 

Industry/market

 

   

b) 

Institutional

 

   

c) 

Financial

 

   

d) 

Organizational

 

Question 3

5   / 5 points

Nathan Green is starting a firm in the organic produce industry. Nathan has developed a statement-“Helping Make Your Life Better, Healthier, and Fuller”-that describes the reason his company exists and what his business model is supposed to accomplish. In the terminology used in the Barringer/Ireland Business Model Template, Nathan’s statement is referred to as his ________ statement.

Question options:

  

   

a) 

values

 

   

b) 

uniqueness

 

   

c) 

differentiation

 

   

d) 

mission

 

Question 4

5   / 5 points

Erin Hill is working on the box in the Barringer/Ireland Business Model Template that defines the products and markets on which her firm will concentrate. Erin is working on the ______ scope portion of the business model template.

Question options:

  

   

a) 

offering/market

 

   

b) 

offering/industry

 

   

c) 

business/market

 

   

d) 

product/market

 

Question 5

5   / 5 points

A(n) ________ involves showing a preliminary description of a product or service idea to prospective customers to gauge customer interest, desirability, and purchase intent.

Question options:

  

   

a) 

concept test

 

   

b) 

product/service statement

 

   

c) 

impression test

 

   

d) 

idea prospectus

 

Question 6

5   / 5 points

Which of the following issues should be considered in industry/target market feasibility analysis?

Question options:

  

   

a) 

Gaps in the marketplace

 

   

b) 

Financial performance of similar     businesses

 

   

c) 

Resource sufficiency

 

   

d) 

Industry attractiveness

 

Question 7

5   / 5 points

Which of the following is NOT one of the four major categories in the Barringer/Ireland Business Model Template?

Question options:

  

   

a) 

Operations

 

   

b) 

Resources

 

   

c) 

Channels

 

   

d) 

Core strategy

 

Question 8

5   / 5 points

A(n) ________ team is the group of founders, key employees, and advisers that either manage or help manage a new business in its startup years.

Question options:

  

   

a) 

opening

 

   

b) 

entrepreneurial

 

   

c) 

new venture

 

   

d) 

launch

 

Question 9

5   / 5 points

Which of the following statements about business models is incorrect?

Question options:

  

   

a) 

There are two general types of     business models.

 

   

b) 

There is no perfect business     model.

 

   

c) 

Most of the standard business     models have been in place for some time.

 

   

d) 

A firm’s business model is     confined to its own boundaries.

 

Question 10

5   / 5 points

In the Barringer/Ireland Business Model Template, key assets can be:

Question options:

  

   

a) 

fixed, situational, variable,     and permanent.

 

   

b) 

tactical, strategic, fixed, and     variable.

 

   

c) 

tangible, intangible, variable,     and fixed.

 

   

d) 

physical, financial,     intellectual, or human.

 

Question 11

5   / 5 points

The focus in organizational feasibility analysis is on:

Question options:

  

   

a) 

financial resources for     manufacturing firms and nonfinancial resources for service firms.

 

   

b) 

financial resources for service     firms and nonfinancial resources for manufacturing firms.

 

   

c) 

nonfinancial and financial     resources equally.

 

   

d) 

nonfinancial resources.

 

Question 12

5   / 5 points

The two components of product/service feasibility analysis are ________ and ________.

Question options:

  

   

a) 

product/service value;     product/service affordability

 

   

b) 

product/service demand;     product/service timeliness

 

   

c) 

product/service timeliness;     product/service value

 

   

d) 

product/service desirability;     product/service demand

 

Question 13

5   / 5 points

________ business models depict existing plans or recipes firms can use to determine how they will create, deliver, and capture value for their stakeholders.

Question options:

  

   

a) 

Revolutionary

 

   

b) 

Normal

 

   

c) 

Customary

 

   

d) 

Standard

 

Question 14

5   / 5 points

Which of the following is NOT a part of assessing the product/service feasibility of a business idea?

Question options:

  

   

a) 

“Get out of the     building” and talk to potential customers

 

   

b) 

Surveying potential customers

 

   

c) 

Library research

 

   

d) 

Analyzing industry attractiveness

 

Question 15

5   / 5 points

________ feasibility is an assessment of the overall appeal of the product or service being proposed.

Question options:

  

   

a) 

Consumer

 

   

b) 

Industry/market segment

 

   

c) 

Industry/market

 

   

d) 

Product/service

 

Question 16

5   / 5 points

Tyler Smith founded a firm that has a subscription-based business model. Although Tyler has averaged 600 new subscribers per month, she also loses 450 subscribers per month. The number of subscribers that Tyler loses each month is referred to as:

Question options:

  

   

a) 

erosion.

 

   

b) 

churn.

 

   

c) 

destruction.

 

   

d) 

attrition.

 

Question 17

5   / 5 points

Mintel, IBISWorld, and Bizminer are databases most likely to be used during the ________ feasibility stage of the feasibility analysis process.

Question options:

  

   

a) 

organizational

 

   

b) 

economic

 

   

c) 

political/legal

 

   

d) 

industry/target market

 

Question 18

5   / 5 points

In the Barringer/Ireland Business Model Template, a(n) ________ is a specific factor or capability that supports a firm’s business model and sets it apart from its rivals.

Question options:

  

   

a) 

primary capability

 

   

b) 

core competency

 

   

c) 

essential asset

 

   

d) 

staple proficiency

 

Question 19

5   / 5 points

Which of the following is NOT an attribute of an attractive industry?

Question options:

  

   

a) 

Is young rather than old

 

   

b) 

Is not crowded

 

   

c) 

Is late rather than early in its     life cycle

 

   

d) 

Is important to the customer

 

Question 20

5   / 5 points

The four major categories in the Barringer/Ireland Business Model Template are:

Question options:

  

   

a) 

core strategy, resources,     financials, and operations.

 

   

b) 

core strategy, value proposition,     customers and channels.

 

   

c) 

value proposition, resources,     customers and partners.

 

   

d) 

activities, partners, customers,     and competitors.