Deck 2: Spotting Trends and Opportunities

Question 1

What term does the text use to describe the first stage of a product or business?

A) growth
B) embryo
C) gestation
D) conception

Answer 1

embryo

Question 2

How many jobs will the average worker have in his or her lifetime?

A) 4
B) 5
C) 6
D) 7

Answer 2

7

Question 3

According to Tanya Shaw Weeks, which of the following is one of the keys to success in business?

A) know what business you're really in
B) work a 40-hour week every week
C) follow the lead of the large corporations
D) count on others to do primary research for you

Answer 3

know what business you're really in

Question 4

Which of the following is a characteristic of Pacific Western Brewing?

A) first brewery to use new-eye research
B) first brewery to be ISO 9002 certified
C) first Canadian brewery to export
D) first brewery to use social media

Question 5

Which of the following is a defining characteristic of why Pacific Western Brewing is so successful today?

A) e-commerce
B) quality
C) customization
D) outsourcing

Question 6

Which type of message is a clear, concise description of your business idea that can catch your listener's attention?

A) business
B) marketing
C) elevator
D) opportunity

Question 7

What went wrong with Mary Clark and her boarding stable?

A) The stable was run down.
B) She used poor quality feed.
C) She thought her target market was the horses.
D) She purchased too many horses.

Question 8

Which of the following would you interpret as a signal that market conditions are becoming negative?

A) the price is discounted heavily at all levels
B) the market is complaining about slow deliveries
C) the product is advertised in the Yellow Pages^™
D) customers stand in line to buy the product

Question 9

Which of the following is synonymous with success in your own small business?

A) just do it-quit your job and venture out
B) use your instincts and follow the advice of friends
C) position yourself in a growth segment of a growth industry
D) don't take no for an answer from the bank-use your personal credit cards

Question 10

Which of the following principles applies to the evaluation of market segmentation?

A) help identify opportunity gaps
B) conduct secondary research
C) divide up your marketing plan
D) find a growth industry

Question 11

What were the birth years of the baby boomers?

A) between 1947 and 1966
B) between 1950 and 1964
C) between 1955 and 1967
D) between 1980 and 1995

Question 12

Which of the following is a factor that contributes to the splintering of the mass market?

A) a growing middle class
B) changing living arrangements
C) downsizing
D) outsourcing

Question 13

Which of the following is an example of a market signal?

A) business opportunity
B) high back-order quantities
C) gap analysis
D) customization

Question 14

What is the term for the marketplace where replacement items can be purchased?

A) replacement market
B) aftermarket
C) market gap
D) market segment

Question 15

Which of the following is a defining characteristic of Generation Y?

A) born between 1970 and 1995
B) have the largest purchasing power in Canada
C) also known as the Sunshine Generation
D) represent the largest segment of the Canadian population

Question 16

According to the textbook, how many environmental variables exist?

A) 6
B) 5
C) 4
D) 3

Question 17

Which of the following is a key factor in the splintering of the mass market?

A) growth in the middle class
B) growth in the lower class
C) shrinkage in the middle class
D) shrinkage in the lower class

Question 18

What is the term for a free and open exchange of ideas?

A) secondary networking
B) primary networking
C) brainstorming
D) mind mapping

Question 19

According to Industry Canada, how many steps should an e-commerce strategy include?

A) 4
B) 5
C) 6
D) 7

Question 20

What type of research did Paul Schmitt capitalize on with his virtual tour of real estate properties?

A) secondary
B) new-eyes
C) primary
D) new-trends

Question 21

According to the text, how many major factors contribute to the splintering of the mass market?

A) 1
B) 3
C) 5
D) 10

Question 22

Which term best defines an area of business that is expanding more rapidly than the sector as a whole?

A) growth segment
B) growth industry
C) market segmentation
D) mass customization

Question 23

What do Tanya Shaw Weeks and Kazuko Komatsu have in common?

A) perseverance, opportunity seeking, and persistence
B) passion, opportunity seeking, and persistence
C) perseverance, open mindedness, and personal wealth
D) passion, open mindedness, and personal wealth

Question 24

For Tanya Shaw Weeks of Unique Solutions Design, what percentage of sales are represented by exports to the United States?

A) 30
B) 50
C) 60
D) 90

Question 25

Which of the following did Tanya Shaw Weeks of Unique Solutions Design use to her advantage?

A) franchising
B) technology
C) marketing to boomers
D) retailing

Question 26

Which age group is the fastest growing segment for start-up businesses?

A) Generation Y
B) Generation X
C) echo boomers
D) baby boomers

Question 27

What percentage of Canadians used the Internet for personal purposes in 2010?

A) 50
B) 75
C) 80
D) 90

Question 28

Which of the following tactics maximizes creativity in a brainstorming session?

A) consider only the most realistic ideas
B) try to come to a group consensus on the ideas
C) encourage the group members to reinforce and believe in each other
D) work within a one hour maximum time frame

Question 29

Which generation should not be ignored when it comes to business opportunity?

A) Generation X
B) baby boomers
C) tweens
D) Generation Y

Question 30

According to the Government of Canada, what is one reason that new business opportunities are increasing?

A) mass production
B) mass consumption
C) ethnic diversity
D) a growing middle class

Question 31

Pacific Western Brewing (Chapter 2 case study) instituted a successful Internet strategy.

Question 32

The existence of the mega corporation should be considered not a threat to the small entrepreneur but an opportunity.

Question 33

A shrinking of the middle class is one of the reasons for the splintering of the mass market.

Question 34

Electronic display bulletin boards and bankruptcy notices are sources of market signals.

Question 35

According to the textbook author, most Canadian businesses, especially small enterprises, have been slow to use the Internet for online sales.

Question 36

In Chapter 2, Pete and Geoff of Snowboard Express used an entrepreneurial technique called horizontal mapping.

Question 37

According to Statistics Canada, ethnic diversity will continue to increase, leading to more opportunities for those who can cater to this trend.

Question 38

According to the textbook, there are opportunities in the aftermarket.

Question 39

E-commerce is the process of transferring funds electronically over the Internet.

Question 40

According to the author, increasingly, people will have more time to do the things they want to do. This "surplus of time" is a major trend.

Question 41

According to the author, one factor that has splintered the mass market is a shrinking middle class.

Question 42

Mary Clark (Chapter 2 case study) was successful because she knew she was in the business of stabling horses.

Question 43

According to the textbook, cocooning is a major trend in the new millennium.

Question 44

Stepping back is a good way to answer the question of what business you are in.

Question 45

The term echo boomers refers to people born between 1947 and 1966.

Question 46

The outsourcing trend provides opportunities for enterprising entrepreneurs.

Question 47

The business life-cycle yardstick has three major stages: embryo, growth, and maturity.

Question 48

Outsourcing refers to the contracting of outside specialists to perform functions that are or could be performed by company employees.

Question 49

One of the most valuable tools for charting trends is the life-cycle yardstick.

Question 50

Mind mapping is a free and open exchange of ideas.

Question 51

Your elevator pitch can last for up to 10 minutes.

Question 52

Market segmentation is a form of secondary research.

Question 53

Generally, when an item can be obtained at deep discounts, it means that the product is at the end of its life cycle.

Question 54

It doesn't really matter where you do your brainstorming.

Question 55

A growth segment is an industry with an annual sales increase that is well above average.

Question 56

According to the Government of Canada, the export market accounts for over 40 percent of Canada's gross domestic product.

Question 57

According to the author, outsourcing is a growth trend that will continue in the years ahead.

Question 58

Echo boomers comprise about 20 percent of the total population.

Question 59

Breaking down potential markets into homogeneous groups with similar characteristics and qualities is known as market segmentation.

Question 60

According to Statistics Canada, over the next decade, Canada's minorities will continue to grow, providing opportunities for those who cater to this trend.

Question 61

Tanya Shaw Weeks of Unique Solutions (Chapter 2 case study) took advantage of the mass customization and outsourcing trends.

Question 62

According to the text, changes within the business and social worlds can be grouped into two major environmental categories-economic and social.

Question 63

According to the author, your elevator pitch should answer three major questions: What is your business vision? What is your business mission? And who is your main competitor?

Question 64

The third stage of the product life cycle is _____________________.

Question 65

A catchall term that includes any business function or process performed over electronic networks is _____________________.

Question 66

The process of breaking down potential markets into groups with similar characteristics and qualities is called ________ _________.

Question 67

An identifiable slice of an industry that is expanding more rapidly than the industry as a whole is called a _______ ______.

Question 68

When you gather people around you and throw out ideas and get creative, you are __________.

Question 69

A clear, concise description of your business idea that can hook your listener into responding "Tell me more" is called a(n) ___________ ___________.

Question 70

Changes in the business and social world can be grouped into six major___________ ___________.

Question 71

According to The Futurist's Top Ten Forecasts for 2013 and Beyond, the next space age will be __________ launches.

Question 72

According to the author, changes in the business and social world can be grouped into six major environmental categories. List these six categories and give an example of each.

Question 73

List three possible market signals.

Question 74

In reference to the life-cycle stages, list
a. two products that are in the decline stage
b. two products that are in the embryonic stage.

Question 75

For consumers, five key factors have splintered the mass market. Briefly explain.

Question 76

According to Industry Canada, your e-commerce strategy should be composed of five stages. Briefly explain each stage.

Question 77

According to the text, what three major questions should your elevator pitch answer?

Question 78

What is meant by the term mass customization? How did Tanya Shaw Weeks of Unique Solutions take advantage of this trend?