Deck 2: Feasibility: How Do I Know It Will Work

Question 1

A patent gives protection for:

A) an invention.
B) a creative work.
C) an ornamental design.
D) all of the above.

Answer 1

A

Question 2

Which of the following is a source of primary marketing research information?

A) government statistics.
B) business publications.
C) trade journals.
D) a questionnaire survey.

Answer 2

D

Question 3

A new business should use several methods of estimating sales forecast.

Answer 3

True

Question 4

Extrapolation means:

A) projecting new values based on facts known about similar situations.
B) obtaining money by threats.
C) using more good manners than necessary.
D) making up numbers out of thin air.

Question 5

Traffic analysis has little importance for a retail type of business.

Question 6

In an "on-line" or "web-based" business, the location is usually irrelevant.

Question 7

It is generally better for a new business to lease, rather than own, their premises.

Question 8

The specific address where a business can be found, refers to the:

A) location.
B) site.
C) market area.
D) drawing area.

Question 9

The decision on whether to work from your home should be based on your personal convenience.

Question 10

The sales forecast for a brand new business is not based on:

A) industry statistics.
B) how long it takes to get new customers.
C) expert opinion.
D) past sales of the company.

Question 11

The terms "location" and "site" are totally interchangeable.

Question 12

A separate estimate of market potential is required for each different customer group a business is targeting.

Question 13

A visual symbol is generally protected by copyright.

Question 14

Commonly, for a manufacturing business, the first priority for location is:

A) being close to customers.
B) being close to wholesalers.
C) being close to sources of supply.
D) being close to service industries.

Question 15

A new business will generally make sales forecasts for at least five years.

Question 16

Leasehold Improvements are usually paid for by the:

A) landlord.
B) lessee.
C) real estate agent.
D) business broker.

Question 17

The first marketing research priority for a new business is to determine:

A) consumer lifestyle and trends.
B) customer buying behaviour.
C) market potential.
D) advertising effectiveness.

Question 18

It is best to be situated right next to your competition if you are selling something:

A) that is basically a "convenience" item.
B) that is not particularly expensive.
C) that is particularly expensive.
D) that customers tend to "shop" before buying.

Question 19

Generally, new firms are better to:

A) lease the property where the business is situated.
B) buy the property where the business is situated.
C) have a short-term rental with no contract.
D) always start a home-based business.

Question 20

A company's customers may, themselves, represent a form of competition.

Question 21

Retail and consumer service businesses should try to be situated right next to a business.

Question 22

Businesses similar to your own, in terms of size, location services and the customers they are pursuing, would be classified as competition.

Question 23

Identify and explain the major types of protection a business can use for intellectual property.

Question 24

List and briefly explain several techniques for forecasting the sales of a new business.

Question 25

How important "location" is to your Business Plan depends on you are selling and you are selling to.

Question 26

Discuss the major considerations for the "site" of a retail business. .

Question 27

Theft by deceit or trickery is referred to as

Question 28

In three or four sentences identify the major disadvantages of having a home-based business.

Question 29

How much money a particular group of potential customers will spend on a particular product or service is called .