Question 1

Sandra has a product idea.She has researched about all the competing products and the companies that produce them.The research helps Sandra to address which of the following aspects of the I2P analysis?

Accepted Answer

Sandra's research on the competing products and companies that produce them pertains to the market and its size, which is one of the aspects of I2P analysis. Option B pertains to the extent of IP protection for the idea, option C pertains to the initial set of customers, and option D pertains to the royalty that the product is likely to generate, none of which are addressed in the given scenario.

Question 2

The SCAMPER tool is based on the work of:

Accepted Answer

The SCAMPER tool was developed by Alex Osborne, an advertising executive and author considered as the father of brainstorming.

Question 3

According to the SCAMPER tool,which popular innovation strategy can be just as effective and much more likely in the real world than business opportunities that result from radical innovations?

Accepted Answer

According to the SCAMPER tool, the "Adapt" strategy involves taking existing ideas and modifying them for new uses or markets. This can often be just as effective and much more likely in the real world than radical innovations, which may require significant resources and time to develop. Therefore, option B) is the best choice as per the given explanation.

Question 4

Which of the following questions in a typical I2P analysis looks at the specific individuals,groups,or organizations you would approach first to buy your product or service?

Accepted Answer

The question "Who will buy it?" is specifically focused on identifying the target market or customer segment for the product or service. It looks at the specific individuals, groups, or organizations that are likely to be interested in purchasing the product or service. The other questions, such as "How is your product or idea better?" and "Why will they buy it?" focus more on the unique selling proposition and value proposition of the product or service. "What is the market and its size?" looks at the overall market size and potential, rather than specifically identifying the target customer segment.

Question 5

Gabriel has a product idea of a device which he believes will help people manage their daily chores,hence making their lives easier.The description of the product is most likely to address which aspect of the I2P analysis?

Accepted Answer

The description of the product and its goal of making people's lives easier suggest that it addresses the value add for customers aspect of the I2P analysis, which involves assessing the potential benefits and value that the product can provide to customers.

Question 6

Rejecting existing ideas,and presenting a way to do things differently refers to the _____ strategy.

Accepted Answer

Rejecting existing ideas and presenting a way to do things differently is the essence of radical innovation. Radical innovation is a type of innovation that involves creating entirely new products or services, or significantly changing existing ones in a manner that disrupts the status quo. Examples of companies that have achieved radical innovation include Uber, Airbnb, and Tesla.

Question 7

Which of the following is the idea trigger for the magnify cue of the SCAMPER tool?

Accepted Answer

The magnify cue of the SCAMPER tool involves looking for ways to amplify or enhance an existing product or feature. The factor that can be used to make a product different from that of competitors' products fits this category, as it involves finding ways to make a product stand out and be more appealing to customers.

Question 8

If entrepreneurs realize that all the traditional applications for their products have disappeared and that they have surplus products,which of the following elements of the SCAMPER tool are they most likely to employ?

Accepted Answer

Entrepreneurs who realize that traditional applications for their products have disappeared and they have surplus products are most likely to employ the "Put to other uses" element of the SCAMPER tool. This involves exploring alternative uses for the product, potentially opening up new markets and revenue streams.

Question 9

In the SCAMPER tool,"M" stands for:

Accepted Answer

"M" in the SCAMPER tool stands for "modify," which involves making changes or alterations to a product or idea to improve it or create a new version. This may involve tweaking existing features, combining multiple elements, or substituting materials or components.

Question 10

According to the I2P approach to organizing an opportunity screen,which of the following aspect provides information about the specific individuals,groups,or organizations that entrepreneurs approach first to buy their product or service?

Accepted Answer

The initial set of customers aspect in the I2P approach provides information about the specific individuals, groups, or organizations that entrepreneurs approach first to buy their product or service. This aspect helps entrepreneurs identify the early adopters of their product or service and provides insights into their needs, preferences, and behavior.

Question 11

Which of the following questions in a typical I2P analysis provides a simple and nontechnical description of the product?

Accepted Answer

This question directly asks for a description of the product or idea in a simple and nontechnical manner.

Question 12

The idea trigger of the separate products,services,or whole businesses that entrepreneurs can put together to create another distinct business represents which cue of the SCAMPER tool?

Accepted Answer

The cue that best fits the scenario described is "Combine." The entrepreneur is looking to combine different products, services or businesses to create a new distinct business.

Question 13

In the SCAMPER tool,"S" stands for:

Accepted Answer

In the SCAMPER tool, "S" stands for "substitute". This means identifying the parts, materials, or processes that can be replaced with something else to improve the product or process.

Question 14

Mark has developed a novel product and is worried that it might get copied.To address this concern,Mark must address which of the following aspects of the I2P analysis?

Accepted Answer

The extent of IP (intellectual property) protection for the product is the aspect of I2P (Idea to Product) analysis that addresses Mark's concern about the possibility of his product being copied. By evaluating the existing IP protection measures for the product and identifying any potential weaknesses, Mark can take steps to strengthen his IP position and minimize the risk of infringement. The other options (royalty generation, initial customers, market size) are also important considerations in developing and launching a new product, but they do not directly address the risk of intellectual property theft.

Question 15

As a part of her I2P analysis,Amanda conducted a survey in which she asked her potential consumers about their interests.She did the survey to match market demand to a new product idea she has.Amanda addresses which of the following aspects of the I2P analysis?

Accepted Answer

Amanda's survey is focused on understanding the interests of potential consumers, which helps her match market demand to her new product idea. This relates directly to the "Customer needs and wants" aspect of the I2P analysis, which looks at the reasons why customers would want to buy the product. Options A, B, and D are not directly related to Amanda's survey and are more focused on other aspects of the I2P analysis.

Question 16

Which of the following questions in a typical I2P analysis provides information on competing products?

Accepted Answer

Question D asks about the market and its size, which would include information on competing products.

Question 17

According to the SCAMPER tool,a feature that allows customers to order directly from a Web site rather than visiting a store is an example of:

Accepted Answer

Substitution involves replacing one element of a product or process with another. In this case, ordering online substitutes the need to visit a physical store.

Question 18

_____ is a process of producing an idea or opportunity that is novel and useful,frequently derived from making connections among distinct ideas or opportunities.

Accepted Answer

Creativity is the process of producing an idea or opportunity that is novel and useful, frequently derived from making connections among distinct ideas or opportunities. Prototyping is a process of creating a preliminary model or sample of a product or service to test its functionality and design. Benchmarking is the process of comparing one's business processes and performance metrics to industry bests or best practices from other industries. Incubation is the process of nurturing and developing a business idea or startup company to help it grow and succeed.

Question 19

When a bookstore starts to sell videos,music,and coffee as well,it uses which of the following elements of the SCAMPER tool?

Accepted Answer

The bookstore is combining different products/services (books, videos, music, coffee) to create a more comprehensive experience for its customers.

Question 20

Which of the following is the idea trigger for the "substitute" cue of the SCAMPER tool?

Accepted Answer

The "substitute" cue in the SCAMPER tool focuses on finding opportunities by replacing something that already exists with something else, which can lead to innovation or improvement of products, services, or processes.

Quiz 4: Small Business Ideas: Creativity, Opportunity, and Feasibility