Module 9: Researching Potential Business Opportunities 9.6. Quiz Exam Answers

Module 9: Researching Potential Business Opportunities 9.6. Quiz Exam Answers

The Module 9: Researching Potential Business Opportunities 9.6 Quiz Exam Answers provide a comprehensive and reliable resource for learners focused on conducting effective research to validate business ideas. This module emphasizes key techniques such as market research, competitor analysis, customer discovery, and data-driven decision-making. With verified questions and accurate answers, students can strengthen their analytical skills, confidently complete the quiz assessment, and gain the knowledge needed to evaluate and refine potential business opportunities in a competitive environment.

1. Which of the following is an example of secondary research?

  • Purchasing reports from a research firm
  • Requesting the services of a research firm
  • Texting a link for feedback after a service
  • Investing time and money in new research

2. When would one choose primary research over secondary research?

  • When conducting preliminary background research
  • When wanting specific data from a target market
  • When asking what happened to an unsuccessful competitor
  • When wanting data quickly and readily

3. Julie, during her opportunity screening, has discovered that her new product idea may not meet the three criteria to be recognized as an opportunity. She is concerned that there might not be significant market structure and size. What further question should she ask to address this specific concern?

  • Would removing some features create a greater need for the product?
  • Does the opportunity comply with state business regulations?
  • Would it be beneficial to add features to the product and then re-evaluate?
  • Would it help to conduct additional demographic research?

4. Even though half of all new businesses will no longer exist within the first five years, sometimes that is a positive thing. Which of the following can indicate success, even with the business no longer existing?

  • Technology replacing the need for human resources
  • A significant investment in fixed assets
  • Use of personal funds can be recovered
  • Sale of the business

5. Greg has a technology idea to develop a new product that monitors television viewer’s behavior, identifying if they are dozing off and falling asleep, so that the television can turn off when it is no longer being watched. He has already done research to determine if such technology exists and found that there are no data indicating that it has. Which type of research would be most useful as he determines the opportunity for this new idea?

  • Secondary research
  • Local or national laws and regulations
  • Consumer research
  • Supply and demand

6. Which scenario best illustrates a shared economy?

  • A technology company that employs freelance programmers
  • An editor who works part time for a number of publishing companies
  • A graphic design firm who manages the portfolio of independent contractors
  • Scooters that can be rented and dropped off at any location