Oklahoma State Entrepreneurship Exam #1 -2023/2024 with Complete Solutions

Prior to launching his Korean Mexican fusion restaurant, Gregory Kim is making a detailed evaluation of the restaurants in his market area. Gregory Kim is doing a ____ analysis. Question content area bottom Part 1 A. stockholder B. resource C. competitor D. stakeholder E. industry - ANSWER-C. The five forces in the five forces model determine the threat to industry _______. A. revenues B. profitability C. services D. stakeholders E. products - ANSWER-B. A(n) _____ industry is an industry or a part of an industry that is experiencing a reduction in demand. A. fragmented B. emerging C. nurturing D. mature E. declining - ANSWER-E. A(n) ____ industry is one that is characterized by a large number of firms of approximately equal size. A. mature B. emerging C. declining D. global E. fragmented - ANSWER-E. _____ competitors are businesses that offer products or services that are identical or highly similar to those of the firm in question. A. Direct B. Peripheral C. Substitute D. Future E. Indirect - ANSWER-A. Coffee, milk, tea, and water are ______ competitors for Coca-Cola. A. indirect B. future C. not D. peripheral E. direct - ANSWER-A. Economic trends, ____ trends, technological advances, and political and regulatory changes are the most important environmental trends for entrepreneurs to study. A. social B. information C. innovation D. exploration E. motivation - ANSWER-A. The ability of firms in some industries to benefit from an increasing ability to outsource manufacturing or service functions to lower-cost foreign labor markets is an example of a(n) _____ trend. A. technological B. economic C. social D. business E. regulatory - ANSWER-D. If the price of the United States Postal Service's express mail gets too high, people will increasingly attach documents to e-mail messages. This is an example of ________. A. bargaining power of suppliers B. bargaining power of buyers C. threat of substitutes D. threat of new entrants E. intensity of rivalry - ANSWER-C. ______ occur(s) when mass-producing a product results in lower average costs. A. Economies of scope B. Product differentiation C. Globalization D. Economies of scale E. Customization - ANSWER-D. Which one of the following is NOT an essential quality of an opportunity? Question content area bottom Part 1 A. It is profitable. B. It is attractive.