Clothing boutiques and specialty shops often start because there is a need for a particular product, but large retailers like Wal-Mart and Costco can't sell enough of the item to stock it on their shelves. If a clothing boutique started to sell designer clothes or clothing for hard-to-fit people because the clothing wasn't being offered by a larger retailer, the best way to describe how that idea was recognized is ____."
brainstorming
finding a gap in the marketplace
observing trends

solving a problem

The ability to notice things without engaging in deliberate search is referred to as ____.
Cognitive alertness
cognitive awareness
managerial alertness
entrepreneurial alertne

Aging of the population, the increasing diversity of the workplace, and the continual migration of people from small towns and rural areas to cities are important economic trends."
True

False

An individual who initiates, creates and manages a new business can be called _____."
leader
manager
professional
An entrepreneur

The increasing number of social networks on the Internet is attributed to a jump in the number of people who are wanting to connect with one another online. The increasing number of social networks is an important ____ trend.
political
economic
legal
social

The limited portion of the industry that it goes after or to which it wants to appeal.
Target market
Concept test
Resource sufficient
feasibility analysis

An assessment of the overall appeal of the product or service being proposed.
Approaches to assessing product demand
Product/ Service feasibility analysis
Industry/ Target Market feasibility
Feasibility analysis template

In the five-stage creative process, the stage in which the creative idea is put into final form is referred to as the ____ stage."
insight
incubation
preparation
elaboration

According to the textbook, a focus group is a gathering of 5 to 10 people who are selected because ____."
they are most likely to purchase large amounts of the product or service being discussed
they responded to a self-selected opinion poll about the topic being discussed
of their relationship to the issue being discussed
they responded to a mail survey about the topic being discussed

____ is the process of generating a novel or useful idea.
Innovation
Imagining
Creativity
Visualization

Which of the following is correct regarding opportunities and ideas?
An opportunity and an idea are essentially the same thing.
It's important to discern whether a particular idea meets the criteria for an opportunity.
"An opportunity is a thought, an impression, or a notion."
"An idea is a favorable set of circumstances that creates a need for a new product, service, or business."

If a new firm was launched to help businesses comply with The Affordable Care Act, that opportunity was created by ____."
changes in economic forces
demographic changes
political actions and regulatory changes
changes in social forces

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Clothing boutiques and specialty shops often start because there is a need for a particular product but large retailers like WalMart and Co... View the full answer