MGT 255 - Chapter 3

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Author:
LoveStorm
ID:
69124
Filename:
MGT 255 - Chapter 3
Updated:
2011-02-28 11:49:13
Tags:
Management
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Description:
Evaluation of a Business Opportunity
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  1. What are some nonquantitive assessment of business opportunities?
    Goals

    Content of work

    Lifestyle

    • Capabilities
    • - first requirement is good health
    • -second is expertise in the fundamentals of management including administration, marketing, and finance
    • -third requirement is a sound financial base

    Experience
  2. What are the 3 ways an entrepreneur can enter a market?
    1. Offer totally new product.

    2. Offer existing product to a different market or industry.

    3. Offer a product or service similar to those already existing in the same market.
  3. The right industry, the right business and the right aspect of the business are what?
    Ways that an entrepreneur can save valuable time and energy.
  4. How do you get primary data?
    It is collected by one's own research.
  5. What are the 3 main types of primary research?
    Observation

    Surveys

    Test marketing
  6. What is observation?
    The who, what, where, when and how.
  7. What are the popular types of surveys?
    Mail and internet

    Telephone

    Personal interviews
  8. What is test marketing?
    An attempt to stimulate an actual market situation.
  9. How do you prepare a feasibility analysis?
    Step 1: Calculate Market Potential

    • 1. Determine the market area and population
    • 2. Obtain revenue statistics for this market area for the product type or service
    • 3. Adjust market potential as necessary

    Step 2: Calculate Market Share

    Step 3: Calculate Net Income and Cash Flow

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