The lean start-up approach suggests that entrepreneurs refine the products or services offered by their firms by experimenting with them on customers. True or False?
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The lean start-up approach suggests that entrepreneurs refine the products or services offered by their firms by experimenting with them on customers.
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- advanced microeconomics, imperfect competitionPlease explain the importance of good market research when starting a new business.According to Eric Ries through a startup is actually progressing towards a vision. It usually involves making the business model, creating a product roadmap, and responding to the market and to competitors.
- True/ False In real life perfect competition market does not exist.From a marketing strategy and customer intimacy perspective, to what extent do you believe companies ‘know the business they are in?37This is the penultimate step of the new product development process when feedback from consumers is solicited. An example of this would be a consumer playing a video game before it is released to the public and providing feedback to the game developer. Group of answer choices Idea Screening Development Testing Analysis Commercialization Idea Generation
- An entrepreneur is looking to open a restaurant in a town with only one other restaurant. The incumbent restaurant is very successful with high profits. Which of the following business strategies are most likely to allow the entrepreneur to start a profitable restaurant? Select all that apply. A) Offer the most popular dish served by the incumbent restaurant. B) Open the restaurant location near the incumbent restaurant. C) Use new technology and business practices to cut variable costs lower than the incumbent restaurant. D) Specialize in a type of cuisine not served by other restaurants in the region. E) Set prices lower than the incumbent restaurant to capture market share.What characteristics made Vic Ahmed a successful entrepreneur?Strategic alliances and networking help to enhance the business competitiveness of a firm. Please discuss how and why it happens.
- A large restaurant business in the USA (hundreds of locations in several states) that is considering expanding its locations to another country. There is one country to consider is India. what is the one reason to expand to India.You have worked in the industry for a decade, and you are now fed up with the boringwork environment around you. The entrepreneurial bug has bitten you and a foodbusiness is in your mind. There are numerous challenges, however. In your city, thepopulation is large enough to sustain the business, disposable incomes are high, and youfeel that there is a niche offering that needs to be created for your restaurant. Howwould plan your service offering?Aji owns a rental space in New York and is thinking of opening a restaurant in that space. An accountant looks at the estimated out of pocket costs and expected revenues. He informs Aji that the restaurant will make profits. But Aji's economist friend tells her that the restaurant business is not likely to be profitable. Both the accountant and the economist can be correct. True False