What is the term for the process of bringing a product or service to market faster than competitors?
First-mover advantage
Rapid prototyping
Agile development
Market segmentation
Correct Answer :
A. First-mover advantage
Related Questions
What is the term for a legal form of business in which there is one owner who has unlimited personal liability?
Corporation
Partnership
Sole proprietorship
Limited liability company (LLC)
What is the term for the process of determining the price at which a product or service will be sold to customers?
Cost analysis
Pricing strategy
Market segmentation
Revenue forecasting
Which type of market research involves gathering information directly from people through surveys or interviews?
Primary research
Secondary research
Qualitative research
Quantitative research
Which of the following is a common form of intellectual property protection for inventions and innovations?
Trademark
Copyright
Patent
Trade secret
Which of the following is NOT a key characteristic of a successful entrepreneur?
Perseverance
Creativity
Risk aversion
Adaptability
What is the term for a document that outlines a company's mission, vision, goals, and strategies?
Business plan
Marketing plan
Financial statement
Operational manual
What term is used to describe the process of identifying, assessing, and developing a business idea into a viable business?
Business development
Idea refinement
Business planning
Opportunity recognition
What is a unique selling proposition (USP) in marketing?
A strategy for selling products at a higher price
A distinctive feature or benefit that sets a product apart from competitors
The process of selling products to unique customer segments
A pricing strategy for premium products
What type of innovation involves creating entirely new products or processes that disrupt existing markets?
Incremental
Disruptive
Breakthrough
Radical
What is the primary characteristic of an entrepreneur?
Risk aversion
Innovation and risk-taking
Following established norms
Avoiding challenges
What is the term for a person who provides financial backing for a startup in exchange for ownership equity or debt?
Mentor
Investor
Co-founder
Partner
Which of the following is NOT a common method of market entry for international expansion?
Franchising
Licensing
Insourcing
Joint venture
What is the term for the process of bringing together people, capital, and resources to start and run a business?
Incubation
Formation
Entrepreneurship
Aggregation
What is a business model?
A visual representation of a company's structure
The way a company creates, delivers, and captures value
A list of all the employees in a company
The physical location of a business
Which type of entrepreneurship involves creating and operating a business primarily for the lifestyle benefits it provides to the owner?
Serial entrepreneurship
Social entrepreneurship
Lifestyle entrepreneurship
Corporate entrepreneurship
What type of entrepreneur is characterized by starting multiple businesses over their career?
Serial entrepreneur
Social entrepreneur
Lifestyle entrepreneur
Corporate entrepreneur
What is the term for the total market value of all goods and services produced by a country in a given period?
Gross Domestic Product (GDP)
Net Profit Margin
Return on Investment (ROI)
Cost of Goods Sold (COGS)
What is the term for a person who starts and manages a business with the aim of making a profit?
Investor
Entrepreneur
Innovator
Executive
What is the term for a legal document that outlines the rights and responsibilities of partners in a business venture?
Business plan
Partnership agreement
Memorandum of understanding (MOU)
Articles of incorporation
Which type of entrepreneurship is focused on creating social or environmental impact rather than purely financial profit?
Social entrepreneurship
Corporate entrepreneurship
Serial entrepreneurship
Lifestyle entrepreneurship
What is the term for the process of bringing a product or service to market faster than competitors?
First-mover advantage
Rapid prototyping
Agile development
Market segmentation
What is the term for the process of introducing a new product or service to the market?
Market entry
Product launch
Market expansion
Market penetration
What is the term for the process of determining the worth of a business or an asset?
Valuation
Appraisal
Pricing
Estimation
Which of the following is NOT a common characteristic of an entrepreneurial mindset?
Risk aversion
Creativity
Resilience
Adaptability
What is the term for the process of seeking and obtaining financial backing for a business venture?
Funding procurement
Capital acquisition
Financing
Fundraising
What is the term for a legal form of business where the owner has limited liability?
Sole proprietorship
Partnership
Corporation
Limited liability partnership
Which legal form of business provides the most personal liability protection for its owners?
Sole proprietorship
Partnership
Limited liability company (LLC)
Corporation
What is the term for the process of selling a product or service to a foreign market?
Exporting
Outsourcing
Importing
Domestication
Which of the following is an example of a non-profit organization that engages in entrepreneurial activities to achieve social or environmental goals?
Red Cross
Microsoft
Coca-Cola
Apple Inc.
What is the process of generating, developing, and communicating new ideas for business development called?
Market research
Product development
Innovation
Business planning