Describe the difference between an idea and an opportunity. Why is the distinction important?
What will be an ideal response?
An opportunity is a favorable set of circumstances that creates a need for a new product, service, or business. An opportunity has four essential qualities. It is (1 ) attractive, (2 ) durable, (3 ) timely, and (4 ) is anchored in a product, service, or business that creates or adds value for its buyer or end user. In contrast, an idea is a thought, impression, or notion. It may or may not meet the criteria of an opportunity. This distinction between an idea and an opportunity is important because many entrepreneurial ventures fail not because the entrepreneurs that launched them didn't work hard, but rather because there was no real opportunity to begin with.
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Fred was selling a number of well-known brands of wine to various restaurants in town. He was directing all his promotional efforts to the restaurants. What was he using?
a. a creative communications promotional strategy b. a pull promotional strategy c. a demand promotional strategy d. a push promotional strategy
Gemeni, Inc has acquired land adjacent to a forest region to construct a manufacturing plant. This has led to a dispute with the land owners of that region. Gemeni also expects various environmental groups to become involved in the dispute
If it wants to have a good relationship with these parties, which of the following methods of dispute resolution should it choose? A) private trial B) litigation C) arbitration D) mediation