Lecture 1

Question 1

Heurstics can be helpful … but ….

Answer 1

by providing strategic management as they provide time-
pressured professionals with a simple way of dealing with a complex world.

sometimes heuristics lead to severe and systematic errors in
decision making

Question 2

How quantitative methods play a role in entrepreneurship

Answer 2

Moving from opinion-based or intuitive decision making (conceptual entrepreneurship) to
data-based decision making (with an experience component). To make good decisions, you
need to develop the right balance between intuitive and data-based decision making.

Question 3

What are the two main systems of thinking?

Answer 3

Intuitive (fast)

Reflective (slow)

Question 4

Essential First Step For Analyzing Competitive Forces?

Answer 4

Defining the relevant market

Question 5

Stages of a market research project

Answer 5

Problem Definition
Project Design
Data Collection
Analysis and Interpretation
Decisions and Actions

Question 6

What are the three project approaches?

Answer 6

Exploratory - What demands do customers place on a new game console
Descriptive - How does our brand image compare to the competition?
Causal - What are the drivers of purchase and how strong are they?