A Group of College Graduates Decide to Start a Business

question 111

Multiple Choice

A group of college graduates decide to start a business. Though they are knowledgeable in various business domains, they are unable to arrive at a valuable business idea. They decide to search for ideas in a structured manner. They meet together and start discussing everyone's ideas. Each idea is recorded and then the thoughts that come up in relation to the ideas are written down and discussed. This process helps them to finalize a business plan. What technique is used here?

• A) morphological analysis
• B) forced relationship analysis
• C) reverse assumption analysis
• D) attribute listing
• E) mind mapping

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Definitions:

Branding Strategy

A long-term plan for the development of a successful brand in order to achieve specific goals, primarily focused on differentiating itself from competitors.

Business Strategy

A plan of action designed to achieve a company's long-term goals and compete effectively in the market.

Environmental Strategy

A plan of action adopted by an organization to interact with its environment in a sustainable and beneficial manner, often with the goal of reducing negative environmental impact.

Functional Strategy

A specific approach taken by a department or unit within an organization to achieve its goals and contribute to the overall business strategy.