Exam 3: Getting Started

A cost-based strategy requires a firm to create and sustain differentiation in the marketplace.

A differentiation-based strategy requires that a firm

Buyers, suppliers, substitute products, competitive rivalry, and new entrants all represent forces within an industry.

What marketing activities suggest that a small firm is following a focus strategy?

Given their limited market scope and size, only three of Porter's five forces are relevant to small businesses.

An example of an idea for a new startup from a hobby is

Entrepreneurs' choices that affect the nature of a small firm and its basic direction are known as

Analyzing the internal potentials of a business is conducting a(n) _____ analysis.

In practice, a SWOT analysis is usually based on a dynamic view of the firm and its situation.

Carol Weinstock, who runs Technographics, a company that designs greeting cards for computer users, is employing

An example of a Type C startup idea is

The industry environment is made up of very broad factors that influence all-or at least most-businesses in a society.

Which of the following does not indicate a focus strategy?

Change may be the most important source of opportunities for entrepreneurial firms.

The general environment is more narrowly defined than the industry environment because it focuses on specific segments, such as those relating to the economy, sociocultural trends, and geopolitical developments.

A feasibility analysis should be conducted only after completion of a business plan.

Describe the differences and relationships between resources, capabilities, and core competencies.

A SWOT analysis can be described best as

Peter Drucker identified _____ change-based sources of opportunity that entrepreneurs should consider as they prepare to launch or grow their enterprise.

Which of the following is a cause for erosion of a small firm's focus strategy?