Exam 2: Start-Up and the Need for Competitive Advantage

A recent job provides experience that can help with start-up ideas.

Jack wants customers that purchase from his chain of hardware stores to feel they received the best value possible.To accomplish this Jack continually negotiates the best arrangements possible with his suppliers.Which competitive advantage strategy is Jack most focused on?

Preeti feels she has sufficient capital to start her business and is thinking about what other resources or information she needs to minimize the risk of failure.Which key start-up question is Preeti addressing?

A start-up idea also may emerge from a prospective entrepreneur's deliberate search.

List the five factors that determine the nature and degree of competition in an industry,as presented by Michael Porter in his book Competitive Advantage.

Jorge knew it was just a matter of time before competition emerged in the area of his business.What must Jorge do in order to maintain a competitive advantage?

Josh has investors very excited about his new approach to cyber security that virtually eliminates all outside threats from system viruses or identity theft.What is Josh's new business idea based on?

Serendipity is the phenomenon of making desirable discoveries by accident.

Originally,computer manufacturers aimed at the corporate market and practised very little market segmentation.

Pat's back problems forced him to change his truck driving career.He reviewed business magazines and business sites and eventually purchased a truck wash business.What was the source of Pat's new business idea?

Kayla is evaluating new business ideas to determine which have the greatest potential to provide the level of profits needed to enable her to live a lavish lifestyle.Which key start-up question is Kayla addressing?

Which of the following is a part of inside-out analysis?

Christine knows her idea for a new business will become popular.She plans to continually introduce new products to stay ahead of other businesses that try to sell to her customers? Which key start-up question is Christine addressing?

A new cyber security firm launches a product that large organizations adapt into their system because of its superior protection against attacks from hackers.What exists in this company to cause organizations to purchase its product?

What is the most productive source of start-up ideas?

When China opens its doors to foreign suppliers Katie's engineering firm was able to secure contracts to help build infrastructure in Chinese cities.Which trend is this related to?

A company raises its prices and customers have no choice but to pay because there are no other substitute products.Which of Michael Porter's competitive forces is this an example of?

Creating a cost advantage potentially gives a firm a competitive advantage.

Which of Michael Porter's five forces concerns customers having the ability to turn to other products to replace those that the industry offers?

Within the context of the general environment,critical segments include sociocultural,technological,economic,and political/legal trends.