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

Entrepreneurs who want to pursue a start-up business should address their competitive advantage over potential rivals.

With the decline in elementary school student population,Elizabeth created a business to convert excess portable space into private storage.Which trend is this related to?

Which environment is narrowly defined and has the combined forces that directly affect a given firm and all of its relevant competitors?

A segmented market can erode when the focus strategy is imitated.

If a business believes that two or more market segments can be profitable and develops a unique marketing mix for each,it is following a multisegmentation strategy.

Explain the process of organizational assessment.

Smaller family sizes made Jim change his used vehicle business to sell fewer minivans and promote more crossovers and sedans.Which trend is this related to?

Which strategy focuses on one market even when many markets exist?

The general environment is very broad,comprising general factors that affect all,or at least most,businesses in a society.

Market segmentation identifies larger customer groups that will respond to general marketing strategies.

Juanita wants to sell the best experience in travel to her clients.She wants them to feel that no other travel company could take care of all their needs as well.For this Juanita builds in a large margin of profit.Which competitive advantage strategy does Juanita use?

What are the two principal broad-based strategies that lead to competitive advantages? Briefly explain each.

The decline in the value of the Canadian dollar has helped Antonio's Ottawa business increase exports to the US.Which trend is this related to?

Which of the following indicates a niche strategy?

How is niche marketing best described?

What marketing activities suggest that a small firm is following a niche market segmentation strategy?

A strategic decision is a decision regarding the direction a firm will take in relating to its customers and competitors.

Nicholas is unsure of the kind of business to start.He wonders if the Internet,business magazines,or talking to professionals would be the best way to start.Which key start-up question is Nicholas addressing?

Magazines and other periodicals are excellent sources of start-up ideas.

Which component of a SWOT analysis is "a strong network of personal contacts"?