Question 1

One of the firms profiled in the Savvy Entrepreneurial Firm feature is The Muse. The Muse is in the ________ industry.

Accepted Answer

A)  education 
B)  literary writing 
C)  competitive recruitment and placement 
D)  music 
E)  book publishing 
A)  education 
B)  literary writing 
C)  competitive recruitment and placement 
D)  music 
E)  book publishing C

Question 2

The Savvy Entrepreneurial Firm feature in Chapter 5 focuses on three firms that are doing well in crowded industries as ________.

Accepted Answer

A)  they have effectively differentiated themselves from their competitors and have captured a first-mover advantage 
B)  they have passionate leaders and run savvy promotional campaigns 
C)  they have captured a first-mover advantage and have unique business models 
D)  they create meaningful value for customers at a fair price and have differentiated themselves from their competitors 
E)  they are low-cost leaders and run savvy promotional campaigns 
A)  they have effectively differentiated themselves from their competitors and have captured a first-mover advantage 
B)  they have passionate leaders and run savvy promotional campaigns 
C)  they have captured a first-mover advantage and have unique business models 
D)  they create meaningful value for customers at a fair price and have differentiated themselves from their competitors 
E)  they are low-cost leaders and run savvy promotional campaigns D

Question 3

Which of Porter's five forces is most closely associated with the concept "barrier to entry"?

Accepted Answer

A)  Bargaining Power of Suppliers 
B)  Rivalry Among Existing Firms 
C)  Threat of New Entrants 
D)  Bargaining Power of Buyers 
E)  Threat of Substitutes 
A)  Bargaining Power of Suppliers 
B)  Rivalry Among Existing Firms 
C)  Threat of New Entrants 
D)  Bargaining Power of Buyers 
E)  Threat of Substitutes C

Question 4

Opportunities for leadership, niche, harvest and divestment are associated with ________ industries.

Accepted Answer

A)  mature 
B)  emerging 
C)  declining 
D)  fragmented 
E)  global 
A)  mature 
B)  emerging 
C)  declining 
D)  fragmented 
E)  global

Question 5

Some industries, like the athletic shoe industry, are dominated by a small number of firms with strong brands. These industries are difficult to break into without spending heavily on advertising. The barrier to entry that the firms in these types of industries have erected is referred to as ________.

Accepted Answer

A)  government and legal barriers 
B)  capital requirements 
C)  product differentiation 
D)  cost advantages independent of size 
E)  access to distribution channels 
A)  government and legal barriers 
B)  capital requirements 
C)  product differentiation 
D)  cost advantages independent of size 
E)  access to distribution channels

Question 6

Supplier concentration, switching costs, attractiveness of substitutes, and threat of forward integration are factors that have a direct impact on ________.

Accepted Answer

A)  threat of new entrants 
B)  bargaining power of buyers 
C)  rivalry among existing firms 
D)  threat of substitutes 
E)  bargaining power of suppliers 
A)  threat of new entrants 
B)  bargaining power of buyers 
C)  rivalry among existing firms 
D)  threat of substitutes 
E)  bargaining power of suppliers

Question 7

In the beverage industry, soda, fruit juice, and sports drinks are ________ competitors of bottled water.

Accepted Answer

A)  occasional 
B)  infrequent 
C)  indirect 
D)  direct 
E)  future 
A)  occasional 
B)  infrequent 
C)  indirect 
D)  direct 
E)  future

Question 8

Katherine Chapman recently launched a firm in the clothing industry, targeting 13-17 year olds. One thing Katherine thinks she has accomplished is producing products that have universal appeal, so she will not vary her approach from country to country. Katherine is pursuing a ________ strategy.

Accepted Answer

A)  universal 
B)  multidomestic 
C)  contemporary 
D)  global 
E)  home 
A)  universal 
B)  multidomestic 
C)  contemporary 
D)  global 
E)  home

Question 9

In most industries, the major determinant of industry profitability is the level of competition among the firms already competing in the industry.

Accepted Answer

A) True 
 B)False

Question 10

Industry analysis is business research that focuses on the potential of an industry.

Accepted Answer

A) True 
 B)False

Question 11

The first step in a competitor analysis is to determine who the competition is.

Accepted Answer

A) True 
 B)False

Question 12

Generally, industries are more attractive when the threat of substitutes is ________.

Accepted Answer

A)  high 
B)  low 
C)  neutral (neither high or low) 
D)  high for manufacturing firms and low for service firms 
E)  high for service firms and low for manufacturing firms 
A)  high 
B)  low 
C)  neutral (neither high or low) 
D)  high for manufacturing firms and low for service firms 
E)  high for service firms and low for manufacturing firms

Question 13

The two trends that are most important to focus on in an industry analysis are business and environmental trends.

Accepted Answer

A) True 
 B)False

Question 14

According to the textbook, the three different types of competitors a business will face are ________.

Accepted Answer

A)  potential, direct, and upcoming 
B)  indirect, fleeting, and future 
C)  serious, cautious, and future 
D)  direct, indirect, and future 
E)  potential, fleeting, and indirect 
A)  potential, direct, and upcoming 
B)  indirect, fleeting, and future 
C)  serious, cautious, and future 
D)  direct, indirect, and future 
E)  potential, fleeting, and indirect

Question 15

Identify the five competitive forces that determine industry profitably. Explain the purpose of analyzing these forces.

Accepted Answer

The five competitive forces that determi

Question 16

A fragmented industry is an industry that is experiencing slow increases in demand, numerous repeat customers, and limited product innovation.

Accepted Answer

A) True 
 B)False

Question 17

What is an emerging industry? What is the primary opportunity available to entrepreneurial firms in emerging industries? Name three examples of firms in emerging industries.

Accepted Answer

An emerging industry is a new industry i

Question 18

Aquafina operates in the bottled water industry. The companies that offer identical or similar products and go after the same customers that Aquafina does are Dasani and Zephyrhills. Dasani and Zephyrhills are Aquafina's ________ competitors.

Accepted Answer

A)  direct 
B)  indirect 
C)  future 
D)  impending 
E)  potential 
A)  direct 
B)  indirect 
C)  future 
D)  impending 
E)  potential

Question 19

A(n) ________ industry is an industry that is experiencing significant international sales.

Accepted Answer

A)  global 
B)  mature 
C)  fragmented 
D)  declining 
E)  emerging 
A)  global 
B)  mature 
C)  fragmented 
D)  declining 
E)  emerging

Question 20

The Partnering for Success feature in Chapter 5 focuses on three things that are important for startups to become active in to learn the ins and outs of their industries. The three items focused on in the feature are ________.

Accepted Answer

A)  local Chambers of Commerce, trade journals, and networking events 
B)  Facebook, industry-related e-mail listservs, and trade shows 
C)  trade associations, trade shows, and trade journals 
D)  networking events, blogs, and Facebook 
E)  local Chambers of Commerce, city or university-sponsored incubators, and trade associations 
A)  local Chambers of Commerce, trade journals, and networking events 
B)  Facebook, industry-related e-mail listservs, and trade shows 
C)  trade associations, trade shows, and trade journals 
D)  networking events, blogs, and Facebook 
E)  local Chambers of Commerce, city or university-sponsored incubators, and trade associations

One of the firms profiled in the Savvy Entrepreneurial Firm feature is The Muse. The Muse is in the ________ industry.

The Savvy Entrepreneurial Firm feature in Chapter 5 focuses on three firms that are doing well in crowded industries as ________.

Which of Porter's five forces is most closely associated with the concept "barrier to entry"?

Opportunities for leadership, niche, harvest and divestment are associated with ________ industries.

Supplier concentration, switching costs, attractiveness of substitutes, and threat of forward integration are factors that have a direct impact on ________.

In the beverage industry, soda, fruit juice, and sports drinks are ________ competitors of bottled water.

Katherine Chapman recently launched a firm in the clothing industry, targeting 13-17 year olds. One thing Katherine thinks she has accomplished is producing products that have universal appeal, so she will not vary her approach from country to country. Katherine is pursuing a ________ strategy.

In most industries, the major determinant of industry profitability is the level of competition among the firms already competing in the industry.

Industry analysis is business research that focuses on the potential of an industry.

The first step in a competitor analysis is to determine who the competition is.

Generally, industries are more attractive when the threat of substitutes is ________.

The two trends that are most important to focus on in an industry analysis are business and environmental trends.

According to the textbook, the three different types of competitors a business will face are ________.

Identify the five competitive forces that determine industry profitably. Explain the purpose of analyzing these forces.

A fragmented industry is an industry that is experiencing slow increases in demand, numerous repeat customers, and limited product innovation.

What is an emerging industry? What is the primary opportunity available to entrepreneurial firms in emerging industries? Name three examples of firms in emerging industries.

Aquafina operates in the bottled water industry. The companies that offer identical or similar products and go after the same customers that Aquafina does are Dasani and Zephyrhills. Dasani and Zephyrhills are Aquafina's ________ competitors.

A(n) ________ industry is an industry that is experiencing significant international sales.

The Partnering for Success feature in Chapter 5 focuses on three things that are important for startups to become active in to learn the ins and outs of their industries. The three items focused on in the feature are ________.

Introduction to Entrepreneurship

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Developing an Effective Business Model

Writing a Business Plan

Preparing the Proper Ethical and Legal Foundation

Assessing a New Ventures Financial Strength and Viability

Building a New-Venture Team

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters

Exam 5: Industry and Competitor Analysis

One of the firms profiled in the Savvy Entrepreneurial Firm feature is The Muse. The Muse is in the ________ industry.

The Savvy Entrepreneurial Firm feature in Chapter 5 focuses on three firms that are doing well in crowded industries as ________.

Which of Porter's five forces is most closely associated with the concept "barrier to entry"?

Opportunities for leadership, niche, harvest and divestment are associated with ________ industries.

Supplier concentration, switching costs, attractiveness of substitutes, and threat of forward integration are factors that have a direct impact on ________.

In the beverage industry, soda, fruit juice, and sports drinks are ________ competitors of bottled water.

Katherine Chapman recently launched a firm in the clothing industry, targeting 13-17 year olds. One thing Katherine thinks she has accomplished is producing products that have universal appeal, so she will not vary her approach from country to country. Katherine is pursuing a ________ strategy.

In most industries, the major determinant of industry profitability is the level of competition among the firms already competing in the industry.

Industry analysis is business research that focuses on the potential of an industry.

The first step in a competitor analysis is to determine who the competition is.

Generally, industries are more attractive when the threat of substitutes is ________.

The two trends that are most important to focus on in an industry analysis are business and environmental trends.

According to the textbook, the three different types of competitors a business will face are ________.

Identify the five competitive forces that determine industry profitably. Explain the purpose of analyzing these forces.

A fragmented industry is an industry that is experiencing slow increases in demand, numerous repeat customers, and limited product innovation.

What is an emerging industry? What is the primary opportunity available to entrepreneurial firms in emerging industries? Name three examples of firms in emerging industries.

Aquafina operates in the bottled water industry. The companies that offer identical or similar products and go after the same customers that Aquafina does are Dasani and Zephyrhills. Dasani and Zephyrhills are Aquafina's ________ competitors.

A(n) ________ industry is an industry that is experiencing significant international sales.

The Partnering for Success feature in Chapter 5 focuses on three things that are important for startups to become active in to learn the ins and outs of their industries. The three items focused on in the feature are ________.

Introduction to Entrepreneurship

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Developing an Effective Business Model

Writing a Business Plan

Preparing the Proper Ethical and Legal Foundation

Assessing a New Ventures Financial Strength and Viability

Building a New-Venture Team

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters