Exam 3: Generating and Exploiting New Entries

Technological knowledge refers to the entrepreneur's possession of information,technology,know-how,and skills that provide insight into a market and its customers. 

First movers: 

Offering a small product range to a small number of customer groups is: 

Barriers to entry include all of the following except: 

A narrow-scope market strategy: 

A broad-scope strategy: 

The late mover is able to operate in the industry for a grace period under conditions of limited competition. 

Imitation strategies: 

If there is a good fit between the venture's bundle of resources and the external environment: 

By entering a market later, 

When considering whether to be first to enter with a new product and/or into a new market,entrepreneurs must assess whether the first-mover advantages outweigh the first-mover disadvantages.Identify the three influences such an assessment depends on and briefly describe each one.

Lead time is: 

When conducting research on a new entry: 

Market research,such as surveys,has limited effectiveness because it is often difficult for customers to articulate the underlying problems they have with a product or service. 

Customer uncertainty can take all of the following forms except: 

Technological uncertainty is eliminated by a superior technology. 

Competition within an industry always has a negative effect on industry growth. 

Using a broad scope strategy helps to reduce the risk of market uncertainty. 

Knowledge is the basis of the entrepreneurial resource. 

In emerging industries: