Exam 13: Strategies for Growth and Managing the Implication of Growth

A product development strategy relies on taking market share from competitors.

The most effective use of the interim ________ is to establish cost standards and compare the actual amount with the budgeted amount for that time period.

The penetration growth strategy:

________ refers to a diversification strategy that involves taking a step forward (down)on the value-added chain toward the customers.

When compared to the costs of carrying excess inventory,the cost of lost sales is insignificant and should be ignored.

Forward integration occurs when the firm acquires one of its suppliers.

One of the most successful diversification strategies is to diversify into unrelated products or unrelated markets to spread the risk.

Involving employees in the decision-making process is:

The principle of ________ provides information to the entrepreneur about how time is currently being allocated,which will also highlight inefficient or inappropriate investments of time.

The computerized system developed by the grocery and pharmaceutical industry to link chain members is:

If the existing product is being sold to teenagers in one country and new entry involves selling the existing product to teenagers in a new country then this represents a new product use.

The ________ captures the steps it takes to develop raw materials into a product and get it into the hands of customers.

The principle of prioritized planning requires the entrepreneur to categorize his or her tasks by their degree of importance and then to allocate time to tasks based on this categorization.

Market development strategies involve selling the firm's existing products to a new group of customers,such as a new geographic market.

A recognition of the need to change personal attitudes and habits regarding the allocation of time is known as the principle of desire.

Most lifestyle entrepreneurs eagerly pursue firm growth.

To implement participative management the entrepreneur should have open communication with employees.

When a retail tire store buys a tire wholesaler this is an example of horizontal integration.

Define and explain the principles of desire,effectiveness and analysis as they relate to time management.

Which principle requires the entrepreneur to focus on the most important issues,even when under pressure