Exam 3: Entrepreneurial Strategy: Generating and Exploiting New Entries

The three major risk reduction strategies discussed in the text are narrow scope,broad scope and imitation.

Which of the following is a liability of newness?

The window of opportunity is part of:

Imitation strategies:

Customer uncertainty can take all of the following forms except:

A narrow-scope market strategy:

Barriers to entry include all of the following except:

Technological knowledge:

The knowledge needed to generate innovation cannot be easily learned from a textbook.

A ______ strategy that copies products that already exist and attempts to build an advantage through minor variations.

When the window of opportunity is open,the environment is unfavorable for entrepreneurs to exploit a new product or enter a new market with an existing product.

Technological uncertainty is eliminated by a superior technology.

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.

An error of omission occurs when an entrepreneur:

The period of time when the environment is favorable for entrepreneurs to exploit a particular new entry is called the window of opportunity.

Explain why an entrepreneur might adopt an imitation strategy.

Changes needed to adapt to environmental changes:

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

Lack of informal communication systems is one of the assets of newness.

The period of time when the environment is favorable for entrepreneurs to exploit a particular new entry is the: