Exam 7: Small Business Strategies: Imitation With a Twist

As a firm gets more experience,it can often work with fewer mistakes and greater efficiencies,thereby lowering costs.This leads to the cost benefit of _____.

Imitation plus one degree of similarity results in:

Tactical actions are competitive responses with low resource requirements.

Imitation minus one degree of similarity:

_____ is a value benefit that can come from the products or services that a business owner offers,or from his or her firm's reputation.

Retrenchment is:

Which of the following statements is true regarding the entry wedge of supply shortage?

_____ is the idea and actions that explain how a firm will make its profits.

The first step of the strategic planning process for small businesses is considering your customers and the benefits you want to offer them.

There are two major classification systems that code industries: NAICS and SIC.

Which of the following types of customers are likely to generate more potential customers than any other type?

An overall strategic approach in which a firm patterns itself on other firms,with the exception of one or two key areas is referred to as _____.

Which of the following is a tactical action?

_____ is the particular way a firm implements customer benefits that keeps the firm ahead of other firms in the market.

Which of the following is true of niche markets?

Cost benefits include scale and scope savings.

Which of the following is an advantage of picking customer-desired benefits that a business owner's competitors do not offer?

In the context of entry wedges,_____ occurs because government agencies,government-sponsored commercial contracts,and many big businesses have policies that provide for quotas for buying from small businesses.

Second sourcing provides customers with greater certainty of supplies or services.

_______ are characteristics of a product or service that the target customer would consider worthwhile,such as low cost or high quality.