Question 1

Eventually,mature industries begin a decline stage.Some industries face death,while others find new life in a process called retrenchment.

Accepted Answer

A) True 
 B)False

Question 2

Differentiate between strategic actions and tactical actions.

Accepted Answer

Strategic actions are competitive respon

Question 3

Funds left over after deducting the cost of goods sold are referred to as the net profit.

Accepted Answer

A) True 
 B)False

Question 4

The fourth step of a small business' strategic planning process involves:

Accepted Answer

A)  considering the customers and the benefits to offer them. 
B)  refining the firm's capabilities in order to maintain a competitive advantage. 
C)  determining the best strategic direction and strategy for the firm. 
D)  studying the dynamics and trends of the industry. 
A)  considering the customers and the benefits to offer them. 
B)  refining the firm's capabilities in order to maintain a competitive advantage. 
C)  determining the best strategic direction and strategy for the firm. 
D)  studying the dynamics and trends of the industry.

Question 5

Which of the following is a strategic action?

Accepted Answer

A)  Price cutting 
B)  Product enhancements 
C)  New product introductions 
D)  Increased marketing efforts 
A)  Price cutting 
B)  Product enhancements 
C)  New product introductions 
D)  Increased marketing efforts

Question 6

Which of the following is characteristic of the boom stage in the life cycle of a product?

Accepted Answer

A)  Most customers are unaware of the offerings. 
B)  Many firms close down. 
C)  Firms begin to compete on features and prices. 
D)  Established firms must find new approaches to improve the business. 
A)  Most customers are unaware of the offerings. 
B)  Many firms close down. 
C)  Firms begin to compete on features and prices. 
D)  Established firms must find new approaches to improve the business.

Question 7

Shake-out is a type of life cycle growth stage marked by a very rapid increase in sales in a relatively short time.

Accepted Answer

A) True 
 B)False

Question 8

A research process that provides the entrepreneur with key information about other firms in the same line of business as his or her,the current situation and trends is known as:

Accepted Answer

A)  SWOT analysis. 
B)  VRIO analysis. 
C)  value chain analysis. 
D)  industry analysis. 
A)  SWOT analysis. 
B)  VRIO analysis. 
C)  value chain analysis. 
D)  industry analysis.

Question 9

Which of the following is a cost benefit?

Accepted Answer

A)  Brand 
B)  Altruism 
C)  Personalization 
D)  Organizational practice 
A)  Brand 
B)  Altruism 
C)  Personalization 
D)  Organizational practice

Question 10

Which of the following statements about Michael Porter's Five-Forces Model of Industry Competition is not true?

Accepted Answer

A)  Substitutes and alternatives are indirect competition. 
B)  There are five sets of sources of competition. 
C)  Rivals are direct competition. 
D)  New entrants are an industry source of competition. 
A)  Substitutes and alternatives are indirect competition. 
B)  There are five sets of sources of competition. 
C)  Rivals are direct competition. 
D)  New entrants are an industry source of competition.

Question 11

The new NAICS covers more industries than the SIC.

Accepted Answer

A) True 
 B)False

Question 12

For a small business that is just starting out,all strategy starts with _________.

Accepted Answer

A)  the product or service 
B)  the owner 
C)  the competition 
D)  the customers 
A)  the product or service 
B)  the owner 
C)  the competition 
D)  the customers

Question 13

Industry analysis is defined as the technique used to:

Accepted Answer

A)  determine the magic number in a particular industry. 
B)  determine the extent to which a product is similar to another product. 
C)  study the dynamics and trends of an industry. 
D)  study the effects of low cost on an industry. 
A)  determine the magic number in a particular industry. 
B)  determine the extent to which a product is similar to another product. 
C)  study the dynamics and trends of an industry. 
D)  study the effects of low cost on an industry.

Question 14

As a new entrepreneur,Anthony's magic number for 2013 is $42,000.If the current tax rate for his business is 30 percent,calculate the amount that Anthony's firm would need to sell for him to get his magic number.

Accepted Answer

A)  $50,000 
B)  $50,495 
C)  $60,000 
D)  $60,854 
A)  $50,000 
B)  $50,495 
C)  $60,000 
D)  $60,854

Question 15

The supra-strategies are designed to work when there are very few small business in an industry,along with many larger firms.

Accepted Answer

A) True 
 B)False

Question 16

Michael Porter identifies five different threats of competition for any business.Which of the following choices is not one of Michael Porter's five threats?

Accepted Answer

A)  Rivals 
B)  Suppliers 
C)  Substitutes 
D)  Investors 
A)  Rivals 
B)  Suppliers 
C)  Substitutes 
D)  Investors

Question 17

According to Shepherd,Shanley,and Porter,which of the following is a small business supra-strategy?

Accepted Answer

A)  Altruism 
B)  Single-mindedness 
C)  Scope savings 
D)  Technology 
A)  Altruism 
B)  Single-mindedness 
C)  Scope savings 
D)  Technology

Question 18

What is an entry wedge? Explain any five of the entry wedges.

Accepted Answer

Entry wedge is an opportunity that makes

Question 19

When looking at the typical start-up strategy of a classic innovator,which of the following statements is not true?

Accepted Answer

A)  Their market scope is a niche market. 
B)  Industry attractiveness is moderate to high. 
C)  They may use an elite supra-strategy. 
D)  Innovation only happens during the introduction phase of the life cycle. 
A)  Their market scope is a niche market. 
B)  Industry attractiveness is moderate to high. 
C)  They may use an elite supra-strategy. 
D)  Innovation only happens during the introduction phase of the life cycle.

Question 20

A _____ is a narrowly defined segment of the population that is likely to share interests or concerns.

Accepted Answer

A)  niche market 
B)  mass market 
C)  primary market 
D)  parallel market 
A)  niche market 
B)  mass market 
C)  primary market 
D)  parallel market

Eventually,mature industries begin a decline stage.Some industries face death,while others find new life in a process called retrenchment.

Differentiate between strategic actions and tactical actions.

Funds left over after deducting the cost of goods sold are referred to as the net profit.

The fourth step of a small business' strategic planning process involves:

Which of the following is a strategic action?

Which of the following is characteristic of the boom stage in the life cycle of a product?

Shake-out is a type of life cycle growth stage marked by a very rapid increase in sales in a relatively short time.

A research process that provides the entrepreneur with key information about other firms in the same line of business as his or her,the current situation and trends is known as:

Which of the following is a cost benefit?

Which of the following statements about Michael Porter's Five-Forces Model of Industry Competition is not true?

The new NAICS covers more industries than the SIC.

For a small business that is just starting out,all strategy starts with _________.

Industry analysis is defined as the technique used to:

As a new entrepreneur,Anthony's magic number for 2013 is $42,000.If the current tax rate for his business is 30 percent,calculate the amount that Anthony's firm would need to sell for him to get his magic number.

The supra-strategies are designed to work when there are very few small business in an industry,along with many larger firms.

Michael Porter identifies five different threats of competition for any business.Which of the following choices is not one of Michael Porter's five threats?

According to Shepherd,Shanley,and Porter,which of the following is a small business supra-strategy?

What is an entry wedge? Explain any five of the entry wedges.

When looking at the typical start-up strategy of a classic innovator,which of the following statements is not true?

A _____ is a narrowly defined segment of the population that is likely to share interests or concerns.

Small Business: Its Opportunities and Rewards

Small Business Entrepreneurs: Characteristics and Competencies

Small Business Environment: Managing External Relations

Small Business Ideas: Creativity, opportunity, and Feasibility

Small Business Entry: Paths to Part-Time Entrepreneurship

Small Business Entry: Paths to Full-Time Entrepreneurship

Business Plans: Seeing Audiences and Your Business Clearly

Small Business Marketing: Product and Pricing Strategies

Small Business Promotion: Capturing the Eyes of Your Market

Small Business Distribution and Location

Small Business Accounting: Projecting and Evaluating Performance

Cash: Lifeblood of the Business

Small Business Finance: Using Equity, debt, and Gifts

Assets: Inventory and Operations Management

Small Business Protection: Risk Management and Insurance

Legal Issues: Recognizing Your Small Business Needs

Human Resource Management: Small Business Considerations

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Exam 7: Small Business Strategies: Imitation With a Twist

Eventually,mature industries begin a decline stage.Some industries face death,while others find new life in a process called retrenchment.

Differentiate between strategic actions and tactical actions.

Funds left over after deducting the cost of goods sold are referred to as the net profit.

The fourth step of a small business' strategic planning process involves:

Which of the following is a strategic action?

Which of the following is characteristic of the boom stage in the life cycle of a product?

Shake-out is a type of life cycle growth stage marked by a very rapid increase in sales in a relatively short time.

A research process that provides the entrepreneur with key information about other firms in the same line of business as his or her,the current situation and trends is known as:

Which of the following is a cost benefit?

Which of the following statements about Michael Porter's Five-Forces Model of Industry Competition is not true?

The new NAICS covers more industries than the SIC.

For a small business that is just starting out,all strategy starts with _________.

Industry analysis is defined as the technique used to:

As a new entrepreneur,Anthony's magic number for 2013 is $42,000.If the current tax rate for his business is 30 percent,calculate the amount that Anthony's firm would need to sell for him to get his magic number.

The supra-strategies are designed to work when there are very few small business in an industry,along with many larger firms.

Michael Porter identifies five different threats of competition for any business.Which of the following choices is not one of Michael Porter's five threats?

According to Shepherd,Shanley,and Porter,which of the following is a small business supra-strategy?

What is an entry wedge? Explain any five of the entry wedges.

When looking at the typical start-up strategy of a classic innovator,which of the following statements is not true?

A _____ is a narrowly defined segment of the population that is likely to share interests or concerns.

Small Business: Its Opportunities and Rewards

Small Business Entrepreneurs: Characteristics and Competencies

Small Business Environment: Managing External Relations

Small Business Ideas: Creativity, opportunity, and Feasibility

Small Business Entry: Paths to Part-Time Entrepreneurship

Small Business Entry: Paths to Full-Time Entrepreneurship

Business Plans: Seeing Audiences and Your Business Clearly

Small Business Marketing: Product and Pricing Strategies

Small Business Promotion: Capturing the Eyes of Your Market

Small Business Distribution and Location

Small Business Accounting: Projecting and Evaluating Performance

Cash: Lifeblood of the Business

Small Business Finance: Using Equity, debt, and Gifts

Assets: Inventory and Operations Management

Small Business Protection: Risk Management and Insurance

Legal Issues: Recognizing Your Small Business Needs

Human Resource Management: Small Business Considerations

Filters