Exam 7: Small Business Strategies: Imitation With a Twist

Value benefits are important because:

A _____ displays characteristics related to the nature of a product or service itself.

The _____ is marked by a stabilization of demand,with firms in the industry moving to stabilize or improve profits through cost strategies.

_____ is a type of life cycle stage following a boom in which there is a rapid decrease in the number of firms in an industry.

Small businesses typically use the strategy of innovativeness rather than imitativeness.

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

Which of the following is a generic strategy that targets a portion of the market,called a segment or niche?

A perceptual map is:

Standard industrial classification system (SIC)codes have _____ digits.

Briefly describe Michael Porter's Five-Forces Model of industry competition.Why is it important to pay attention to these five forces of competition?

In which of the following stages is there an explosion of choices in terms of products and services?

Which of the following is a value benefit?

Imitation minus one degree of similarity is the business equivalent of an innovative strategy.

Market scale refers to the geography of the target market.

Changes in competitors,sales and profits in an industry over time are referred to as:

What are the two market decisions that entrepreneurs need to make early in the process of going into business?

The first step of the strategic planning process for a small business is:

The life cycle stage in which a product or service is being invented is known as the _____.

A(n)_____ is the business term for the population of customers for a business owner's products or services.

Amy plans to open a laundromat with a gym.She got the idea from the laundromat with a bar and game rooms,which she visits regularly.She wants to test her idea by starting out in a small space with the focus on the laundromat and a small space allocated for gym equipments.Amy's idea is an example of _____.