Question 1

What is meant by industry analysis? How does industry analysis help an individual in the strategy process?

Accepted Answer

Industry analysis (IA)is a research proc

Question 2

_____ is the general name for the line of product or service being sold,or the firms in that line of business.

Accepted Answer

A)  Industry 
B)  Market 
C)  Scope 
D)  Niche group 
A)  Industry 
B)  Market 
C)  Scope 
D)  Niche group

Question 3

Which of the following is true of the introduction stage of a product?

Accepted Answer

A)  Sales are almost always high. 
B)  Most customers are unaware of the offerings. 
C)  Firms begin to compete on features and prices. 
D)  Some products turn out to be extremely popular. 
A)  Sales are almost always high. 
B)  Most customers are unaware of the offerings. 
C)  Firms begin to compete on features and prices. 
D)  Some products turn out to be extremely popular.

Question 4

In an industry life cycle,the shake-out phase ends when:

Accepted Answer

A)  the firms introduce new products or services. 
B)  the competition between firms increases. 
C)  the rapid die-off of firms stops. 
D)  the growth phase begins. 
A)  the firms introduce new products or services. 
B)  the competition between firms increases. 
C)  the rapid die-off of firms stops. 
D)  the growth phase begins.

Question 5

A type of life cycle growth stage marked by a very rapid increase in sales in a relatively short time is called the _____.

Accepted Answer

A)  maturity stage 
B)  retrenchment 
C)  shake-out 
D)  boom 
A)  maturity stage 
B)  retrenchment 
C)  shake-out 
D)  boom

Question 6

Differentiate between value and cost benefits.Provide examples for each type of benefit.

Accepted Answer

Benefits are usually characterized as va

Question 7

An imitative business that competes locally with others in the same industry is referred to as _____.

Accepted Answer

A)  incremental competition 
B)  niche business 
C)  linear competition 
D)  parallel competition 
A)  incremental competition 
B)  niche business 
C)  linear competition 
D)  parallel competition

Question 8

Which of the following is true of a blue ocean strategy?

Accepted Answer

A)  It results in a new product or service. 
B)  It is the business equivalent of cloning. 
C)  It involves patterning a business on existing firms. 
D)  It matches the precision of copying as seen in franchising. 
A)  It results in a new product or service. 
B)  It is the business equivalent of cloning. 
C)  It involves patterning a business on existing firms. 
D)  It matches the precision of copying as seen in franchising.

Question 9

_____ are classic strategies for businesses of all types and they include differentiation,cost,and focus.

Accepted Answer

A)  Personalization strategies 
B)  Altruistic strategies 
C)  Retrenchment strategies 
D)  Generic strategies 
A)  Personalization strategies 
B)  Altruistic strategies 
C)  Retrenchment strategies 
D)  Generic strategies

Question 10

Market scope is important because:

Accepted Answer

A)  it helps business owners in determining the size of the target market. 
B)  it helps business owners to decide where to focus their sales and advertising efforts. 
C)  it helps business owners in designing a product. 
D)  it helps business owners in calculating their magic number. 
A)  it helps business owners in determining the size of the target market. 
B)  it helps business owners to decide where to focus their sales and advertising efforts. 
C)  it helps business owners in designing a product. 
D)  it helps business owners in calculating their magic number.

Question 11

Which of the following types of value benefits is most likely to be offered by a product if it helps the community,a group,the environment,or the world?

Accepted Answer

A)  Scope savings 
B)  Personalization 
C)  Altruism 
D)  Scale savings 
A)  Scope savings 
B)  Personalization 
C)  Altruism 
D)  Scale savings

Question 12

Which of the following is true of the entry wedge of second sourcing?

Accepted Answer

A)  It occurs when business firms leave a market. 
B)  It occurs because many big businesses have policies that provide for set-asides for purchases from small businesses. 
C)  It offers the advantage of being globally based. 
D)  It provides a competitive pressure to ensure that suppliers keep providing the best service and prices. 
A)  It occurs when business firms leave a market. 
B)  It occurs because many big businesses have policies that provide for set-asides for purchases from small businesses. 
C)  It offers the advantage of being globally based. 
D)  It provides a competitive pressure to ensure that suppliers keep providing the best service and prices.

Question 13

_____ is the amount of money left after deducting the operating expenses of the business.

Accepted Answer

A)  Gross profit 
B)  Net profit 
C)  Profit after taxes 
D)  Generic profit 
A)  Gross profit 
B)  Net profit 
C)  Profit after taxes 
D)  Generic profit

Question 14

Generally,benefits do not influence a firm's strategy process.

Accepted Answer

A) True 
 B)False

Question 15

Differentiate between incremental innovation and pure innovation.

Accepted Answer

In practice,most firms use imitation plu

Question 16

Which of the following statements about industry,industry dynamics,and industry lifecycle is true?

Accepted Answer

A)  Industry refers not only to your product or service,but also to all your competitors selling that product or service. 
B)  The fortunes of industries do not move in predictable ways. 
C)  Small firms avoid entering "hot" industries. 
D)  If the industry is not growing there is no way to be successful as a start-up. 
A)  Industry refers not only to your product or service,but also to all your competitors selling that product or service. 
B)  The fortunes of industries do not move in predictable ways. 
C)  Small firms avoid entering "hot" industries. 
D)  If the industry is not growing there is no way to be successful as a start-up.

Question 17

Which of the following statements is not true of degree of similarity?

Accepted Answer

A)  Most firms use imitation plus or minus one degree of similarity. 
B)  Imitation minus one degree of similarity is called incremental innovation. 
C)  Imitation minus one degree of similarity is the business equivalent of cloning. 
D)  Imitation plus one degree of similarity is called incremental innovation. 
A)  Most firms use imitation plus or minus one degree of similarity. 
B)  Imitation minus one degree of similarity is called incremental innovation. 
C)  Imitation minus one degree of similarity is the business equivalent of cloning. 
D)  Imitation plus one degree of similarity is called incremental innovation.

Question 18

Which of the following is the second step of a small business' strategic planning process?

Accepted Answer

A)  Reviewing and confirming the goals that define the firm 
B)  Knowing the magic number 
C)  Studying the dynamics and trends of the industry 
D)  Considering the customers and the benefits to offer them 
A)  Reviewing and confirming the goals that define the firm 
B)  Knowing the magic number 
C)  Studying the dynamics and trends of the industry 
D)  Considering the customers and the benefits to offer them

Question 19

Differentiation strategies target a niche segment of the market.

Accepted Answer

A) True 
 B)False

Question 20

What are the four key decisions that entrepreneurs need to make to build the strategy for their firms?

Accepted Answer

Strategy builds on four key decisions en

What is meant by industry analysis? How does industry analysis help an individual in the strategy process?

_____ is the general name for the line of product or service being sold,or the firms in that line of business.

Which of the following is true of the introduction stage of a product?

In an industry life cycle,the shake-out phase ends when:

A type of life cycle growth stage marked by a very rapid increase in sales in a relatively short time is called the _____.

Differentiate between value and cost benefits.Provide examples for each type of benefit.

An imitative business that competes locally with others in the same industry is referred to as _____.

Which of the following is true of a blue ocean strategy?

_____ are classic strategies for businesses of all types and they include differentiation,cost,and focus.

Market scope is important because:

Which of the following types of value benefits is most likely to be offered by a product if it helps the community,a group,the environment,or the world?

Which of the following is true of the entry wedge of second sourcing?

_____ is the amount of money left after deducting the operating expenses of the business.

Generally,benefits do not influence a firm's strategy process.

Differentiate between incremental innovation and pure innovation.

Which of the following statements about industry,industry dynamics,and industry lifecycle is true?

Which of the following statements is not true of degree of similarity?

Which of the following is the second step of a small business' strategic planning process?

Differentiation strategies target a niche segment of the market.

What are the four key decisions that entrepreneurs need to make to build the strategy for their firms?

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

What is meant by industry analysis? How does industry analysis help an individual in the strategy process?

_____ is the general name for the line of product or service being sold,or the firms in that line of business.

Which of the following is true of the introduction stage of a product?

In an industry life cycle,the shake-out phase ends when:

A type of life cycle growth stage marked by a very rapid increase in sales in a relatively short time is called the _____.

Differentiate between value and cost benefits.Provide examples for each type of benefit.

An imitative business that competes locally with others in the same industry is referred to as _____.

Which of the following is true of a blue ocean strategy?

_____ are classic strategies for businesses of all types and they include differentiation,cost,and focus.

Market scope is important because:

Which of the following types of value benefits is most likely to be offered by a product if it helps the community,a group,the environment,or the world?

Which of the following is true of the entry wedge of second sourcing?

_____ is the amount of money left after deducting the operating expenses of the business.

Generally,benefits do not influence a firm's strategy process.

Differentiate between incremental innovation and pure innovation.

Which of the following statements about industry,industry dynamics,and industry lifecycle is true?

Which of the following statements is not true of degree of similarity?

Which of the following is the second step of a small business' strategic planning process?

Differentiation strategies target a niche segment of the market.

What are the four key decisions that entrepreneurs need to make to build the strategy for their firms?

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