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.What type of cost benefit is it?

When the sales and profits actually start to fall,it is a sign that the industry is in its decline stage.

The tool appropriate for the third step of the small business strategy process to study the dynamics and trends of your industry is the

When does market relinquishment occur?

Imitation minus one degree of similarity would be the business equivalent of

Cost benefits

Which of the following is an advantage of using an innovative strategy?

Which of the following statements about value benefits is false?

Buying in volume usually produces savings.Identify the type of cost benefit involved.

A research process that provides the entrepreneur with key information about the industry,such as its current situation and trends is called

In SWOT analysis,where strengths match the opportunities,you have the winning combination and you should fight it.

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

Describe the three generic strategies identified by Porter.

In SWOT,strengths are

Most entrepreneurs initially do an industry analysis to find out what the profits are in an industry in order to better estimate possible financial returns.

There are two market decisions you need to make early in the process of going into business:

Patents and trademarks are popular ways of protecting key information and discouraging competitors.

This is the third stage in the industry life cycle which is marked by a stabilization of demand.

What is the key benefit of rule changes by the government?

A(n)_____ is the business term for the population of customers for your products or services.