Exam 7: Small Business Strategies: Imitation With a Twist

The process of creating new products or services is called

The abilities of a firm to make its product or service in a way that enhances value or efficiency compared to other firms refers to

A resource characteristic which enhances value through offering uniqueness to the buyer is

Benefits can focus on value added to the products or services or on the cost of the products or services.

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

An opportunity that makes it possible for a new business to gain a foothold in a market refers to

Healthy Wash Following the health trend, Amy Amorouso and her two friends have decided to open a laundromat with a workout facility. The concept of each of these exists separately and also there are laundromats with bars or game rooms that already exist. This would be a different variation. The main focus will be the laundromat with a small space allowed for a workout area, with a few machines to test the idea. -Using the degree of similarity,Amy's concept of laundromat with a workout space can be described as

What are the two market decisions that an individual needs to make early in the process of going into business? Explain each of these using an example.

Second sourcing

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

Which of the following statements about NAICS and SIC codes is true?

Which of the following statements about supply shortages is true?

What types of customers are likely to generate more potential customers than any other type?

Healthy Wash Following the health trend, Amy Amorouso and her two friends have decided to open a laundromat with a workout facility. The concept of each of these exists separately and also there are laundromats with bars or game rooms that already exist. This would be a different variation. The main focus will be the laundromat with a small space allowed for a workout area, with a few machines to test the idea. -When performing a SWOT analysis,where Amy's business threats meet her business weaknesses,what should her strategy option be?

Briefly describe the industry life cycle.

Healthy Wash Following the health trend, Amy Amorouso and her two friends have decided to open a laundromat with a workout facility. The concept of each of these exists separately and also there are laundromats with bars or game rooms that already exist. This would be a different variation. The main focus will be the laundromat with a small space allowed for a workout area, with a few machines to test the idea. -In performing a SWOT analysis,if Amy's business opportunities meet her business threats,what should her strategy option be?

Which are the two major classification systems that code industries?

The amount of money left after operating expenses are deducted for the business refers to

Strategy in small business is special because most small businesses are more innovative than imitative.