Question 1

Value benefits are important because:

Accepted Answer

A)  they lead to scope savings. 
B)  they lead to higher prices. 
C)  they result in scale savings. 
D)  they lead to reduced costs. 
A)  they lead to scope savings. 
B)  they lead to higher prices. 
C)  they result in scale savings. 
D)  they lead to reduced costs. B

Question 2

Which of the following types of customers are likely to generate more potential customers than any other type?

Accepted Answer

A)  Loyal customers 
B)  Local customers 
C)  Passionate customers 
D)  Corporate customers 
A)  Loyal customers 
B)  Local customers 
C)  Passionate customers 
D)  Corporate customers C

Question 3

Which of the following are the two major classification systems that code industries?

Accepted Answer

A)  NAICS and SIC 
B)  SCALE and SCOPE 
C)  SWOT and VRIO 
D)  OLC and SWOT 
A)  NAICS and SIC 
B)  SCALE and SCOPE 
C)  SWOT and VRIO 
D)  OLC and SWOT A

Question 4

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

Accepted Answer

There are two market decisions entrepren

Question 5

Cost benefits include scale and scope savings.

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

A)  Focus strategy 
B)  Differentiation strategy 
C)  Cost strategy 
D)  Value strategy 
A)  Focus strategy 
B)  Differentiation strategy 
C)  Cost strategy 
D)  Value strategy

Question 7

A perceptual map is:

Accepted Answer

A)  a chart that maps changes in competitors,sales and profits in an industry over time. 
B)  a graphic display which positions products according to their scores on important strategic dimensions. 
C)  a chart that indicates the changes in the magic number of a business owner. 
D)  a graphic display which indicates the various stages of the lifecycle of a product. 
A)  a chart that maps changes in competitors,sales and profits in an industry over time. 
B)  a graphic display which positions products according to their scores on important strategic dimensions. 
C)  a chart that indicates the changes in the magic number of a business owner. 
D)  a graphic display which indicates the various stages of the lifecycle of a product.

Question 8

Differentiate between strategic actions and tactical actions.

Accepted Answer

Strategic actions are competitive respon

Question 9

Which of the following is true of niche markets?

Accepted Answer

A)  They are broad markets. 
B)  They target all the customers in the entire market. 
C)  They are specific and narrow. 
D)  They involve large portions of the population. 
A)  They are broad markets. 
B)  They target all the customers in the entire market. 
C)  They are specific and narrow. 
D)  They involve large portions of the population.

Question 10

In the goal step of the strategic planning process,the key is to:

Accepted Answer

A)  focus on the kind of customers the business wants to deal with. 
B)  bring together the decisions that underlie the business plan. 
C)  offer state-of-the-art or leading-edge technology. 
D)  build a brand reputation through the products or services. 
A)  focus on the kind of customers the business wants to deal with. 
B)  bring together the decisions that underlie the business plan. 
C)  offer state-of-the-art or leading-edge technology. 
D)  build a brand reputation through the products or services.

Question 11

The standard industrial classification system (SIC)codes have six digits.

Accepted Answer

A) True 
 B)False

Question 12

In the decline stage,sales and profits of the firms in an industry begin a falling trend.

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A)  performing a SWOT analysis. 
B)  reviewing and confirming the goals that define the firm. 
C)  mapping the prospective customers. 
D)  studying the dynamics and trends of the industry. 
A)  performing a SWOT analysis. 
B)  reviewing and confirming the goals that define the firm. 
C)  mapping the prospective customers. 
D)  studying the dynamics and trends of the industry.

Question 14

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 _____.

Accepted Answer

A)  a blue ocean strategy 
B)  a pure innovation 
C)  an altruistic approach 
D)  an incremental innovation 
A)  a blue ocean strategy 
B)  a pure innovation 
C)  an altruistic approach 
D)  an incremental innovation

Question 15

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 16

Briefly describe the industry life cycle.

Accepted Answer

Industries go through different stages i

Question 17

Imitation minus one degree of similarity:

Accepted Answer

A)  would be the business equivalent of cloning. 
B)  is equivalent to the blue ocean strategy. 
C)  leads to pure innovation. 
D)  helps in the creation of a unique setting. 
A)  would be the business equivalent of cloning. 
B)  is equivalent to the blue ocean strategy. 
C)  leads to pure innovation. 
D)  helps in the creation of a unique setting.

Question 18

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

Accepted Answer

A)  market 
B)  industry 
C)  strategy 
D)  SIC 
A)  market 
B)  industry 
C)  strategy 
D)  SIC

Question 19

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 20

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

Value benefits are important because:

Which of the following types of customers are likely to generate more potential customers than any other type?

Which of the following are the two major classification systems that code industries?

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

Cost benefits include scale and scope savings.

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

A perceptual map is:

Differentiate between strategic actions and tactical actions.

Which of the following is true of niche markets?

In the goal step of the strategic planning process,the key is to:

The standard industrial classification system (SIC)codes have six digits.

In the decline stage,sales and profits of the firms in an industry begin a falling trend.

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

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

Briefly describe the industry life cycle.

Imitation minus one degree of similarity:

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

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

Which of the following is a cost benefit?

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

Marketing Plans: Saying How Youll Get Salespart Four: Cash, Accounting, and Finance in the Small Business

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

Achieving Success in the Small Business

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Exam 7: Small Business Strategies: Imitation With a Twist

Value benefits are important because:

Which of the following types of customers are likely to generate more potential customers than any other type?

Which of the following are the two major classification systems that code industries?

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

Cost benefits include scale and scope savings.

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

A perceptual map is:

Differentiate between strategic actions and tactical actions.

Which of the following is true of niche markets?

In the goal step of the strategic planning process,the key is to:

The standard industrial classification system (SIC)codes have six digits.

In the decline stage,sales and profits of the firms in an industry begin a falling trend.

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

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

Briefly describe the industry life cycle.

Imitation minus one degree of similarity:

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

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

Which of the following is a cost benefit?

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

Marketing Plans: Saying How Youll Get Salespart Four: Cash, Accounting, and Finance in the Small Business

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

Achieving Success in the Small Business

Filters