Exam 7: Small Business Strategies: Imitation With a Twist

Growth stage is an industry life cycle stage in which:

_____ is a value benefit that can come from the products or services that a business owner offers,or from his or her firm's reputation.

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

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

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

Pure innovation is an overall strategic approach in which a firm patterns itself on other firms,with the exception of one or two key areas.

Differentiation strategy is a type of generic strategy aimed at:

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

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

The fourth step of a small business' strategic planning process involves:

Differentiation strategies target a niche segment of the market.

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

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

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

Most small businesses are more _____ than _____.

The new NAICS covers more industries than the SIC.

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

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

Which of the following is the advantage of knowing the magic number?

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