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Exam 8: Entrepreneurial Strategy and Competitive Dynamics

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Question 1

Multiple Choice

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According to the text, for an entrepreneurial start-up to be successful, three ingredients are critical. What are they?

A) good ideas, a team of investors, and a business plan
B) aviable opportunity, available resources, and a qualified and motivated founding team
C) an opportunity, a marketing plan, and office space
D) management, marketing, and money

E) C) and D)
F) All of the above

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Question 2

Multiple Choice

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Which of the following is not a common source of new business opportunities?

A) current or past work experiences
B) suggestions by family or friends
C) chance event
D) future work

E) A) and C)
F) B) and D)

Correct Answer

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D

Question 3

Multiple Choice

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When any two firms have both a high degree of market commonality and highly similar resources, a ________ threat is present.

TOMS Shoes generates interest in its products without a large advertising budget. It uses a Facebook page to create buzz. This is an example of a

How can new ventures successfully deploy cost-leadership strategies given that they are not likely to be in a position to take advantage of economies of scale, or have the capital to increase scale economies, or have the knowledge gained from experience to make cost-saving improvements?

Casper Sleep makes mattresses, according to Strategy Spotlight 8.3 in the textbook. Which generic strategy most closely represents theirs?

The likelihood that a competitor will launch an attack depends upon many factors. Discuss threat analysis and how it is used.

Discuss the phases of activity involved in the opportunity recognition process that lead to viable new venture opportunities. Explain how this is more than identifying ideas.

In 2005, Plum Organics entered the market with convenient organic baby food and snack foods for children. It now has over 20 products, saw sales grow by 44 percent in 2015, and claimsover7 percent market share in the baby food segment. It used which new entry strategy in 2005?

If similar competitors vie for the same customers in a marketplace, they are likely to escalate their competitive strategy through a reactive series of actions and responses.

The Wall Street Journal and New York Times have seen the intensity of their rivalry increase. One factor driving this is that The Wall Street Journal has moved from financial news reporting to general national and global news reporting and finally, to adding local New York news. The rivalry of these two news providers has increased due to

All the following are examples of strategic actions a firm might take except

Precision Hawk, a company using drones to do aerial data analysis reached out to Hahn Estate Winery to understand their needs in analyzing crop health. Precision Hawk was conversing with Hahn Estate Winery in order to

The evaluation phase of opportunity recognition occurs when an entrepreneur has an insight about a new business venture, often based on prior knowledge.

Market commonality is the extent to which rivals draw from the same types of resources.

Explain what a pioneering new entry means and when it is appropriate to use it.

Running Press created a line of palm-sized mini books that were sold as point-of-sale impulse items. The company grew rapidly, even though it had a small fraction of the sales in the publishing industry. They used a pure overall cost leadership strategy to capture market share.

________ are private individuals who provide seed capital to young ventures.

Which of the following is not a factor that affects how a competitor will respond to a competitive attack?

Which of the following terms is used to refer to opportunities that are practical and physically possible?