MGMT 3 – Flashcards
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the strategic managment process
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Step 1: Develop a vision and translate it into a mission statement Step 2: Assess strengths and weaknesses Step 3: Scan environment for opportunities and threats Step 4: Identify key success factors Step 5: Analyze competition Step 6: Create goals and objectives Step 7: Formulate strategies Step 8: Translate plans into actions Step 9: Establish accurate controls
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a small businesss "aggregation of factors that sets it apart from its competitors" is its
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competitive advantage
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how is the strategic planning process for small companies different from that for larger companies
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the aggregation of factors that sets a company apart from its competitors and gives it a unique position in the market
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_________focuses everyones attention and feeforts on the same target market. it is an expression of what the owner believes in
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mission statement
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answering the question "what buisness am I in" defines the companys what
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Mission statement
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once the vision and mission are established the entrepreneur needs to
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Assess Company Strengths and Weaknesses
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_______are positive internal factors that contribute towards accomplishing the companys objectives
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Strengths
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when the small business owner assesses her companys strengths and weeknesses, she is dealing with the _________ business environment
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strategic managment
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a small firms ability to identify and manipulate the ___________in its business determines its ability to compete effectively
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key success factors
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a small business owner would conduct a competitive analysis in order to __________
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size up his competition
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the information gathering process in competitive analysis
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competitive profile matrix
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-------are the broad, longrange attributes the small business seeks to accomplish________are the specific, measurable milestones the company wants to achieve.
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Goals, objectives
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the small firms "master plan" is its
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strategy
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a differentiation stratety
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is to sell something or market something no one else has
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rather than attempting to serve the total market the small firm pursuing a _________ strategy specializes in serving a specific target segment
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differentiation
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the most successful strategic plans make the ______focal
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key success factors
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small book stores have a giant killer of a competitive advantage in their
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stratigic management
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a small business owner needs to remember that when it comes to employee involvement in the strategic planning process
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the more involved the better
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the _____ is a set of measures unique to the company that gives managers a quick and comprehensive view of how the buisness is doing and includes both financial and operational factors
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Objectives
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it is important for the small business owner to remember that the strategic planning process is
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key success factors
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in creation of balanced scorecard the entrepreneur needs to
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establish goals for each critical indicator of company performs
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intellectual capital of a company is comprised of which components
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Human Structural Customer
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small businesses have a natural advantage over large competitors when it comes to
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economics of scale
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what stategy recognizes that not all markets are homogenous
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focus strategy
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_________are a unique set of capabilities that a company develops in key areas, such as superior quality, customer service, innovation, team-building, flexibility, speed,responsiveness, and others that allow it to vault past competitors
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core competencies
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to be effective these competencies should be_______ for competitors to duplicate, and they must provide customers with the valuable percieved benifit
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difficult
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true/false the idea behind strategic planning is to give the vusiness owner a way to match his/her companys strengths and weaknesses to the opportunities and threats in the business
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false
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true/fals what business am i in this is a question that entrepreneur needs to answer when creating the mission statement
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true
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true/false After a company's strengths and weakness are assessed, the strategic planning process should identify opportunities and threats facing the company and should isolate the key factors for success in the business
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mission statement
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true/false Key success factors are simply relationships between controllable factors and critical elements that permit a firm to compete in its industry
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true
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true/false Most small business owners believe it is relatively unimportant to monitor their competitors'
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false
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What corporate trends have contributed to the growth of entrepreneurship?
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Corporate Castoffs
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Dirk wants to be in control. He's tired of taking orders from others and wants to feel a sense of accountability for the outcome of his work. Dirk displays the entrepreneurial characteristic of:
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desire and willingness to take initative
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)Juan is able to work well in a constantly changing atmosphere and has little concern for what tomorrow will bring. Juan demonstrates which of the following characteristics of a typical entrepreneur?
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tolerance for ambiguity
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)Entrepreneurs start businesses for a number of reasons including:
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Control your own destiny Make a difference Social entrepreneurs Reach your full potential Reap impressive profits Contribute to society and to be recognized for your efforts Do what you enjoy and to have fun at it
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A significant benefit of starting your own company is:
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control your own destiny
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mary and Ted are discussing starting a new business and are asking themselves a series of questions like; "What is the worst that could happen if we fail?" "How likely is that to happen?" They are assessing which potential drawback of small business ownership?
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risk of losing your invested capital
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Potential drawbacks of small business ownership include:
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Uncertainty of income Risk of losing your entire investment Long hours and hard work
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More businesses are started by individuals between ________ than at any other age.
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25-44
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The growth of entrepreneurship is being fed by:
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Entrepreneurs as heroes Entrepreneurial education Demographic and economic factors Shift to a service economy Technological advancements Outsourcing Independent lifestyles E-Commerce and the World Wide Web International opportunities
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Companies started by women differ from companies started by men in that
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they tend to be smaller
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Minorities cite which of the following as the primary barrier to their entrepreneurship?
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ideal way to battle discrimination
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"Copreneurs" are marked by:
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unit ownership of a company
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Successful copreneurs are marked by what characteristics?
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dividing there business responsibilities on the basis of their skills, experience, and abilities rather than on gender
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A major threat that family businesses face is:
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management succession
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) Bill and Sally have been tired of the corporate rat race. They leave their investment banking positions in New York, move to Colorado and start a business raising Mohair sheep. This couple is an example of the entrepreneurial phenomenon of:
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Corporate "dropouts" / copreneurs
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Small businesses thrive in every industry, but the majority of them are in the:
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limited resources, inexperience managment, and lack of financial stability
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One key to success with a business startup is to begin with enough ________:
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know you business in depth
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) A key characteristic of a successful entrepreneur is
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fall intelligently
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Primary cause of business failure is:
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lack of initial planning
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Forces driving the entrepreneurial trend in our economy include?
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entrpreneurial education, entreprenurial heors
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Joanne is thinking about running her own business. What risks does she face?
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uncertainty
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true/false ) Despite their magnitude, family businesses face a major threat — a threat from within: management succession
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true
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true/false when an entrepreneur develops a relationship with a manager in a large established company in order to draw on the corporate manager's experience, it is called "Copreneurship."
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false
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true/false ) Research shows that for "Copreneurship" to work, responsibilities must be divided by gender
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false
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true/false One important characteristic of successful "copreneurs" is their ability to separate their business life from their personal life, so that one doesn't consume the other.
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true
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true/false "Corporate dropouts" are middle managers who are laid off from large corporations and decide to start their own businesses rather than return to a corporate job.
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true
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true/false ) Small businesses create more jobs than either medium or large businesses.
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true
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More businesses fail because of ________ than for any other reason.
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lack of fiancial planning
