question

____ , relatively new approach to partnering, takes place when a service provided comes inside a partner's facilities and helps the partner design and manage its supply chains.

answer

Inflitrating

question

Organizations (typically nonprofit) that are formed by firms in the same industry to collect and disseminate trade information, offer legal and technical advice, furnish industry-related training, and provide a platform for collective lobbying are called:

answer

Strategic alliance

question

) A ________ is a group of organizations with similar needs that band together to create a new entity to address those needs.

answer

joint venture

question

Zappo's competence in customer service, Apple's competence in designing consumer products, and Netflix's competence in supply chain management are examples of ________,

answer

Core Competencies

question

A ________ is a resource or capability that serves as a source of a firm's competitive advantage over its rivals.

answer

Foundational competency

question

________ involves all the activities required to manufacture a product

answer

operations

question

The ________ is the string of activities that moves a product from the raw material stage, through manufacturing and distribution, and ultimately to the end user.

answer

value chain

question

The term ________ refers to initiatives, such as Netflix in movie rentals and Zipcar in car sharing, which revolutionize how products are sold in an industry.

answer

product model modernism

question

In regard to business models, which of the following statements is incorrect?

answer

there is a standard business model that most firms follow.

question

According to the textbook, the three different types of competitors a business will face are:

answer

direct, indirect, and future.

question

According to the textbook, the first step in a competitor analysis is to:

answer

determine who the competition is.

question

Katherine Chapman recently launched a firm in the clothing industry, targeting teens ages 13-17. One thing Katherine thinks she has accomplished is producing products that have universal appeal, so she will not vary her approach from country to country. Katherine is pursuing a ________ strategy.

answer

global.

question

Shelly James recently launched a firm in the fruit drink industry, and has already exported her fruit drinks to 9 different countries. One thing that Shelly's firm is doing is that it is varying the tastes of the fruit drinks it sells on a country by country basis to meet the demands of the local markets. Shelly's firm is pursuing a ________ strategy.

answer

multidomestic

question

Firms that pursue a(n) ________ strategy compete for market share on a country-by-country basis and vary their product or service offerings to meet the demands of the local market.

answer

multidomestic

question

) If a startup pioneers an industry or a new concept within an industry, the name recognition the startup establishes may create a formidable nontraditional barrier to entry referred to as a(n):

answer

first-mover advantage.

question

Which of Porter's five forces is most directly influenced by the following factors: number and balance of competitors, degree of difference between products, growth rate of an industry, and level of fixed costs?

answer

rivalry among existing firms.

question

Some industries, like the athletic shoe industry, are dominated by a small number of firms with strong brands. These industries are difficult to break into without spending heavily on advertising. The barrier to entry that the firms in these types of industries have erected is referred to as:

answer

product differentiation.

question

Which of the following is an example of an industry-level factor as opposed to a firm-level factor.

answer

threat of substitutes.

question

Each quarter, Cindy Anderson, who owns a chain of card and gift shops, does a detailed analysis of her firm's competitors. This analysis is called:

answer

competitor analysis

question

Once a firm decides to enter an industry and chooses a market in which to compete, it must gain an understanding of its competitive environment. This challenge can be undertaken by completing a(n):

answer

competitor analysis

question

What section of the business plan deals with the day-to-day operations of a company?

answer

operations plan

question

A prototype is:

answer

the first physical depiction of a new product.

question

A computer-generated image of an invention that displays the invention as a 3D model that can be viewed from all sides and rotated 360 degrees is called a(n):

answer

VIRTUAL PROTOTYPE

question

Which of the following statements is incorrect regarding the marketing plan section of a business plan?

answer

The best way to describe a company's marketing plan is to begin by talking about its competitors.

question

Operating leverage is highest in companies that have:

answer

a high proportion of variable cost relative to their fixed costs.

question

Paul Hempken just spoke to an investor, who is interested in his business idea. Paul offered to send the investor a copy of his full business plan, but the investor asked for a short overview of the business plan instead. What portion of his business plan should Paul send the investor?

answer

executive summary

question

Which of the following statements is incorrect regarding the executive summary of a business plan?

answer

The executive summary is the first thing that should be written in preparing a business plan.

question

The ________ is a short overview of the entire business plan.

answer

executive summary.

question

Which of the following is not a recommended guideline for writing a business plan?

answer

A business plan needs to project a sense of anticipation and excitement about the possibilities that surround a new venture.

question

Which of the following is not an individual, group or institution that normally reads a company's business plan?

answer

state and local government officials

question

There are two primary audiences for a business plan: investors and other external stakeholders and:

answer

a firms employees

question

There are two primary audiences for a business plan:

answer

a firm's employees and investors and other external stakeholders

question

The document that does the best job of introducing potential investors and other stakeholders with the business opportunity the firm is pursuing and how it plans to pursue it is the:

answer

business plan

question

Which of the following statement is incorrect about business plans?

answer

A business plan is typically 25 to 35 pages long.

question

A ________ market is a place within a larger market segment that represents a narrower group of customers with similar needs.

answer

target

question

Which of the following is not an attribute of an attractive industry?

answer

is late rather than early in its life cycle.

question

Corry Pierce is investigating the feasibility of a new type of electronic game targeting middle school and high school-age boys. Which of the following is an example of "gumshoe research" that Corry could conduct to get a sense of the likely demand for his game?

answer

Spend several days in electronic games arcades and stores to observe the types of games that attract the interest of middle school age and high school age boys.

question

________ feasibility is an assessment of the overall appeal of the product or service being proposed.

answer

Product/service

question

Which of the following is not one of the four areas of feasibility analysis discussed in the textbook?

answer

societal feasibility

question

Cameron Smith recently surveyed 200 of his classmates to get a sense of the demand for a new software product he is working on. Collecting data via a survey you administer yourself is referred to as:

answer

primary research

question

________ is the process of determining whether a business idea is viable.

answer

feasibility analysis

question

According to the textbook, which is the proper sequence of events in developing successful business ideas?

answer

opportunity recognition, feasibility analysis, development of a business plan

question

A(n) ________ is a physical or digital repository for storing ideas.

answer

idea bank

question

To make sure that its customers are satisfied and to probe for new product ideas, Intuit routinely sends employees to the facilities of their customers. This technique for generating new business ideas is called:

answer

day in the life research

question

An example of a valuable library resources is IBISWorld, which is a(n):

answer

database of industry-related information

question

Alex has a number of casual acquaintances that he interacts with infrequently. The relationships that Alex has with these people are referred to as:

answer

weak-tie relationships

question

Most of Jacob's ideas come from interacting with coworkers, friends, his spouse, his parents, and other people that share the same beliefs that he does. Jacob is getting most of his ideas through:

answer

strong-tie relationships

question

________ are characterized by frequent interactions that form between coworkers, friends, and spouses.

answer

strong tie relationships

question

The ability to notice things without engaging in deliberate search is referred to as:

answer

enterpreneurial alertness

question

Frank Patterson started a firm in 2011 that creates and manufactures accessories for Apple iPhones. He started with four accessories, and after several months added three new accessories that have been very successful. The fact that Frank recognized the opportunity for the three new accessories only after he started his firm and become immersed in the iPhone accessory industry is an example of the ________ at work.

answer

access principle

question

Sharon Simms is a very capable computer engineer. Recently, she noticed a problem that computer engineers have, and thought of a solution to the problem that might represent an opportunity for a new software product. Sharon's idea for a new software product is an example of a(n) ________ discovery.

answer

serendipitous

question

Which of the following statements is incorrect regarding the personal characteristics of entrepreneurs?

answer

C) Several studies show that prior experience in an industry actually blinds an entrepreneur to the recognition of new opportunities in the same industry.

question

Shelly Ford is starting a fashion boutique in an upscale mall near San Antonio. She wants to open her store during the time period in which a business like hers can realistically enter the new market. Shelly is trying to open her business while the ________ is open.

answer

window of opportunity

question

An opportunity has four essential qualities

answer

A) attractive, timely, durable, and anchored in a product, service, or business that creates or adds value for its buyer or end user

question

According to the textbook, opportunities are

answer

tough to spot

question

A(n) ________ is a favorable set of circumstances that creates a need for a new product, service, or business.

answer

opportunity

question

Which of the following statements is incorrect regarding the economic impact of entrepreneurial firms in the United States?

answer

D) Small businesses employ just less than half of all private sector employees.

question

In regard to patent activity (issuance), which of the following statements is correct?

answer

A) Small businesses outperform their larger counterparts.

question

Suppose you are a Small Business Development Center counselor and you're looking at the personality profiles of five potential entrepreneurs. Based on the profiles, which individual has the most desirable mix of personal characteristics to become a successful entrepreneur?

answer

D) Candidate D: high risk taker, achievement-motivated, networker

question

According to the textbook, entrepreneurs are:

answer

moderate risk takers

question

21) According to the textbook, entrepreneurs are:

answer

intolerant of ambiguity

question

Which of the following is not one of the five common myths about entrepreneurs?

answer

entrepreneurs are tenacious

question

The three primary reasons that people become entrepreneurs and start their own firms are to:

answer

D) be their own boss, pursue their own ideas, and realize financial rewards

question

Netflix is an established firm that encourages and emphasizes entrepreneurial behavior throughout its various divisions. According to the textbook, Netflix practices:

answer

corporate entrepreneurship

question

Sarah Thorton is the founder of a company named Extreme Sports Apparel. The company makes apparel products for extreme sports enthusiasts such as rock climbers, triathletes, parasailors, and BMX bikers. Sarah wants her company to pursue a high level of corporate entrepreneurship. To achieve that goal, Sarah's firm should be:

answer

E) proactive, innovative, and risk taking

question

Apple Inc. is a firm that is proactive, innovative and risk-taking. From this description, we can most accurately conclude that Apple has a high level of

answer

entrepreneurial intensity

question

Which of the following statements regarding business success (or failure) rates is correct?

answer

C) After four years, 50 percent of new businesses are still open.

question

According to the Global Entrepreneurship Monitor (GEM) 2007 study, the majority of people in high-income countries are drawn to entrepreneurship:

answer

due to lack of career prospects

MGMT 275 – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards