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Question
Franchising:A.is the only imitation strategy discussed in the text.
B.reduces risk of downside loss.
C.is the same as the me-too strategy.
D.reduces the amount of competition an entrepreneur will face.
Answer
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A narrow scope strategy reduces the risks associated with competition.
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A narrow scope strategy is better than a broad scope strategy in an environment high in uncertainty.
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Adaptations necessary to meet changes in market demand are difficult because an organization resists change.
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First movers suffer a cost disadvantage as they are not able to move down the experience curve.
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The knowledge needed to generate innovation cannot be easily learned from a textbook.
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In the ________ method a new idea is developed through a list of related issues or suggestions.
A.Gordon
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Identify the main disadvantages of being a first-mover.
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Which of the following is a liability of newness?
A.Costs associated with learning new tasks are high.
B.Lack of established routines and processes give the venture a new slate.
C.Communication in informal systems is increased.
D.Market for potential consumers is limited.
Q:
Imitation strategies:
A.require expensive and extensive research.
B.are rare and inimitable.
C.does not provide organizational legitimacy.
D.can enhance a firm's performance.
Q:
_____ refers to the probability, and magnitude, of downside loss.
A.Reward
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Frequent flier miles would be an example of which barrier to entry?
A.Building customer loyalties
B.Securing access to supply of key resources
C.Creating product uniqueness
D.Building in switching costs
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The costs that must be borne by customers if they are to stop purchasing from the current supplier and begin purchasing from another is(are):
A.customer switching costs.
B.lead time.
C.resource costs.
D.resource bundle errors.
Q:
The U.S. Chamber of Commerce and Small Business Development Centers are good places to get information and assistance in starting a new business.
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Which of the following problem-solving techniques begins with group members not knowing the exact nature of the problem?
A.Parameter analysis
B.Matrix charting
C.The Gordon method
D.Free association
Q:
Reverse brainstorming is much like brainstorming except that:
A.criticism is not allowed.
B.the technique is based on finding solutions.
C.the group need not be careful to maintain good morale.
D.the process usually involves identification of everything wrong with an idea.
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_____ is not desirable when brainstorming is in process.
A."Freewheeling"
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Q:
The largest source of new product ideas is:
A.the U.S. Patent Office.
B.the entrepreneur's research and development.
C.customers.
D.the federal government.
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Patents filed with the U.S. Patent Office:
A.are not disclosed to the public.
B.are the property of the U.S. Government.
C.frequently suggest other new products.
D.are only accessible to public limited companies.
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The entrepreneur should always design and build his own webpage to maintain strategic control.
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Only the test marketing phase of product planning provides actual sales results to judge the product's customer appeal.
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In the test market stage of product planning, the refined product idea is tested to determine customer acceptance.
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In the concept stage, the refined idea is tested to determine consumer acceptance.
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Creative synthesis is closely connected to the technique of parameter analysis.