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Question
The three major risk reduction strategies discussed in the text are narrow scope, broad scope and imitation.Answer
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In 1994 Robert Mondavi came up with:
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To be the basis of a firm's superior performance over competitors for an extended period of time, valuable and rare resources need to be:
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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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A narrow scope strategy offers a small product range to a small number of customer groups.
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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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Identify the main disadvantages of being a first-mover.
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Which of the following is a liability of newness?
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Imitation strategies:
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B.are rare and inimitable.
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_____ refers to the probability, and magnitude, of downside loss.
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Frequent flier miles would be an example of which barrier to entry?
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B.Securing access to supply of key resources
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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.
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C.resource costs.
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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?
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Reverse brainstorming is much like brainstorming except that:
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_____ is not desirable when brainstorming is in process.
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The largest source of new product ideas is:
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Patents filed with the U.S. Patent Office:
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The entrepreneur should always design and build his own webpage to maintain strategic control.
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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.