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Appalachian State University. MGT 3060. QUESTIONS AND ANSWERS. (GRADED A)

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Ch 3. Entrep. 1. Key success factors are the requirements that any firm must meet to successfully compete in a particular industry. 2. The knowledge needed to generate innovation cannot be easily l... earned from a textbook. 3. Technological uncertainty is eliminated by a superior technology. 4. If there is a good fit between the venture's bundle of resources and the external environment: the firm will be rewarded with superior performance. 5. An error of commission occurs from the decision not to act on a new entry opportunity. 6. Frequent flier miles would be an example of which barrier to entry?, Building in switching costs 7. The longer the entrepreneur takes to research a new entry, the less accurate customer demand estimates are. 8. The entrepreneurial attributes of persistence and determination, which are so beneficial when the new venture is on the "right course,". can inhibit the ability of the entrepreneur to detect, and implement, change 9. If a company has a superior product, customers will always be willing to pay a higher price for higher value. 10. A new entry can be either offering a new product to a new market or creating a new organization. 11. Environmental changes are highly unlikely in emerging industries. 12. Customer uncertainty can take all of the following forms except: not knowing whether the product will perform as expected, being uncertainty adverse in general and resistant to change, not understanding how to use the product, not knowing where to buy the product, being uncertainty adverse in general and resistant to change 13. Imitation strategies: can enhance a firm's performance. 14. Using a broad scope strategy helps to reduce the risk of market uncertainty. 15. Experience is idiosyncratic—unique to the life of the individual. 16. 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: patented 17. A narrow scope strategy offers a small product range to a small number of customer groups. 18. Changes needed to adapt to environmental changes: are easier in established organizations because of inertia. are more difficult because of the tendency to escalate commitment. 19. Later movers do not face: high growth markets. 20. A "me-too" strategy consists of copying products that already exist and attempting to build an advantage through minor variations. 21. Competition within an industry always has a negative effect on industry growth. 22. Building customers' switching costs decreases barriers to entry for other firms. 23. ______________ knowledge refers to the entrepreneur's possession of information, technology, know-how, and skills that provide insight into the industry and customers. Technological, Market 24. The basic building blocks to a firm, or the inputs into the production process, are: resources 25. Technological uncertainty: occurs because an alternative technology could be introduced by competitors 26. A franchise is the instrument used to protect the owner of the technology from people imitating the technology. 27. A narrow-scope market strategy: does not provide the entrepreneur an opportunity to build up specialized knowledge and expertise. provides substantial protection against competitors. is like putting all your eggs in one basket. can be thought of as taking a "portfolio" approach to dealing with uncertainties. 28. In order to be the basis for a firm's superior performance, a bundle of resources must be valuable, rare, and imitable. 29. Newness of a new entry is always an advantage. 30. Adaptations necessary to meet changes in market demand are difficult because an organization resists change. 31. A broad-scope market strategy: is used to reduce market uncertainty. 32. In emerging industries: environmental changes are highly likely 33. Technological uncertainty: occurs because an alternative technology could be introduced by competitors 34. Barriers to entry include all of the following except: environmental instability 35. Which of the following statements is(are) ? Knowledge based on experience is unlikely to be learned in a classroom. 36. The period of time when the environment is favorable for entrepreneurs to exploit a particular new entry is the: window of opportunity. 37. Which item is not part of the new entry generation stage in the entrepreneurial strategy process? Risk reduction strategies 38. By overestimating demand, the entrepreneur will suffer the costs of under capacity. 39. _____ refers to the probability, and magnitude, of downside loss. Risk 40. An error of omission occurs when an entrepreneur: decides not to enter a market that is, in fact, desirable. 41. Franchising: reduces risk of downside loss. 42. Franchising is an example of a new entry strategy that increases the risk of downside loss for the franchisees. 43. Emerging industries are industries that have been around for years but are just starting to experience explosive growth. 44. Which of the following is not a reason that first movers are better positioned to satisfy their customers? They have a chance to select and secure the most attractive segments of the market, They have the chance to position themselves at the center of the market, They have less uncertainty over the nature of the market, They have a chance to establish their product as the industry standard 45. Knowledge is the basis of the entrepreneurial resource. 46. A narrow scope strategy reduces the risks associated with competition. 47. Lead time is: the time in which the first mover operates in the market under conditions of limited competition 48. Technological knowledge: can lead to a new product that is the basis for a new entry 49. The period of time when the environment is favorable for entrepreneurs to exploit a particular new entry is called the window of opportunity. 50. A disadvantage of being a first mover is: environmental instability. 51. The late mover is able to operate in the industry for a grace period under conditions of limited competition. 52. First movers face: demand uncertainty. 53. 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): customer switching costs. 54. When conducting research on a new entry: extensive research is expensive in terms of time and money. 55. By delaying entry, late movers: can learn from the actions of first movers without incurring the same costs. 56. Technological knowledge refers to the entrepreneur's possession of information, technology, know-how, and skills that provide insight into a market and its customers. 57. A new entry includes all of the following except: Creating a new brand name for your company 58. Offering a small product range to a small number of customer groups is: a narrow-scope strategy. 59. Regarding entry into a new market, which of the following is(are) ? First movers gain expertise through participation 60. When the window of opportunity is open, the environment is unfavorable for entrepreneurs to exploit a new product or enter a new market with an existing product. 61. Justin Parer has created flexibility over the money side of the business and control over how strategies are formed. 62. Which of the following is a liability of newness? Costs associated with learning new tasks are high. 63. First movers: are better positioned to satisfy customers. 64. First movers can monitor changes in the market that might be difficult or impossible to detect for those firms not participating in the market. 65. Which is the best way to gain knowledge about a potential new entry? Entrepreneur's market experience and knowledge. 66. Which item is not part of the new entry generation stage in the entrepreneurial strategy process? Risk reduction strategies 67. The long-run performance of a firm is dependent upon the ability to generate and exploit numerous new entries. 68. First movers suffer a cost disadvantage as they are not able to move down the experience curve. 69. The assessment of a new entry attractiveness is less about whether this opportunity "really" exists or not and more about whether the entrepreneur believes he or she can make it work. 70. Imitation of other products increases the downside loss associated with new entry. 71. The three major risk reduction strategies discussed in the text are narrow scope, broad scope and imitation. 72. A ______ strategy that copies products that already exist and attempts to build an advantage through minor variations. me-too 73. Market research, such as surveys, has limited effectiveness because it is often difficult for customers to articulate the underlying problems they have with a product or service. 74. By being first to market a product, the venture: loses out to switching costs. can tends to lose customer loyalties to late entrants. secures access to important sources of supply. can sell its products and services at a higher price. 75. The set of decisions, actions, and reactions that first generate, and then exploit over time, a new entry is: entrepreneurial strategy. 76. If there is a poor fit between its resources and the external environment, then the firm will not enjoy superior performance. 77. Lack of informal communication systems is one of the assets of newness. 78. The entrepreneur's market knowledge is deeper than the knowledge that could be gained through market. 79. A broad-scope strategy: opens the firm up to many different "fronts" of competition. 80. Customers always embrace change in products and services. 81. Does Justin Parer have passion for his entrepreneurial businesses. [Show More]

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