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Exam 8: Entrepreneurial Strategy and Competitive Dynamics

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Question 51

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Which of the following is not one of the three characteristics of entrepreneurial leadership mentioned by the text?

A) clarifying job responsibilities
B) dedication and drive
C) commitment to excellence
D) vision

E) B) and D)
F) B) and C)

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Question 52

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Tom Monahan, a business creativity coach, says that every new idea is merely a spin of an old idea. A company that enters the market by offering a product or service that is somewhat new and sufficiently different in order to create value for customers by capitalizing on current trends is using which new entry strategy?

A) imitative
B) pioneering
C) differentiated
D) adaptive

E) A) and D)
F) A) and C)

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Question 53

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Which of the following statements about venture capital is false?

Walmart began offering low-priced extended warranties on home electronics after learning that its rivals such as Best Buy derived most of their profits from extended warranties. Accordingto the Stalk and Lachenauer book, this is an example of the strategy to

A focus strategy must not include elements of differentiation and overall cost leadership in order to be successful.

The Amazon approach to selling books, using the Internet and offering superior customer service, gave it a strong entry strategy. This is an example of a focus strategy.

The U.S. Small Business Administration supports small business through all the following except

Smell-O-Vision created an invention that would pump odors into movie theatres. It did not make it to market. This was an attempt to be an adaptive entry strategy.

In competitive dynamics, new entrants may be forced to change their strategies or develop new ones to ________ competitive challenges by ________.

Which of the following is not one of the characteristics of an entrepreneurial opportunity?

Which of the following refers to a situation where a company has a high concentration of its business in a particular industry market?

What are competitive dynamics and how does this explain why strategies evolve in response to actions of close competitors?

A small firm may be unable to mount a serious attack due to lack of resources. As a result, it is more likely to react to ________ actions, such as incentive pricing or enhanced service offerings, because they are less costly to attack than large-scale strategic actions.

Jeannine Fradelizio noticed that at parties she hosted, guests would set down their wine glasses and forget which one was their glass. She designed the Wine Glass Writer to solve thisproblem. She used the process of