Chapter 7 Practice Quiz
Chapter 7 Practice Quiz STS 2500
Popular in S&T in Social and Global Context
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This 5 page Study Guide was uploaded by Annette Chun on Thursday October 8, 2015. The Study Guide belongs to STS 2500 at University of Virginia taught by Douglas Muir in Summer 2015. Since its upload, it has received 708 views. For similar materials see S&T in Social and Global Context in Engineering and Tech at University of Virginia.
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Date Created: 10/08/15
Chapter 7 Small Business Strategies Imitation with a Twist 1 is the idea and actions that explain how a firm will make its profits A Strategy B Objective C Mission D Goal 2 Most small businesses are more than A costdirected profitdirected B imitative innovative C customerdriven employeedriven D innovative imitative 3 The first step of the small business strategy planning process A involves performing a SWOT B involves reviewing and con rming the prestrategy decisions that define your firm and your goal for it C is where you consider your customers and the benefits you want to offer them D is to study the dynamics and trends of your industry 4 The second step of the small business strategy planning process is considering with A customers benefits B competitive advantage value chain analysis C prestrategy VRIO analysis D benefits industry analysis 5 The tool appropriate for the third step of the small business strategy process to study the dynamics and trends of your industry is the A value chain analysis B SWOT analysis C VRIO analysis D industry analysis 6 The fourth step of the small business strategy planning process A is where you consider your customers and the benefits you want to offer them B aims to refine your firm39s capabilities in order to maintain a competitive advantage C involves determining the best strategic direction and strategy for the firm D is to study the dynamics and trends of your industry 7 10 ll 12 An opportunity that makes it possible for a new business to gain a foothold in a market refers to A parallel competition B incremental innovation C entry wedge D altruism Which are the two major classification systems that code industries A NAICS and SIC B SCALE and SCOPE C SWOT and VRIO D SIC and SWOT An overall strategic approach in which a firm seeks to do something that is very different from that of What others in the industry are doing is called an A costleadership strategy B imitative strategy C grand strategy D innovative strategy An is the business term for the population of customers for your products or services A market B industry C strategy D SIC refers to the size of the market Whereas A Scope scale B Mass niche C Scale scope D Niche mass refers to its geographic range What types of customers are likely to generate more potential customers than any other type A Loyal customers B Local customers C Passionate customers D Corporate customers 13 14 15 16 17 18 19 Value benefits can include all of the following EXCEPT A quality B style C delivery D learning Cost benefits can come from all of the following EXCEPT A credit B scale savings C learning D organizational practices Changes in competitors sales and profits in an industry over time is called A industry dynamics B retrenchment C a shakeout D a transformational competency Which of the following represent the five stages of industry life cycle A Introduction growth maturity decline and death B Introduction pioneers early adopters decline and death C Pioneers growth early adopters decline and death D Pioneers early adaptors late adopters early majority and death A type of life cycle stage following a boom in which there is a rapid decrease in the number of firms in an industry is the A shakeout B growth stage C maturity stage D decline stage Which of the following refers to funds left over after deducting the cost of goods sold A Profit before taxes B Gross pro t C Net profit D Rate of profit A research process that provides the entrepreneur with key information about the industry such as its current situation and trends is called A SWOT analysis B VRIO analysis C value chain analysis D industry analysis 20 21 22 23 24 The amount of money left after operating expenses are deducted for the business refers to A net pro t B gross profit C operating profit D earnings before tax A type of generic strategy aimed at clarifying how one product is unlike another in a mass market refers to strategy A differentiation B cost C integration D focus In SWOT strengths are A chances to make greater sales or profits in the enVironment B characteristics of the business that give it an advantage over others in the industry C elements in the environment that could cause trouble for the business D characteristics that place the firm at a disadvantage relative to others Which of the following refers to the particular way a firm implements customer benefits that keeps the firm ahead of other firms in the market A Industry analysis B Competitive advantage C Resource distribution D Value chain Scenario Healthy Wash Following the health trend Amy Amorouso and her two friends have decided to open a laundromat with a workout facility The concept of each of these exists separately and also there are laundromats with bars or game rooms that already exist This would be a different variation The main focus will be the laundromat with a small space allowed for a workout area with a few machines to test the idea The first thing that Amy and her friends need to do to pursue their strategy is to perform A an industry analysis B a SWOT analysis C a VRIO analysis D a value chain analysis 25 Identify the two market decisions that Amy and her friends need to make A Imitation and innovation B Local or global C Mass or niche D Scale and scope 26 Using the degree of similarity Amy39s concept of laundromat with a workout space can be described as A parallel competition B incremental innovation C cloning D mass differentiation 1 When performing a SWOT analysis where Amy39s business threats meet her business weaknesses what should her strategy option be A Fix B Fight C Flee D Flaunt
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