Question 1

Which of the following terms is used to refer to opportunities that are practical and physically possible?

Accepted Answer

A)  durable
B)  valuable
C)  sustainable
D)  achievableE) A) and B)
F) A) and C)

Question 2

Which of the below best describes the competitive tendencies of small firms?

Accepted Answer

A)  Small firms tend to signal their competitive actions long before they launch those actions because they lack legitimacy in the marketplace.
B)  Small firms typically have more resources available as they undertake competitive attacks than do large firms.
C)  Small firms are more nimble and can respond quickly to competitive attacks.
D)  Small firms are more nimble and cannot respond quickly to competitive attacks.E) A) and D)
F) All of the above

Question 3

Telecommunication equipment providers,Huawei and Nokia,have a high degree of ________ because they have patent rights to similar technologies,high-quality engineering staffs,and global sales forces.

Accepted Answer

A)  dynamic capabilities
B)  resource similarity
C)  market commonality
D)  equity fundingE) B) and D)
F) All of the above

Question 4

Cutting prices or increasing marketing efforts are examples of tactical competitive actions.

Accepted Answer

A) True 
 B)False

Question 5

The evaluation phase of opportunity recognition occurs when an entrepreneur has an insight about a new business venture,often based on prior knowledge.

Accepted Answer

A) True 
 B)False

Question 6

Casper Sleep makes mattresses,according to Strategy Spotlight 8.3 in the textbook.Which generic strategy most closely represents theirs?

Accepted Answer

A)  differentiation
B)  low-cost leadership
C)  focus
D)  combinationE) None of the above
F) A) and B)

Question 7

All the following are examples of strategic actions a firm might take except

Accepted Answer

A)  partner with competitors to reduce competition.
B)  expand into neglected markets.
C)  tie up raw materials sources.
D)  change product packaging.E) A) and C)
F) B) and C)

Question 8

Adaptive new entry involves offering a radical new product or highly innovative service.

Accepted Answer

A) True 
 B)False

Question 9

According to the textbook,which of the following is not a common new entry strategy?

Accepted Answer

A)  imitative new entry
B)  adaptive new entry
C)  pioneering new entry
D)  proactive new entryE) B) and D)
F) B) and C)

Question 10

Founded in 1995,Under Armour,Inc.sells undershirts and other athletic gear using moisture-wicking fabric for sweaty sports.By 2016,it reached the number two athletic clothing firm spot with over 4.5 billion in sales.It used which new entry strategy in 2005?

Accepted Answer

A)  imitative
B)  pioneering
C)  adaptive
D)  differentiatedE) All of the above
F) B) and C)

Question 11

Precision Hawk,a company using drones to do aerial data analysis reached out to Hahn Estate Winery to understand their needs in analyzing crop health.Precision Hawk was conversing with Hahn Estate Winery in order to

Accepted Answer

A)  offer to build a new winery.
B)  get into wine production.
C)  develop a focus strategy.
D)  identify an opportunity.E) A) and C)
F) A) and D)

Question 12

Aircraft makers Boeing and Airbus have a high degree of ________ because they make very similar products and have many buyers in common.

Accepted Answer

A)  dynamic capabilities
B)  first mover advantages
C)  market commonality
D)  equity fundingE) All of the above
F) None of the above

Question 13

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.

Accepted Answer

A) True 
 B)False

Question 14

The new entry strategy that a firm chooses is dependent upon the ________ and the ________ of the new business concept.

Accepted Answer

A)  riskiness;cost
B)  riskiness;potential sales
C)  riskiness;innovativeness
D)  idea;innovativenessE) B) and D)
F) All of the above

Question 15

Competitors in a mature market typically find that a new entrant is threatening because

Accepted Answer

A)  nearly all market need is already being met.
B)  the new entrant might increase prices.
C)  the new entrant offers the same product.
D)  the new entrant is a pioneer.E) All of the above
F) C) and D)

Question 16

In designing its smartphones,Samsung copied the look,feel,and technological attributes of the Apple iPhone.By copying Apple,Samsung was able to improve its market position.According to the Stalk and Lachenauer book,this is an example of strategy to

Accepted Answer

A)  plagiarize with pride.
B)  deceive the competition.
C)  raise competitor costs.
D)  unleash massive and overwhelming force.E) A) and B)
F) All of the above

Question 17

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.According to the Stalk and Lachenauer book,this is an example of the strategy to

Accepted Answer

A)  plagiarize with pride.
B)  deceive the competition.
C)  devastate rivals profit sanctuaries.
D)  unleash massive and overwhelming force.E) All of the above
F) B) and C)

Question 18

According to a study by the Kauffman Foundation,which of the following is the largest source of funding for businesses that have been operating at least five years?

Accepted Answer

A)  public financing
B)  venture capital
C)  loans
D)  angel financingE) A) and D)
F) A) and C)

Question 19

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

Accepted Answer

A)  government contracting.
B)  investing venture capital.
C)  underwriting loans.
D)  training and counseling.E) None of the above
F) B) and D)

Question 20

The best example of a tactical action that a company might use in response to a competitive attack is to

Accepted Answer

A)  acquire the competitor.
B)  offer price discounts and rebates.
C)  expand into new geographical areas.
D)  target the markets of the rival.E) A) and D)
F) B) and C)

Exam 8: Entrepreneurial Strategy and Competitive Dynamics

Aircraft makers Boeing and Airbus have a high degree of ________ because they make very similar products and have many buyers in common.

Correct AnswerverifiedShow Answer

According to a study by the Kauffman Foundation,which of the following is the largest source of funding for businesses that have been operating at least five years?

Correct AnswerverifiedShow Answer

Founded in 1995,Under Armour,Inc.sells undershirts and other athletic gear using moisture-wicking fabric for sweaty sports.By 2016,it reached the number two athletic clothing firm spot with over 4.5 billion in sales.It used which new entry strategy in 2005?

Correct AnswerverifiedShow Answer

The best example of a tactical action that a company might use in response to a competitive attack is to

Correct AnswerverifiedShow Answer

Casper Sleep makes mattresses,according to Strategy Spotlight 8.3 in the textbook.Which generic strategy most closely represents theirs?

Correct AnswerverifiedShow Answer

The evaluation phase of opportunity recognition occurs when an entrepreneur has an insight about a new business venture,often based on prior knowledge.

Correct AnswerverifiedShow Answer

Which of the following terms is used to refer to opportunities that are practical and physically possible?

Correct AnswerverifiedShow Answer

Competitors in a mature market typically find that a new entrant is threatening because

Correct AnswerverifiedShow Answer

Precision Hawk,a company using drones to do aerial data analysis reached out to Hahn Estate Winery to understand their needs in analyzing crop health.Precision Hawk was conversing with Hahn Estate Winery in order to

Correct AnswerverifiedShow Answer

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.According to the Stalk and Lachenauer book,this is an example of the strategy to

Correct AnswerverifiedShow Answer

Which of the below best describes the competitive tendencies of small firms?

Correct AnswerverifiedShow Answer

The new entry strategy that a firm chooses is dependent upon the ________ and the ________ of the new business concept.

Correct AnswerverifiedShow Answer

All the following are examples of strategic actions a firm might take except

Correct AnswerverifiedShow Answer

Adaptive new entry involves offering a radical new product or highly innovative service.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Cutting prices or increasing marketing efforts are examples of tactical competitive actions.

Correct AnswerverifiedShow Answer

According to the textbook,which of the following is not a common new entry strategy?

Correct AnswerverifiedShow Answer

In designing its smartphones,Samsung copied the look,feel,and technological attributes of the Apple iPhone.By copying Apple,Samsung was able to improve its market position.According to the Stalk and Lachenauer book,this is an example of strategy to

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

Telecommunication equipment providers,Huawei and Nokia,have a high degree of ________ because they have patent rights to similar technologies,high-quality engineering staffs,and global sales forces.

Correct AnswerverifiedShow Answer

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The new entry strategy that a firm chooses is dependent upon the and the of the new business concept.

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