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Exam 8: Entrepreneurial Strategy and Competitive Dynamics

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Question 1

Multiple Choice

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

A) overcome; other new rivals
B) succumb; potential rivals
C) survive; incumbents
D) survive; former rivals

E) All of the above
F) C) and D)

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Question 2

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TOMS Shoes generates interest in its products without a large advertising budget.It uses a Facebook page to create buzz.This is an example of a

A) strategic action.
B) tactical action.
C) focused advantage.
D) differentiated focus.

E) A) and B)
F) None of the above

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Question 3

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Entrepreneurial firms are often in a strong position to use combination strategies,because they have the flexibility to approach situations uniquely.

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?

Which of the following is not a factor that makes it more difficult for new ventures to be successful as differentiators?

Southwest Airlines began its no frills,no meals strategy in the late 1960s as a direct assault on the major carriers of the day.What type of competitive action does this represent?

The majority of entrepreneurial start-ups are financed through monies from

________ is a value required when an opportunity is attractive long enough for it to be successfully developed and deployed.

Generally speaking the opportunity recognition process consists of two phases of activity.They are ________ and ________.

Running Press created a line of palm-sized mini books that were sold as point-of-sale impulse items.The company grew rapidly,even though it had a small fraction of the sales in the publishing industry.They used a pure overall cost leadership strategy to capture market share.

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?

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 this problem.She used the process of

Shakespeare & Co.was reimagined in 2015 to meet the current needs of the market when Dan Neller purchased the NY bookstore.He provided a place to find the hottest books,the ability to print more obscure titles,and a rare level of service that made the store feel like a destination.He used which generic strategy to achieve competitive advantages?

New entry is among the most common reasons why a cycle of competitive actions and reactions gets started among similar competitors.

Vision is an important element of entrepreneurial leadership because

How can new ventures successfully deploy cost-leadership strategies given that they are not likely to be in a position to take advantage of economies of scale,or have the capital to increase scale economies,or have the knowledge gained from experience to make cost-saving improvements?

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

________ provide(s) a key avenue for growth for many young and small firms through partnering to obtain resources and to expand into new markets.

Which of the following statements about venture capital is false?