Posted: February 8th, 2019

Pace University MGT 490 Chapter 8 Quiz Spring 2015

(MGT490 20353 Spring 2015)Assignment:Chapter 08 Quiz1.award:10 out of10.00 pointsAn entrepreneurial start-up can be successful, if three ingredients are critical. What are they?an opportunity, a marketing plan, and office space a viable opportunity, available resources, and qualified and motivated founding teamgood ideas, a team of investors, and a business planmanagement, marketing, and money2.award:10 out of10.00 pointsEntrepreneurship refers to new value creation and can never include activities in major corporations.True False3.award:10 out of10.00 pointsThe process of identifying, ________, and developing new venture opportunities is known as opportunity recognition.categorizingbrainstorming selectingeliminating4.award:10 out of10.00 pointsEntrepreneurial firms are often in a weakened position to use combination strategies, because they do not have the flexibility to approachsituations uniquely.True False5.award:10 out of10.00 pointsIntense rivalry involving actions and responses among _________ competitors vying for the same customers in a marketplace is known as__________.similar; threat of substitutesdiverse; pioneering new entrydifferent; resource similarity similar; competitive dynamics6.award:10 out of10.00 pointsResource similarity is the extent to which rivals draw from the same types of resources in order to compete. TrueFalse7.award:10 out of10.00 pointsEntrepreneurial new entry is often perceived as a competitive threat because most market needs are not being met, either directly or indirectly,by an existing firm.True False8.award:10 out of10.00 pointsWhen attacked, older and larger firms tend to respond less quickly, but their responses are often more predictable. TrueFalse9.award:10 out of10.00 pointsFounders using an imitative new entry strategy look for opportunities to capitalize on proven market successes. TrueFalse10.award:10 out of10.00 pointsEntrepreneurial competitive dynamics refers to a cycle of actions and responses between firms competing for different customers.True False11.award:10 out of10.00 pointsOne of the ways entrepreneurs achieve success is by using resources more __________. This is an example of how entrepreneurs use_____________ strategy. efficiently; a low-cost leaderwisely; a combinationreasonably; a differentiationeffectively; an imitative12.award:10 out of10.00 pointsPandora pioneered a new way to broadcast music. This kind of breakthrough of creating ________ ways to solve old problems or meetingcustomer needs in a ___________ new way is referred to as a pioneering new entry.focused; focuseddifferentiated; differentiatedincremental; differentiated new; unique13.award:10 out of10.00 pointsImitative new entry involves offering a radical new product or highly innovative service.True False14.award:10 out of10.00 pointsOpportunity recognition is the process of identifying, selecting, and reducing entrepreneurial opportunities.True False15.award:10 out of10.00 pointsBecause new ventures typically are small, they usually have high economies of scale relative to competitors.True False16.award:10 out of10.00 pointsA(n) ____________ is used by entrepreneurs who see products or business concepts that have been successful in one market niche andintroduce the same product in another segment of the market.proactive new entrypioneering new entry imitative new entryadaptive new entry17.award:10 out of10.00 pointsDifferentiation is often associated with _______ brand identify, __________ cost of advertising, and _____________ innovation.strong; expensive; inferiorstrong; inexpensive; inferior strong; expensive; superiorweak; inexpensive; superior18.award:10 out of10.00 pointsCommon sources of new business opportunities include: _________, ________, and ____________.past work experiences, suggestions by family, potential workfuture work experiences, suggestions by friends, chance events current work experiences, suggestions by friends, chance eventcurrent work experiences, suggestions by family, luck19.award:10 out of10.00 pointsBCG authors Stalk and Lachenauer published a book in which they listed competitive strategy for winning against incumbent rivals. Theseincluded devastate profit sanctuaries of rivals; _____ competitor costs; plagiarize with pride; ___________ the competition; and unleashmassive and overwhelming force,increase; disguiselower; excite raise; deceivelower; eliminate20.award:0 out of10.00 pointsAn entry wedge, according to the text, is a type of entrepreneurial strategy firms can use to exit markets.True False21.award:10 out of10.00 pointsA company might launch new competitive actions to: improve market position, _______ on growing demand, ______________ productivecapacity, provide an innovative new solution, or obtain first mover advantages.capitalize; reduceconcentrate; decrease capitalize; expandconcentrate; reduce22.award:10 out of10.00 pointsSmall businesses do not create the majority of new jobs in the U. S. economy.True False23.award:0 out of10.00 pointsWhen launching a new venture, finding a way to begin doing business must quickly generate cash flow, build credibility, attract goodemployees, and __________ the liability of newness.adapt toembrace overcomereward24.award:10 out of10.00 pointsMarket commonality refers to the extent to which competitors are vying for different customers in the same markets.True False25.award:10 out of10.00 pointsAmazon is an example of a company that used the differentiation strategy to enter the market. The differentiation features included ________.traditional delivery logistics doing it on the Internettraditional back office logisticsminimal customer service