 Question 1

0.5 out of 0.5 points

________ spell(s) out the "ends" an organization is to achieve; ________ define(s)
the "means" for achieving the ends.
Mission

 Question 2
0.5 out of 0.5 points
Every business is characterized by a set of controllable variables that determines the
relative success (or lack of it) of market participants called:
Key

 Question 3
0 out of 0.5 points
Which of the following is true about the information-gathering process in competitive
analysis?
Your company's most vulnerable point against these two
competitors is in the area
Or
It can be relatively inexpensive and easy for the small business owner to
conduct.

 Question 4
0.5 out of 0.5 points
Gathering competitive intelligence, such as "dumpster diving" in a competitor's trash,
may raise questions regarding:
ethical

 Question 5
0.5 out of 0.5 points
Your ________ competitors offer the same products and services, and customers
often compare prices, features, and deals from these competitors as they shop.
Direct

 Question 6
0.5 out of 0.5 points
A ________ is a road map of the tactics and actions an entrepreneur draws up to
fulfill the company's mission, goals, and objectives.
strategy

 Question 7
0.5 out of 0.5 points
A small company's mission statement:
All

 Question 8
 0.5 out of 0.5 points
________ are a unique set of capabilities that a company develops in key operational
areas-such as service, innovation, and others-that allow it to potentially vault past its
competitors.

core

 Question 9
0.5 out of 0.5 points
Which of the following is an effective method of collecting information about
competitors?
All

 Question 10
0.5 out of 0.5 points
A clearly defined vision helps a company in which of the following ways?
ALL

 Question 11
0 out of 0.5 points
The relationship between core competencies and competitive advantage is best
described by which statement?
A company's core competencies become the nucleus of its competitive
advantage.

 Question 12
0.5 out of 0.5 points
________ are the broad, long-range attributes the small business seeks to
accomplish; ________ are the more specific targets for performance.
Goal and Obj

 Question 13
0.5 out of 0.5 points
Rather than attempting to serve the total market, the small firm pursuing a ________
strategy specializes in serving a specific target segment.
focus

 Question 14
0 out of 0.5 points
The relationship between a company's mission, goals, and objectives and its strategy
is best described by which of the following statements?

The mission, goals, and objectives spell out the ends the company wants to achieve, and
the strategy defines the means for reaching them.

 Question 15
0 out of 0.5 points
 When developing a company's mission statement, an entrepreneur should remember
to:
keep it short and simple

 Question 16
0 out of 0.5 points
Which of the following is NOT a characteristic of the strategic management procedure
for a small company?

A relatively permanent statement of mission based on constancies and stabilities in the

environment

 Question 17
0.5 out of 0.5 points
Small firms pursuing a cost-leadership strategy have an advantage in reaching
customers whose primary purchase criterion is:
It should begin with an extensive objective-setting session.
price

 Question 18
0.5 out of 0.5 points
________ are positive internal factors that contribute toward accomplishing the
company's mission, goals, and objectives, while ________ are negative internal
factors that inhibit the accomplishment of a firm's mission, goals, and objectives.
Strength and weakness

 Question 19
0.5 out of 0.5 points
The focal point of any company's strategy, whatever it may be, should be:
Its customer

 Question 20
0.5 out of 0.5 points
Which of the following was not identified as a way for the typical small business to
establish a competitive advantage?
Lowering price

Question 1
0.5 out of 0.5 points
________ involves developing a game plan to guide a company as it strives to accomplish its
mission, goals, and objectives to keep it on its desired course.

Strategic management

A company that offers superior product quality, extra customer service, and fast delivery times is
pursuing a:
Differentiation strategy

Question 3
0 out of 0.5 points
When developing a company's mission statement, an entrepreneur should remember to:

Keep it short and simple

The key to entrepreneurial success over time is to build a ________ competitive advantage.
Sustainable

Question 8
0 out of 0.5 points
An ________ competitor offers the same or similar products of services only in a small
number of areas, and their target customers seldom overlap yours.

Indirect Comp

Question 10
0.5 out of 0.5 points
A strategy should:

All
Question 11
0 out of 0.5 points
The aggregation of factors that sets a company apart from its competitors and gives it a
unique position in the market, superior to its competition, is its:

Comp Adv

In order for the control process to work, the business owner must:
Concentrate on comp

Question 13
0.5 out of 0.5 points
A differentiation strategy:

All

Question 14
0.5 out of 0.5 points
A clearly defined vision helps a company in which of the following ways?

ALL

Question 15
0.5 out of 0.5 points
A strategic plan serves as a blueprint to help a company to:

ALL
Question 16
0 out of 0.5 points
Strengths and weaknesses are ________ to the organization.

Internal factors
Question 18
0.5 out of 0.5 points
The principle behind a ________ strategy is to select one or more market segments, identify
customers' special needs, and approach them with a good or service designed to excel in
meeting these needs.

Focus
Question 19
0 out of 0.5 points
The balanced scorecard ideally looks at a business from four important perspectives relating
to:

customers, internal factors, innovation, and finances.

Which of the following is not one of the three components of intellectual capital?
Human
Competitor
Structural
Customer
Question 2
0.5 out of 0.5 points
Small firms pursuing a cost-leadership strategy have an advantage in reaching customers
whose primary purchase criterion is:

Price

Question 3
0.5 out of 0.5 points
Skatell's, a small jewellery store with three locations, designs and manufactures much of its
own jewellery while its competitors (many of them large department stores) sell standard,
"off-the-shelf" jewellery. As a result, Skatell's has developed a loyal customer base of people
who seek unique pieces of jewellery. Skatell's reputation for selling unique and custom-
designed jewellery allows them to benefit from a:

Cost ledership

Question 4
0.5 out of 0.5 points
Small companies must develop strategies that exploit all of the competitive advantages of
their size by:

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Question 5
0.5 out of 0.5 points
Shere Vincente operates a travel service that specializes in arranging trips for women, giving
special attention to their needs and preferences, from security and comfort to activities and
events designed to appeal to her target customers. Vincente is pursuing a ________
strategy.

Focus

Question 8
0 out of 0.5 points
Cost-leadership may have which of the following inherent dangers?

Question 10
0 out of 0.5 points
Maria Sanchez is the owner of the Main Street Café and a new restaurant opens a few
blocks away. From Maria's perspective, this new restaurant constitutes a(n):

Threat

Question 15
0.5 out of 0.5 points
Kevin Abt noticed that people were cooking meals in their homes less often but wanted to
avoid the hassle of going out to eat. They wanted to "eat in" without cooking. Abt launched a
company, Takeout Taxi, that delivers restaurant-prepared food to his customers' homes and
businesses. Takeout Taxi is the result of a(n):

Opp

Question 20
0.5 out of 0.5 points
Which of the following is not one of the three components of intellectual capital?

Comp
Question 14
0 out of 0.5 points
Which of the following is not a recommended method of collecting competitive intelligence?

Pay competitors' employees to become informants about their companies' strategies,

markets, and trade secrets.

A cost-leadership strategy:

Price wala