Sm Bus Management - Chapter 7

The scale is a

characteristic of a market that describes the market's size.

A ______ is the business term for the population of customers for the business' product or service.

market

The ______ is a characteristic of a market that describes the market's size.

scale

A characteristic of a market that defines the geographic range covered by the market, from local to global is called the ______.

scope

A business' supply chain is a

way to think about the line of distribution of a product from its start as raw materials to the finished goods into the hands of customers.

An imitative strategy is an overall strategic approach in which

an entrepreneur does more or less what others are already doing.

A(n) ______ is any other business in the same industry as your business.

competitor

The scope is a characteristic of a market that

defines the geographic range covered by the market—from local to global.

A ______ strategy is a type of generic strategy aimed at clarifying how one product is unlike another in a mass market.

differentiation

A competitor is

any other business in the same industry.

Industry dynamics

are changes in competitors, sales, and profits in an industry over time.

A ______ is a type of life cycle growth stage marked by a very rapid increase in sales in a relatively short time.

boom

The ____________ strategy is one of three generic strategies that is aimed at clarifying how one product is unlike another in a mass market.

differentiation

The industry is the

general name for the line of product or service being sold or the firms in that line of business.

A ______ is an intended outcome for a business.

goal

An overall strategic approach in which an entrepreneur does more or less what others are already doing is called a(n) ______ strategy.

imitative

A(n) ______ strategy is an overall strategic approach in which a firms seeks to do something that is very different from what others in the industry are doing.

innovative

The magic number is the

post tax income an entrepreneur personally seeks from a business.

Which of the following is an example of an initial goal decision? (Check all that apply.)

What is the product and/or service idea.? What is expected out of the business? Whom the target customer will be?

The ______ stage of the industry life cycle is where customer purchases increase at a dramatic rate.

growth

True or false: To shine in any industry, a firm must avoid meeting the core competencies of its competitors and thus refrain from offering something distinctive that it may do well.

False

The ______ is the post tax income an entrepreneur personally seeks from an business.

magic number

True or false: Net profit is the amount of money left over after deducting the cost of goods sold.

False

Which of the following are true statements in the context of strategy in the small business? (Check all that apply.)

A strategy may be thought of as a blueprint for planning or a standard for comparison of actions. A good strategy results in increased survival chances and more profits for a small business.

___________ ___________ refer to the skills that an organization and all its competitors have. (Enter one word in each blank.)

Blank 1: Core Blank 2: competencies or competency

Multiple Choice Question ______ is the extent to which a product or service is like another.

Degree of similarity

Marketing is

the actions of a business related to promoting and selling products or services.

______ strategies are three widely applicable classic strategies for businesses of all types-differentiation, cost, and focus.

Generic

______ is the general name for the line of product or service being sold or the firms in that line of business.

Industry

______ are changes in competitors, sales, and profits in an industry over time.

Industry dynamics

Which of the following statements about a boom are correct? (Check all that apply.)

It is a type of life cycle growth stage marked by a very rapid increase in sales in a relatively short time. This happens when a product or service is extremely popular or "hot". Original firm(s) are unable to keep up with consumer demand.

Which of the following statements characterize the growth stage of the industry life cycle? (Check all that apply.)

It is where customer purchases increase at a dramatic rate. Sometimes other firms jump in to take advantage of the growth and may be called the boom. Sometimes products or services becomes so popular that the firm(s) are unable to keep up with demand and it becomes known as a "hot" product.

______ is the actions of a business related to promoting and selling products or services.

Marketing

______ is the money left after operating expenses are deducted from a business.

Net profit

______ refers to the notions and actions that explain the profit-making means of a firm.

Strategy

______ is a way to think about the line of distribution of a product from its start as raw materials to its placement of finished goods into the hands of customers.

Supply chain

Select the description that defines the term market.

The business term for the population of customers for your product or service.

The ______ of the industry life cycle is when the product or service is being invented and initially developed.

introduction

An innovative strategy is an

overall strategic approach in which a firms seeks to do something that is very different from what others in the industry are doing.

The degree of similarity is

the extent to which a product or service is like another.

Which of the following statements about the introduction stage of the industry life cycle are correct? (Check all that apply.)

Most customers are unaware of the new product. It is when the product or service is being invented and initially developed. There are typically only a few firms at first.

Which of the following statements about the generic strategies are correct? (Check all that apply.

The differentiation and cost strategies are aimed at mass markets. They are three applicable classic strategies for businesses of all types--differentiation, cost, and focus. The term "generic" comes from the fact that they are so widely applicable.