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According to Stanley and Danko, an industry that offers good profit-making potential and desirable working opportunities with minimal risk and competition is said to have Blank______. Multiple choice question. low conversion rate high industry attractiveness low distinctive competence high retail arbitrage

high industry attractiveness

Click and drag on elements in order Arrange the four steps that small businesses follow in the process of getting to the useful strategies in the order of their occurrence. (Place the first step at the top.) Implementing distinctive competence Determining the magic number Conducting industry analysis Establishing the best strategic direction and strategy

Determining the magic number Implementing distinctive competence Conducting industry analysis Establishing the best strategic direction and strategy

Match the types of classification systems that code industries (in the left column) with their descriptions (in the right column). The North American Industry Classification System: United States, 2012 The Standard Industrial Classification system The codes have six digits. The codes have four digits.

The North American Industry Classification System: United States, 2012 The codes have six digits. The Standard Industrial Classification system The codes have four digits.

Which of the following are the major classification systems that code industries? (Check all that apply.) The North American Industry Classification System: United States, 2012 The Global Industry Classification Standard system The Standard Industrial Classification system The National Industrial Classification 2008 system

The North American Industry Classification System: United States, 2012 The Standard Industrial Classification system

Regarding which of the following should firm owners make decisions when conducting industry analysis? (Check all that apply.) The types of customers firm owners seek and the benefits firm owners plan to offer them The major goals that are set for firms The stage and trends of the competing industries that firm owners need to follow The generic and supra-strategies of competing firms that firm owners must imitate

The types of customers firm owners seek and the benefits firm owners plan to offer them The major goals that are set for firms

Which of the following is an example of an initial goal decision? (Check all that apply.) Whom the competitors will be? What is expected out of the business? Whom the target customer will be? What is the product and/or service idea.?

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

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

competitor

The industry is the specific category for a group of products or services. product or service idea that an entrepreneur is pursuing. general name for the line of product or service being sold or the firms in that line of business. overall strategic approach in which a firm seeks to do something that is very different from what others are doing.

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

An innovative strategy is an approach to creating new products or services, which results in a previously unseen product or service. overall strategic approach in which a firms seeks to do something that is very different from what others in the industry are doing. approach in which an entrepreneur does more or less what other businesses are doing. overall strategic approach in which a firm patterns itself on other firms, with the exception of one or two key areas.

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

The magic number is the number of units that need to be sold to reach the break-even point. post tax income an entrepreneur personally seeks from a business. number of units of products or services that needs to be sold during the first year. intended outcome for a business.

post tax income an entrepreneur personally seeks from a business.