Chapter 7 SB

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

market

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

marketing

_______ 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

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.

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

growth

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

Flase Net Profit is what is left after deducting the operation expenses of the business!

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

Generic

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.

Select the description that defines the term market.

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

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 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. Sometimes other firms jump in to take advantage of the growth and may be called the boom.

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

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

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

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

Industry dynamics

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

An imitative strategy is an overall strategic approach in which

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

A competitor is

any other business in the same industry.

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

competitor

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 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

______ 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 dynamic

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 ______ 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 magic number is the

post tax income an entrepreneur personally seeks from a business.

Marketing is

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

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

Core Competencies

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

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

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

magic number

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

net profit