MGT 409 Ch. 8

what two things should be evaluated before deciding how to respond to an attack by competitors?

-capability to respond -motivation for response

two factors that are used to assess whether or not companies are close competitors are __________ commonality and ___________ similarity

MARKET commonality and RESOURCE similarity

A competitor that has been attacked has to decide which of the following? a. if they are capable of responding b. who will be responsible for responding and when c. how to respond d. whether or not they should respond

a. if they are capable of responding c. how to respond d. whether or not they should respond

which of the following statements about opportunity recognition are true? a. it is a process entrepreneurs must go through to determine which ideas are strong enough to develop b. it involves identifying, choosing, and developing potential opportunities c. it is all about the "Eureka" moment of identifying a new idea d. it states that the first idea is always the best one

a. it is a process entrepreneurs must go through to determine which ideas are strong enough to develop b. it involves identifying, choosing, and developing potential opportunities

The keys to successfully implementing overall cost leadership include __________. a. using resources efficiently b. keeping costs low c. offering features early adapters seek d. finding ways to differentiate products or services

a. using resources efficiently b. keeping costs low

Which of the following are the most important resources for entrpreneurs? a. charitable donors b. angel investors c. venture capitalists d. bank financing

b. angel investors c. venture capitalists d. bank financing

Small firms using combination strategies attempt to achieve something truly distinctive by combining the best features of which of the following strategies? a. competitive dynamic b. differentiation c. low cost d. focus

b. differentiation c. low cost d. focus

the discovery phase of the opportunity recognition process refers to _______.

becoming aware of a new business concept

potential pitfall of technology alliance?

big firms will take advantage of the know-how of their partners

Both pioneering and adaptive entrants usually involve some sort of ____________ strategy to set their entry apart

differentiation

potential pitfall of retail alliance?

lack of oversight and control

potential pitfall of manufacturing alliance?

problems with product quality and timely delivery will sour an alliance relationship