Small Business Management Ch. 3

Which of the following is NOT an element of SWOT analysis?

obligations

Choosing a focus strategy has its advantages, but it can also lead to:

Competition from other companies that decide to imitate the same strategy.

A ____________ is a preliminary look at how well a business might do it if we're opened.

Feasibility analysis

Spotting trends can come from all of the following EXCEPT:

Tinkering with products features alone

The demise of blockbuster video stemmed from which of the following vulnerabilities?

a. New entrants changed the industry's way of doing things. b. They stuck to an old, established way of doing business instead of innovating. c. Management failed to take into account the increasing feasibility of delivering video online. d. All of the above played a part in their demise. ANSWER

Ideas based on selling existing products or services in a new context are called:

new market ideas

New businesses often find it necessary to ___________ when the original idea is found to have flaws.

pivot

Which following is the most frequent source of new ideas for a business?

prior work experience