Chapter 7

Which of the following are true statements in the context of strategy in the small business? (Check all that apply.) Multiple select question. -A good strategy results in increased survival chances and more profits for a small business. -There are special strategies that are designed to help aid the success of innovative small businesses. -Strategy in small business is common because most small businesses are more innovative than imitative. -A strategy may be thought of as a blueprint for planning or a standard for comparison of actions.

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

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

competitor

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

_______ competition is an imitative business that competes locally with others in the same industry. Multiple choice question. Parallel Similar Pure Industrial

Parallel

______ is an overall strategic approach in which a firm patterns itself on other firms, with the exception of one or two key areas. Multiple choice question. Imitative strategy Parallel innovation Incremental innovation Innovative strategy

Incremental innovation

_____ refers to the notions and actions that explain the profit-making means of a firm. Feasibility Strategy Royalty Sponsorship

Strategy

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. Multiple choice question. imitative innovative blue ocean focus

innovative

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

post tax income an entrepreneur personally seeks from a business.

The degree of similarity is Multiple choice question. -the extent to which a product or service is like another. -an approach in which a firm patterns itself on other firms, except in one or two key areas. -an imitative business that competes locally with others in the same industry. -the extent to which one industry is like another.

the extent to which a product or service is like another

Which of the following is an example of an initial goal decision? (Check all that apply.) Multiple select question. -What is expected out of the business? -Whom the target customer will be? -Whom the competitors 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.?