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The mission statement and strategies can be developed after identifying potential customers. *

False

Emotional intelligence of a company is listed as

Intangible assets

_________ are the capabilities and skills of the founder or employees *

Intangible assets

Which of the following is NOT a characteristic of a sustainable competitive advantage? *

It does not impact the implementation of the mission statement.

All of the following are characteristics of a simple mission statement EXCEPT: *

It is not appropriate.

Capabilities

Resources that combine to allow a firm to do things better then it composition

What is a mission statement and why is it vital to a business?

Something to show how the firm will compete, this is needed because it can give an idea of what and if customers should buy the product.

Jane has developed a special Italian sauce for pizza. The sauce cannot be easily copied. This is a(n): *

Sustainable competitive advantage

_________ provides you with the opportunity to make money when other businesses cannot easily copy your advantages. *

Sustainable competitive advantage

_________ are items that include equipment or location. *

Tangible assets

First-mover advantage

The benefit of gaining customer loyalty by being the first firm in the market

The book mentions that organizations should develop quantitative measures of success. Which of the following are characteristic of quantitative measures?

They are tied to the strategic and financial goals of an organization.

A metric is a type of measurement used to evaluate whether a person or firm is meeting its goals. *

True

A mission statement needs to be known to all the employees, not just the top management *

True

An example of a qualitative measure could be customer service reviews.

True

The computers in a company are an example of tangible assets. *

True

The cornerstone of building a competitive advantage is a deep understanding of your customer's needs. *

True

The mission of a business needs to be actionable, which means to provide employees with the information they need to make decisions. *

True

Strategy

a plan or action to achieve a goal.

Strategy is a _________ field of study. *

complex

Explain the three steps for identifying a sustainable competitive advantage.

develop a list, break the list into two groups, and evaluate the unique resources

To be most effective, a mission statement should be complex and universal. *

false

Followers

firms that enter the market after the first mover

are firms that enter a market after the first mover.

followers

All of these are tangible assets EXCEPT: *

industry experience

Sally copies James's hamburger restaurant by starting her own hamburger restaurant on the other side of town. This is a form of _________. *

Followers

Tangible assets

Hard assets such as equipment or a location ( touchable)

All of these are intangible items EXCEPT: *

initial financing

List and describe the five elements of designing a mission statement. *

keep it short, simple, applicable, specific, and establish measerable goals

Metric

A measure to evaluate whether a person or firm is meeting started goal

_________ are resources that combine to allow a firm to do things better than its competitors. *

Capabilities

All of these are steps in identifying a sustainable competitive advantage EXCEPT: *

Develop a list of all potential customers.

A mission statement is a long narrative used to summarize a business. *

False

A mission statement of a firm that states "to make money" would be very effective. *

False

A product mix uses the resources of a company to do things better than its competitors. *

False

A quantitative measure is the corporate culture of an organization.

False

Metrics, once they are identified, are never altered.

False

One example of a key tangible asset is a strong working relationship with a vendor *

False

A firm's mission statement *helps the company by targeting its efforts in specific areas *helps the business specify what the business does best *helps the business stay away from things that sound promising and away from its focus

all of these

A mission statement can also be described as: * *overall strategy *goals *simple rules

all of these

An example of intangible assets includes all of the following, EXCEPT: *previous start-up experience *unique knowledge of the industry * skill set of founders

all of these

Sustainable competitive advantage

something that cannot immediately copy.

What is the difference between a tangible and an intangible asset? Provide examples. *

tangible is what I help me remember is touchable, intangible is not touchable so for tangible it wouldn't be something you touch like a computer, intagible would be like knowledge. knowledge is not physic.

Economic rent

the extra amount earned by a resource

_________ is (are) a brief statement that summarizes how and where the firm will compete in the industry. *

Mission statement

A mission statement should be specific and establish measurable goals for the business to accomplish.

True

An example of a quantitative measure could be the financial goals of an organization. *

True

Gators is a business that created a shoe that is a knock-off of Crocks shoes. Gators is called a follower.

True

Intangible assets are the capabilities and skills of the founder and employees. *

True

One way of having a competitive advantage is to have a close working relationship with your vendors.

True

Mission statement

a brief statement that summarizes how and where a firm will compete

James has the benefit of gaining customer loyalty by being the first company to bring out a new gourmet burger. This is a form of _________. *

first mover advantage

A company should develop its strategy based on

mission statement

An example of tangible assets includes all of the following, EXCEPT: * *industry experience *contacts *education

none of these

According to the book, the greatest source of sustainable advantage is

personal relationship with customer

An owner should establish the mission statement and strategies _________. *

prior to its inception

What are the two measures used to evaluate whether a person or firm is meeting its goals?

quantitative and qualitative

Intangible assets

things that are not physical, but are just as critical to succeed

A small business owner must understand what the customer values, and how much money the customer is willing to pay to obtain the firm's product or service.

true

A sustainable competitive advantage is an advantage that other firms cannot immediately copy. *

true

As a business grows, it gets progressively more difficult to change its direction.

true

It is critical for a new business to conserve its resources and focus on areas that have the potential to maximize the firm's success. *

true


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