Strategic entreprenuership

Which of the following were resources and capabilities that helped Five Guys gain a competitive advantage and develop into a successful restaurant chain? (Check all that apply.)

Carefully choosing the supplier of the potatoes for their fries Focusing on such details as store layout and design

In an oligopoly, which of the following conditions exist? (Check the three that apply.)

a few large firms high barriers to entry differentiated products firms are interdependent

An industry analysis provides which of the following? (Check all that apply.)

a rigorous way of identifying the industry's profit potential the level of profitability that can be expected for the average firm in the industry insight into a firm's strategic position within an industry

Two important features that managers can adjust in an effort to improve the firm's strategic position are ______.

product features and customer service

The most significant challenge JetBlue faced in implementing its business strategy was

reconciling the trade-offs between cutting costs and providing superior service

Which of the following helped Airbnb develop a successful business in the peer-to-peer rental space?

Fortuitous timing that led to growing demand Ensuring a smooth transaction between hosts and guests Presenting a well-designed website

the firm's level of investments to maintain or build a resource.

Resource flows

A manufacturer of electronic components can use its manufacturing machines to produce many different components such as semiconductors, sensors, and capacitors. In this case, the firm benefits from an economy of ________, reducing overall production costs by finding multiple uses for its components and facilities.

Scope

If the problem with a business strategy results in causal ambiguity, managers will....

have a difficult time developing a theory to deal with the problem

Which is the most common customer segment in the introductory stage of the industry life cycle?

tech enthusiasts

Which of the following are characteristics of a monopolistically competitive industry? (Check all that apply.)

the ability to raise prices for differentiated products obstacles to entry a differentiated product

The pressure of rivalry increases when which of the following forces increase in intensity? (Check all that apply.)

the threat of substitutes the power of buyers and suppliers the threat of entry

______ suggests that sometimes even random events may have a large impacts on an outcome.

Path dependence

early majority

Customers coming into the market during the shakeout stage, do it b practical?

What are examples of economies of scale?

Having more negotiating power vis-à-vis suppliers and Spreading fixed costs over more units

Managers have ______ direct influence over external forces in the firm's general environment than those in the firm's task environment.

Less

VRIO Framework

The resource-based framework that focuses on the value (V), rarity (R), imitability (I), and organizational (O) aspects of resources and capabilities.

difference between value chain and supply chain

The value chain is a process in which a company adds value to its raw materials to produce products eventually sold to consumers. The supply chain represents all the steps required to get the product to the customer.

Architectural Innovation

a new product in which known components, based on existing technologies, are reconfigured in a novel way to attack new markets

Isolating mechanisms are considered to be ______.

barriers to imitation

Which of the following are ways in which the power of buyers affects producers?

by obtaining price discounts by requesting more service by demanding higher quality

During the decline stage of the industry life cycle, product innovation efforts ______.

come to an halt

incremental innovation

creation of products, services, or technologies that modify existing ones

In the ______ stage of the industry life cycle, falling demand leads to a reduction in market size.

decline