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Exam 8: Entrepreneurial Strategy and Competitive Dynamics

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Question 41

Multiple Choice

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When launching a new venture, finding a way to begin doing business must ________ generate cash flow, build credibility, attract good employees, and overcome the liability of newness.

A) slowly
B) quickly
C) steadily
D) painlessly

E) B) and C)
F) C) and D)

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Question 42

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Which of the following is the most important resource for a start-up activity?

A) social recognition
B) land
C) personnel
D) money

E) B) and D)
F) B) and C)

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Question 43

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According to a study by the Kauffman Foundation, which of the following is the largest source of funding for businesses that have been operating at least five years?

Aircraft makers Boeing and Airbus have a high degree of ________ because they make very similar products and have many buyers in common.

A firm is considering a large price cut on its leading product to gain market share. One executive strongly disagrees with the price cut. He observes that they are in the same marketplaceas their rivals and do not have any competitive advantages in their cost structure. If they cut prices, their competitors will likely do the same. The result is that everyone will make less money. These arguments are an example of a

Shakespeare & Co. was reimagined in 2015 to meet the current needs of the market when Dan Neller purchased the NY bookstore. He provided a place to find the hottest books, the abilityto print more obscure titles, and a rare level of service that made the store feel like a destination. He used which generic strategy to achieve competitive advantages?

One of the ways entrepreneurs achieve success is by using resources more efficiently. This is an example of how entrepreneurs use a(n) ________ strategy.

Entrepreneurial firms that pursue a low-cost leadership strategy use all the following to achieve lower costs except

________ is the intense rivalry involving actions and responses among similar competitors vying for the same customers in a marketplace.

The majority of entrepreneurial start-ups are financed with angel financing.

New entry is among the most common reasons why a cycle of competitive actions and reactions gets started among similar competitors.

According to the textbook, which of the following is not a common new entry strategy?

Unilever has taken a dominant position (65 percent market share) in the Vietnamese laundry detergent market by employing an investment and marketing campaign that decimated the marketposition of the local, incumbent competitors. According to the Stalk and Lachenauer book, this is an example of ________ strategy.

Cutting prices or increasing marketing efforts are examples of tactical competitive actions.

________ provide(s) a key avenue for growth for many young and small firms through partnering to obtain resources and to expand into new markets.

Square provides a means for small businesses to process credit and debit card sales without signing up for a traditional credit card arrangement of monthly fees and minimum charges. When its business grew rapidly, Apple, Google, and PayPal responded with ________ actions?

When a company chooses to maintain low-price dominance, it is using which tactical action?

Entrepreneurial new entry is often perceived as a competitive threat to incumbent firms because most market needs are being met, either directly or indirectly, by existing firms.

Mint entered the market in 2005 with comprehensive online money management systems that tells users what they are spending by aggregating financial information from online bank and creditcard accounts. Today it has over 20 million users and is helping them manage over 3 billion USD in assets. It used which new entry strategy in 2005?

Opportunity recognition is the process of identifying and selecting entrepreneurial opportunities. It does not involve the development of those ideas.