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Exam 13: Strategies for Growth and Managing the Implication of Growth

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Question 31

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Using a penetration strategy,the entrepreneur attempts to encourage existing customers to buy more of the firm's current products.

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Question 32

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Even though some entrepreneurs may way to grow their business,they lack the ability to do so.

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Entrepreneurs that have a high ability to institute professional management practices but have low growth aspirations have "little potential" for growth.

What benefits can an entrepreneur receive from better time management

Product development strategies use customers' experiences to develop new products for existing customers.

In a value-added chain,value is added only at the first stage of the chain.

________ refers to a diversification strategy that involves taking a step back (up) on the value chain toward the raw materials.

In order to better serve customers,all customer information should be stored in the memory of individual salespeople.

A cash sensitivity analysis is used to provide a pessimistic and an optimistic cash estimate.

Most entrepreneurs could benefit from implementing time management techniques.

Financial reporting to shareholders,bankers,and other investors give the marketing cost for each product and highlight the performance of managers in controlling costs.

Using a large proportion of part-time workers:

The strategy for growth in which the entrepreneur encourages existing customers to buy more of the firm's current product is a:

The ________ requires that the entrepreneur recognize that he or she is a time waster,that time is an important resource,and that there is a need to change personal attitudes and habits regarding the allocation of time.

In managing fixed assets,the entrepreneur should buy,instead of lease,whenever possible.

What are the four main growth strategies discussed in the text Briefly define each.

Many entrepreneurs find that as they grow they need to change their management style.

________ is the process of improving an individual's productivity through more efficient use of time.

Inventory control:

Horizontal integration occurs at the same level of the value-added chain but simply involves a different,but complementary,value-added chain.