Exam 3: Starting a Small Business

Containers Etc.manufactures household containers.In contrast to traditional market designs,all of the products are microwaveable,child-proof and come in an assortment of 35 colors.Accordingly,Containers Etc.is pursuing a _____ strategy.

Serendipity describes a new product idea resulting from deliberate search activities.

Observations about the external environment and organizational potentials can be brought together by means of

Carol enjoyed yarn crafts but there were no yarn shops in her small town.She reasoned that there were many others nearby who might appreciate being able to purchase yarns and supplies without a long drive.Within a year her shop was profitable and expanding into larger space.Which of these statements best describes this situation?

Match: a.opportunity recognition b.outside-in analysis c.pivot d.resources e.serendipity f.startups g.strategy h.SWOT analysis i.tangible resources j.​paradox of attraction -Those organizational resources that are visible and easy to measure

Considering Michael Porter's five factors,we can say that the fast food hamburger industry is characterized by:

Match: a.opportunity recognition b.outside-in analysis c.pivot d.resources e.serendipity f.startups g.strategy h.SWOT analysis i.tangible resources j.​paradox of attraction -Identification of potential new products or services that may lead to promising businesses

The general environment includes rival companies and products.

The diamond market is monopolized by the DeBeers organization,from mining to cutting and polishing to wholesaling.Jewelers can do little to negotiate prices.This situation typifies:

According to the feasibility analysis framework,an entrepreneur who has a vision of a multi-unit company will

Name and describe the two broad-based strategy options that a firm can select when pursuing a competitive advantage in the marketplace.

When Sally realized her vintage clothing pieces were being bought by the local college students and not just their parents,she started adding more vintage pieces to her inventory.Sally is

The very feature of a market that makes it attractive to one small company (the lack of competition)will make it attractive to others;this fact is called the __________ ___ ___________.​

Match: a.cost-based strategy b.focus strategy c.general environment d.industry environment e.inside-out analysis f.intangible resources g.new benefit ideas h.new market ideas i.new technology ideas -The broad environment,encompassing factors that influence most businesses in a society

Match: a.capabilities b.competitive advantage c.competitive environment d.core competencies e.cost-based strategy f.differentiation strategy g.entrepreneurial alertness h.fatal flaw i.feasibility analysis -A company's routines and processes that can coordinate the combined use of its productive assets in order to achieve desired outcomes

List the five factors that determine the nature and degree of competition in an industry,as presented by Michael Porter in his book Competitive Advantage.Why is the proper identification of these factors important for a new venture?

Janis wants to open a restaurant.She is not interested in a franchise;she wants to build her business literally from the ground up.When she does,her business will be classified as a:

An example of an idea for a new startup from a hobby is

An example of an idea for a new startup from an accidental discovery is

Verlin worked in a cabinet shop until he became frustrated that his ideas for improving efficiency were falling on deaf ears.So he left and started his own cabinet shop where he could implement those ideas.From which source did his ideas for his startup come?