Exam 3: Starting a Small Business

Consuela noticed significant growth in the Hispanic population in her mid-size town.The local grocery carried mostly traditional American products.She knew her neighbors would want familiar foods so she decided to open a food market catering to their preferences.Which kind of startup will her store be?

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 -A plan of action that coordinates the resources and commitments of an organization to achieve superior performance

Isabella listens whenever someone says "Someone ought to make a ..." She expects one of these ideas to develop into a profitable business.Isabella possesses:

Many businesses are formed because an entrepreneur saw ways to improve or modify a product as a result of previous work experience.

Which statement is an example of an economic trend?

One of the drawbacks of SWOT analysis is:

Which action is a cause for erosion of a small firm's focus strategy?

It is nearly impossible to make a business out of a hobby.

An evaluation of the general environment

Using a focus strategy,a company would focus its attention on producing one product that satisfied the greatest number of customers.

The two broad strategies for building a competitive advantage are the _____ strategies.

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 -An assessment that provides a concise overview of a firm's strategic situation

Farmers wishing to sell grain cannot negotiate a price;they either accept the price offered or decline to sell their crop.This is an example of:

What marketing activities suggest that a small firm is following a focus strategy?

Marketplace Farms is a regional cooperative of apple and orange growers.In order to compete against larger regional growers,the company relies on inexpensive packaging processes and lower cost labor instead of machines.Marketplace Farms is relying on what type of strategy?

Using a cost-based strategy,a company would take steps to increase efficiency and hold down costs.

Jeff Bezos' original business plan involved taking orders for books and having the items shipped directly from the publisher to the customer.He modified the plan to include other products such as toys and decided to buy the toys from the producers and ship them from his own warehouse.This modification of the original plan is called:

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 -The basic inputs that a firm uses to conduct its business

Today's smartphones bear little resemblance to the original analog cell phones of the early 1990s.Their capabilities exceed those of the early desktop computers.It seems nearly every adult carries at least one cell phone.Which of the trends does this represent?

A SWOT analysis can be described best as