Exam 3: Starting a Small Business

When conducting an outside-in analysis,one should consider the _____ environment followed by the _____ environment.

TV commercials promote reverse mortgages.Other ads promote medications for high blood pressure,ED,immune system disorders,and high cholesterol.Which type of trend do these represent?

Which statement is an example of a technological trend?

Kitty-Kat Korner fabric shop caters to the quilters in the region.Other fabric shops carry fabrics for all types of clothing along with floral,yarn,and other craft supplies.Kitty-Kat carries only items related to quilting.Which of the following best describes Kitty-Kat's strategy?

Mark is the owner of Delectable Delights,a specialty store offering chocolates,candies,and fruit baskets.After a recent analysis of the competitive environment,Mark concluded that three distinct consumer segments exist for his products - A,B,and C consumers.In an effort to maximize the effectiveness of its strategy,Mark has decided to limit his efforts to fulfilling the needs of A consumers.He is employing a _____ strategy.

Which segment is part of the general environment?

Intangible resources include:

Which factor determines the nature and degree of competition in an industry,as identified by Michael Porter in his book Competitive Advantage?

Miriam opened a yarn craft store in her small town based on her personal interests and hobbies.There were no competitors locally;the merchandise was readily available;and she had the initial capital to open the store.Yet her business failed.Too few customers visited her store.What was Miriam's fatal flaw?

Katarina has founded three different businesses in the past eight years,all of which have become so successful she has sold them at large profits.We can say Katarina is good at:

A company that is the lowest-cost producer within the market will have what type of strategy?

Miles' startup company began well but within a couple months he found he was unable to pay invoices from suppliers.He didn't understand how he could have this problem.He hired experts;his business idea was sound;and he had many new customers.What went wrong?

Which statement is an example of a political/legal trend?

The State of Maryland has recently imposed a "rain tax" based on the amount of non-water-absorbing surfaces on real estate.Which type of trend does this represent?

Which statement is an example of a global trend?

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 environment that includes factors that directly impact a given firm and all of its competitors

Morris built a thriving business by selling tailor-made clothing at off-the-rack prices.All other custom-clothing stores charge much higher prices.We can say that Morris has a(n)

Noland has identified an underserved market for his product.Competitors are not likely to notice his efforts to attract his target market,and his product fills a need for these customers.Noland has found:

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 -Those organizational resources that are invisible and difficult to assess

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 -An assessment that catalogs the startup's sources of potential strengths