Exam 3: Entrepreneurial Strategy: Generating and Exploiting New Entries

A broad-scope market strategy:

Offering a small product range to a small number of customer groups is:

Imitation strategies:

To overcome customer uncertainty,the venture should educate customer through demonstration and documentation on how to use the product.

By overestimating demand,the entrepreneur will suffer the costs of under capacity.

Technological knowledge refers to the entrepreneur's possession of information,technology,know-how,and skills that provide insight into a market and its customers.

Knowledge is the basis of the entrepreneurial resource.

The assessment of a new entry attractiveness is less about whether this opportunity "really" exists or not and more about whether the entrepreneur believes he or she can make it work.

Barriers to entry include all of the following except:

Which among the following is not a key stage of the entrepreneurial strategy?

Which of the following is not a reason that first movers are better positioned to satisfy their customers?

The long-run performance of a firm is dependent upon the ability to generate and exploit numerous new entries.

The costs that must be borne by customers if they are to stop purchasing from the current supplier and begin purchasing from another is (are):

A narrow scope strategy reduces the risks associated with competition.

Technological uncertainty:

The three major risk reduction strategies discussed in the text are narrow scope,broad scope and imitation.

Emerging industries are industries that have been around for years but are just starting to experience explosive growth.

Which is the best way to gain knowledge about a potential new entry?

An error of omission occurs when an entrepreneur:

Explain the difference between errors of omission and commission.