Question 1

________ is not a primary goal of a competitive intelligence program.

Accepted Answer

A) Avoiding surprises from existing competitors' new strategies and tactics 
B) Identifying potential new competitors 
C) Improving reaction time to competitors' actions 
D) All these are primary goals of a competitive intelligence program. 
A) Avoiding surprises from existing competitors' new strategies and tactics 
B) Identifying potential new competitors 
C) Improving reaction time to competitors' actions 
D) All these are primary goals of a competitive intelligence program. D

Question 2

Tight cost control;trained,dependable,honest in-store managers can be success factor for a restaurant.

Accepted Answer

A) True 
 B)False  True

Question 3

________ are negative external forces that inhibit the firm's ability to achieve its objectives.

Accepted Answer

A) Strengths 
B) Weaknesses 
C) Opportunities 
D) Threats 
A) Strengths 
B) Weaknesses 
C) Opportunities 
D) Threats D

Question 4

The competitive profile matrix matches the firm's core competencies with those of selected competitors.

Accepted Answer

A) True 
 B)False

Question 5

A danger of cost leadership is that a company may misunderstand what processes actually drive its true costs.

Accepted Answer

A) True 
 B)False

Question 6

A strategic plan doesn't need to be put into action to be complete.

Accepted Answer

A) True 
 B)False

Question 7

Their narrower product lines,smaller customer bases and more limited geographic areas give small companies a natural advantage over large businesses when preparing a strategic plan.

Accepted Answer

A) True 
 B)False

Question 8

A strategy is a road map of action for fulfilling a firm's mission,goals and objectives.

Accepted Answer

A) True 
 B)False

Question 9

The focal point of the entire strategic plan and the competitive strategy chosen is the customer.

Accepted Answer

A) True 
 B)False

Question 10

When translating strategic plans into action plans,the small business owner should:

Accepted Answer

A) not delegate authority or responsibility at this point. 
B) not assign priorities to the action plans,but manage the process from the conceptual level. 
C) not adjust or change the plan but commit to implementing as it stands. 
D) remember that no strategic plan is complete until it's put into action. 
A) not delegate authority or responsibility at this point. 
B) not assign priorities to the action plans,but manage the process from the conceptual level. 
C) not adjust or change the plan but commit to implementing as it stands. 
D) remember that no strategic plan is complete until it's put into action.

Question 11

One of the strategic management processes is to develop a clear vision and translate it into a meaningful mission statement.

Accepted Answer

A) True 
 B)False

Question 12

Goals indicate how the small firm's resources will be allocated to specific ventures or activities.

Accepted Answer

A) True 
 B)False

Question 13

An effective strategic plan does which of the following?

Accepted Answer

A) Identifies a complete set of success factors-financial,operating,and marketing,that yield a competitive advantage for the company 
B) Focuses on one generic strategy to the exclusion of all other strategies 
C) Always seeks a high profile in the specific markets chosen 
D) Is always cost based 
A) Identifies a complete set of success factors-financial,operating,and marketing,that yield a competitive advantage for the company 
B) Focuses on one generic strategy to the exclusion of all other strategies 
C) Always seeks a high profile in the specific markets chosen 
D) Is always cost based

Question 14

To be of any real value to the small business owner,strategic plans must be broken down beyond operational plan level into projects with assigned responsibilities.

Accepted Answer

A) True 
 B)False

Question 15

Focus strategies,unlike Porter's other generic strategies,are without risk because they tend to combine elements of all three strategies.

Accepted Answer

A) True 
 B)False

Question 16

The best conversion of strategic plans to operational plans is done by top management without the help of the employees.

Accepted Answer

A) True 
 B)False

Question 17

One of the biggest pitfalls many entrepreneurs stumble into is failing to differentiate their companies from the crowd of competitors.

Accepted Answer

A) True 
 B)False

Question 18

A mission statement should answer which of the following questions?

Accepted Answer

A) What are the needs and wants of the target customers? 
B) How will we finance our growth and expansion? 
C) Who are our competitors? 
D) How much money will we make? 
A) What are the needs and wants of the target customers? 
B) How will we finance our growth and expansion? 
C) Who are our competitors? 
D) How much money will we make?

Question 19

Which strategy recognizes that not all markets are homogeneous?

Accepted Answer

A) Focus 
B) Differentiation 
C) Cost Leadership 
D) Price sensitive 
A) Focus 
B) Differentiation 
C) Cost Leadership 
D) Price sensitive

Question 20

________ are a unique set of capabilities that a company develops in key areas,such as superior quality,customer service,innovation,team-building,flexibility,speed,responsiveness,and others that allow it to vault past competitors.

Accepted Answer

A) Core competencies 
B) Focus strategy 
C) Cost leadership strategy 
D) None of the above 
A) Core competencies 
B) Focus strategy 
C) Cost leadership strategy 
D) None of the above

Exam 4: Strategic Management and the Entrepreneur

________ is not a primary goal of a competitive intelligence program.

Tight cost control;trained,dependable,honest in-store managers can be success factor for a restaurant.

________ are negative external forces that inhibit the firm's ability to achieve its objectives.

The competitive profile matrix matches the firm's core competencies with those of selected competitors.

A danger of cost leadership is that a company may misunderstand what processes actually drive its true costs.

A strategic plan doesn't need to be put into action to be complete.

Their narrower product lines,smaller customer bases and more limited geographic areas give small companies a natural advantage over large businesses when preparing a strategic plan.

A strategy is a road map of action for fulfilling a firm's mission,goals and objectives.

The focal point of the entire strategic plan and the competitive strategy chosen is the customer.

When translating strategic plans into action plans,the small business owner should:

One of the strategic management processes is to develop a clear vision and translate it into a meaningful mission statement.

Goals indicate how the small firm's resources will be allocated to specific ventures or activities.

An effective strategic plan does which of the following?

To be of any real value to the small business owner,strategic plans must be broken down beyond operational plan level into projects with assigned responsibilities.

Focus strategies,unlike Porter's other generic strategies,are without risk because they tend to combine elements of all three strategies.

The best conversion of strategic plans to operational plans is done by top management without the help of the employees.

One of the biggest pitfalls many entrepreneurs stumble into is failing to differentiate their companies from the crowd of competitors.

A mission statement should answer which of the following questions?

Which strategy recognizes that not all markets are homogeneous?

________ are a unique set of capabilities that a company develops in key areas,such as superior quality,customer service,innovation,team-building,flexibility,speed,responsiveness,and others that allow it to vault past competitors.

Entrepreneurs: the Driving Force Behind Small Business

Ethics and Social Responsibility: Doing the Right Thing

Creativity and Innovation: Keys to Entrepreneurial Success

Choosing a Form of Ownership

Franchising and the Entrepreneur

Buying an Existing Business

New Business Planning Process: Feasibility Analysis,business Modeling,

Building a Bootstrap Marketing Plan

Creative Use of Advertising and Promotion

Pricing and Credit Strategies

Global Marketing Strategies

E-Commerce and Entrepreneurship

Creating a Solid Financial Plan

Managing Cash Flow

Sources of Equity Financing

Sources of Debt Financing

Location,layout,and Physical Facilities

Supply Chain Management

Managing Inventory

Staffing and Leading a Growing Company

Management Succession and Risk Management Strategies in the Family Business

The Legal Environment: Business Law and Government Regulation

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