Question 1

The most successful strategic plans make the ________ focal.

Accepted Answer

A) competitive analysis 
B) customer 
C) product 
D) control process 
A) competitive analysis 
B) customer 
C) product 
D) control process

Question 2

Discuss the importance of knowing your firm's strengths and weaknesses and what opportunities and threats exist in the external environment.

Accepted Answer

Strengths are positive interna

Question 3

The balanced scorecard looks at the small business from the perspectives of the customer,the company itself,innovation,and finances.

Accepted Answer

A) True 
 B)False

Question 4

Developing core competencies does not necessarily require a company to spend a great deal of money.

Accepted Answer

A) True 
 B)False

Question 5

The final step in creating a knowledge management program is:

Accepted Answer

A) to organize the essential knowledge and disseminate it throughout the company to those who need it. 
B) to take an inventory of the special knowledge a company possesses that gives it a competitive advantage. 
C) to continue to add to the knowledge base the company has assembled. 
D) to create company goals and objectives. 
A) to organize the essential knowledge and disseminate it throughout the company to those who need it. 
B) to take an inventory of the special knowledge a company possesses that gives it a competitive advantage. 
C) to continue to add to the knowledge base the company has assembled. 
D) to create company goals and objectives.

Question 6

________ are relationships between a controllable variable-plant size,quality,packaging-and a critical factor influencing the firm's ability to compete in the marketplace.

Accepted Answer

A) Core competencies 
B) Competitive advantages 
C) Key success factors 
D) Goals and objectives 
A) Core competencies 
B) Competitive advantages 
C) Key success factors 
D) Goals and objectives

Question 7

Common bases for a focus strategy include superior customer service,special product features,complete product lines,instantaneous parts availability,absolute product reliability,supreme product quality,and extensive product knowledge.

Accepted Answer

A) True 
 B)False

Question 8

________ are negative internal factors that inhibit the accomplishment of a firm's objectives.

Accepted Answer

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

Question 9

________ focuses everyone's attention and efforts on the same target market.It is an expression of what the owner believes in.

Accepted Answer

A) The mission statement 
B) The company vision 
C) The strategic plan 
D) The operational plan 
A) The mission statement 
B) The company vision 
C) The strategic plan 
D) The operational plan

Question 10

Cost leadership has several inherent dangers such as:

Accepted Answer

A) choosing to distinguish the product that does not boost its performance. 
B) an overfocus on the physical characteristics of the product. 
C) the identified niche is not large enough to be profitable. 
D) an overfocus on costs to the elimination of other strategies. 
A) choosing to distinguish the product that does not boost its performance. 
B) an overfocus on the physical characteristics of the product. 
C) the identified niche is not large enough to be profitable. 
D) an overfocus on costs to the elimination of other strategies.

Question 11

To be effective,a mission statement must become a natural part of the organization,embodied in the minds,habits,attitudes,and decisions of everyone in the company every day.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following is true about successful entrepreneurs and their vision?

Accepted Answer

A) It is created independently of their market or their customers. 
B) It includes their understanding of the competition and their key market segments. 
C) They are able to communicate it and their enthusiasm for it to all those around them. 
D) They create it in cooperation with their employees. 
A) It is created independently of their market or their customers. 
B) It includes their understanding of the competition and their key market segments. 
C) They are able to communicate it and their enthusiasm for it to all those around them. 
D) They create it in cooperation with their employees.

Question 13

A differentiation strategy:

Accepted Answer

A) seeks to find and defend an identifiable market niche. 
B) is built on a company's distinctive competence. 
C) must create the perception of value in the customer's eyes through the lowest possible price. 
D) focuses solely on making the physical characteristics of the product as unique as possible. 
A) seeks to find and defend an identifiable market niche. 
B) is built on a company's distinctive competence. 
C) must create the perception of value in the customer's eyes through the lowest possible price. 
D) focuses solely on making the physical characteristics of the product as unique as possible.

Question 14

Once the vision and mission are established,the entrepreneur needs to:

Accepted Answer

A) select the target market. 
B) conduct market research. 
C) choose a competitive strategy. 
D) assess the firm's strengths and weaknesses. 
A) select the target market. 
B) conduct market research. 
C) choose a competitive strategy. 
D) assess the firm's strengths and weaknesses.

Question 15

________ are specific measurable targets to be accomplished in a defined time period.

Accepted Answer

A) Core competencies 
B) Objectives 
C) Goals 
D) Key success factors 
A) Core competencies 
B) Objectives 
C) Goals 
D) Key success factors

Question 16

Describe core competencies and the role they play in helping the company segment its market and develop effective competitive strategies.

Accepted Answer

The goal of developing a strategic plan

Question 17

The small firm's "master plan" is its:

Accepted Answer

A) objectives. 
B) goals. 
C) competitive edge. 
D) strategy. 
A) objectives. 
B) goals. 
C) competitive edge. 
D) strategy.

Question 18

A small business following a focus strategy attempts to serve its narrow target markets more effectively and efficiently than competitors trying to appeal to the broad market.

Accepted Answer

A) True 
 B)False

Question 19

After a company's strengths and weakness are assessed,the strategic planning process should identify opportunities and threats facing the company and should isolate the key factors for success in the business.

Accepted Answer

A) True 
 B)False

Question 20

The final step of the strategic planning process is:

Accepted Answer

A) establishing accurate controls. 
B) translating the strategic plan into operational plans. 
C) evaluating the competitive environment. 
D) choosing a marketing strategy to pursue. 
A) establishing accurate controls. 
B) translating the strategic plan into operational plans. 
C) evaluating the competitive environment. 
D) choosing a marketing strategy to pursue.

Exam 4: Strategic Management and the Entrepreneur

The most successful strategic plans make the ________ focal.

Discuss the importance of knowing your firm's strengths and weaknesses and what opportunities and threats exist in the external environment.

The balanced scorecard looks at the small business from the perspectives of the customer,the company itself,innovation,and finances.

Developing core competencies does not necessarily require a company to spend a great deal of money.

The final step in creating a knowledge management program is:

________ are relationships between a controllable variable-plant size,quality,packaging-and a critical factor influencing the firm's ability to compete in the marketplace.

Common bases for a focus strategy include superior customer service,special product features,complete product lines,instantaneous parts availability,absolute product reliability,supreme product quality,and extensive product knowledge.

________ are negative internal factors that inhibit the accomplishment of a firm's objectives.

________ focuses everyone's attention and efforts on the same target market.It is an expression of what the owner believes in.

Cost leadership has several inherent dangers such as:

To be effective,a mission statement must become a natural part of the organization,embodied in the minds,habits,attitudes,and decisions of everyone in the company every day.

Which of the following is true about successful entrepreneurs and their vision?

A differentiation strategy:

Once the vision and mission are established,the entrepreneur needs to:

________ are specific measurable targets to be accomplished in a defined time period.

Describe core competencies and the role they play in helping the company segment its market and develop effective competitive strategies.

The small firm's "master plan" is its:

A small business following a focus strategy attempts to serve its narrow target markets more effectively and efficiently than competitors trying to appeal to the broad market.

After a company's strengths and weakness are assessed,the strategic planning process should identify opportunities and threats facing the company and should isolate the key factors for success in the business.

The final step of the strategic planning process is:

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

Filters