Exam 4: Strategic Management and the Entrepreneur

Owners of traditional travel agencies are facing threats from many sides,including the Internet.

A focus strategy is ideally suited to many small businesses,which often lack the resources to reach a national market.

One of the strategic management processes is to translate strategic plans into unachievable plans.

A company's intellectual capital is likely to be the source of its competitive advantage in the marketplace.

Before a business owner can build any strategies,he/she must have clear goals and objectives in order to have an appropriate target to aim his/her strategies toward.

The focus strategy depends on creating value for the customer either by being the low cost producer or by differentiating the product or service in a unique fashion,but doing it in a narrow target segment.

Purchasing rival companies' products,taking them apart,and analyzing them is:

The principle behind a ________ strategy is to select one or more market segments,identify customers' special needs,and approach them with a good or service designed to excel in meeting these needs.

Goals and objectives provide the direction for the small firm and are essential to the strategic planning process.