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Exam 8: Entrepreneurial Strategy and Competitive Dynamics

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Question 41

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Generally speaking, the opportunity recognition process consists of two phases of activity. They are ______________ and _____________.

A) global search; recycling profits
B) value creation; affordability
C) global search; valuation
D) discovery; evaluation

E) A) and B)
F) C) and D)

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Question 42

Multiple Choice

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Intense rivalry involving actions and responses among similar competitors vying for the same customers in a marketplace is known as

A) competitive dynamics.
B) resource similarity.
C) threat of substitutes.
D) pioneering new entry.

E) None of the above
F) B) and D)

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Question 43

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Angel investors are always public institutions which provide seed capital to young ventures.

All of the following are examples of strategic actions a firm might take except

If a start-up enters a market with a broad or aggressive strategy, it is likely to evoke little retaliation from a more powerful competitor.

Tuft and Needle is a low-cost bed mattress manufacturer that finds it difficult to overcome competition using an overall cost leadership strategy.

Aircraft makers Boeing and Airbus have a high degree of ______________ because they make very similar products and have many buyers in common.

Tom Monahan, a business creativity coach, says that every new idea is merely a spin of an old idea. A company that enters the market by offering a product or service that is somewhat new and sufficiently different in order to create value for customers by capitalizing on current trends is using which new entry strategy?

If similar competitors vie for the same customers in a marketplace, they are likely to escalate their competitive strategy through a reactive series of actions and responses.

New entry into markets, whether by start-ups or by incumbent firms, rarely threatens existing competitors.

In 2005, Plum Organics entered the market with organic baby food and snack foods for children. It now has over 20 products and is listed at number 63 on the Inc. 500 list of fastest growing private companies. It used which new entry strategy in 2005?

Seeking products or services that have been successful in one market and introducing the same basic product or service in another segment of the market is referred to as _____________ new entry.

Which of the following statements about venture capital is not true?

The majority of entrepreneurial start-ups are financed through monies from

When launching a new venture, finding a way to begin doing business must ___________ generate cash flow, build credibility, attract good employees, and overcome the liability of newness.

According to the text, which of the following does not make it difficult for entrepreneurial firms to effectively pursue a strategy of differentiation?

______________ provide(s) a key avenue for growth for many young and small firms through partnering to obtain resources and to expand into new markets.

In the context of competitive dynamics, tactical actions involve major commitments of distinctive and specific resources to strategic initiatives.

Southwest Airlines began its no frills, no meals strategy in the late 1960s as a direct assault on the major carriers of the day. What type of competitive action does this represent?

The evaluation phase of opportunity recognition occurs when an entrepreneur has an insight about a new business venture, often based on prior knowledge.