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Exam 8: Entrepreneurial Strategy and Competitive Dynamics

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Question 1

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Entrepreneurial new entry is often perceived as a competitive threat because most market needs are being met,either directly or indirectly,by an existing firm.

A) True
B) False

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Question 2

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The majority of entrepreneurial firms are started with financing from venture capitalists and banks.

A) True
B) False

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Question 3

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Adaptive new entry involves offering a radical new product or highly innovative service.

Which of the following is NOT one of the three characteristics of entrepreneurial leadership mentioned by the text?

Which of the following is not one of the reasons a company might launch new competitive actions?

The majority of entrepreneurial start-ups are financed with personal savings and the contributions of family and friends.

When an opportunity is attractive long enough for it to be successfully developed and deployed,it is said to be _____________.

What are the differences between strategic actions and tactical actions? What are the implications of each approach to the competitive dynamics process?

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?

Pandora,launched in 2000,radically changes the radio business with its Music Genome Project system that analyzes music for its underlying traits.This is an example of a pioneering new entry strategy.

According to the text,new ventures launched by entrepreneurial teams are more likely to be successful than ventures launched by _____________.

Which of the following is not a common source of new business opportunities?

Refinements or extensions of existing strategies are often referred to as tactical actions.

Vision is an important element of entrepreneurial leadership because _____________.

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

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

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 _____________.

An entry wedge,according to the text,is a type of entrepreneurial strategy firms can use to enter into business.

To obtain venture capital financing,business founders often have to give up some ownership and control of their business.

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