FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 3: Entrepreneurial Strategy: Generating and Exploiting New Entries

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 21

True/False

Review LaterAdd Note

Review Later

If there is a poor fit between its resources and the external environment,then the firm will not enjoy superior performance.

Correct Answer

verified

Show Answer

Question 22

Multiple Choice

Review LaterAdd Note

Review Later

By delaying entry,late movers:

A) can learn from the actions of first movers without incurring the same costs.
B) have less information about market demand.
C) secure the window of opportunity.
D) can avoid high entry barriers.

Correct Answer

verified

Show Answer

Question 23

Multiple Choice

Review LaterAdd Note

Which of the following statements is(are) true?

A narrow scope strategy offers a small product range to a small number of customer groups.

When an entrepreneur pursues a new entry opportunity only to find out later that he or she had overestimated his or her ability to create customer demand it is a(n) :

The period of time when the environment is favorable for entrepreneurs to exploit a particular new entry is the:

_____ refers to the probability,and magnitude,of downside loss.

A new entry can be either offering a new product to a new market or creating a new organization.

A "me-too" strategy consists of copying products that already exist and attempting to build an advantage through minor variations.

List the 5 main first-mover advantages discussed in the text.

Entrepreneurs that delay entry have the advantage of more information about market demand.

Competition within an industry always has a negative effect on industry growth.

Identify and briefly describe the major stages of entrepreneurial strategy. Three major stages: Stage 1 New entry generation - The generation of a new entry is the result of a combination of knowledge and other resources into a bundle that its creators hope will be valuable,rare,and difficult for others to imitate.Depending on how in-depth the instructor wants the answer items like market and technological knowledge,window of opportunity and error of omission/commission may be required/discussed. Stage 2 New entry exploitation - comprised of choosing an entry strategy,a risk reduction strategy.Depending on how in-depth the instruction wants the answer items like first mover advantages/disadvantages,demand and technological uncertainty,adaptation,lead time,and narrow/broad scope strategies may be discussed. Stage 3 Feedback loop of resources - a brief description is appropriate since not much time is spent on this stage.Answer may include items from the following excerpt obtained from the textbook," we should not underestimate the importance of the feedback loop of stage 3 because an entrepreneur cannot rely on the generation and exploitation of only one new entry;rather,long-run performance is dependent upon the ability to generate and exploit numerous new entries.If the firm does rely on only one new entry,then as the life cycle for the product enters maturity and declines,so goes the life cycle of the organization."

Lead time is:

In emerging industries:

Experience is idiosyncratic-unique to the life of the individual.

Using a broad scope strategy helps to reduce the risk of market uncertainty.

The basic building blocks to a firm,or the inputs into the production process,are:

The window of opportunity is part of:

If there is a good fit between the venture's bundle of resources and the external environment: