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Exam 2: Strategic Management and the Entrepreneur

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Question 41

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Which strategy recognizes that not all markets are homogenous?

A) Focus
B) Differentiation
C) Cost Leadership
D) Price sensitive

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Question 42

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Small bookstores have a giant killer of a competitive advantage in their:

A) lower costs.
B) better locations.
C) customer service.
D) large selection.

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Question 43

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The ________ is a set of measures unique to the company that gives managers a quick and comprehensive view of how the business is doing and includes both financial and operational factors.

Their narrower product lines,smaller customer bases and more limited geographic areas give small companies a natural advantage over large businesses when preparing a strategic plan.

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.

A differentiation strategy carries a risk with it,in that a firm may not adequately segment the market and properly target those special needs.

The strategic planning process for small companies should begin with setting goals and objectives.

Small firms pursuing a cost leadership strategy have an advantage in reaching customers whose primary purchase criterion is high quality.

The most successful strategic plans make the ________ focal.

Highly successful entrepreneurs are able to communicate their vision and their enthusiasm about that vision to those around them.

One of the strategic management processes is to establish accurate control.

The balanced scorecard is a set of measurements unique to a company that includes both financial and operational measures and gives managers a quick yet comprehensive picture of the company's total performance.

The best conversion of strategic plans to operational plans is done by top management without the help of the employees.

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

In a competitive profile matrix,a major strength is given a ranking of 1.

One of the goals of competitive analysis is to improve a firm's reaction time to competitor's actions.

An established customer base is an example of structural capital

One of the biggest pitfalls many entrepreneurs stumble into is failing to differentiate their companies from the crowd of competitors.

Cost leadership has several inherent dangers such as:

The primary output of the strategic management process should be: