Question 1

The final step in creating a knowledge management program is:

Accepted Answer

A)  to organize the essential knowledge and disseminate it throughout the company to those who need it.
B)  to take an inventory of the special knowledge a company possesses that gives it a competitive advantage.
C)  to continue to add to the knowledge base the company has assembled.
D)  to create company goals and objectives.

Question 2

Developing core competencies does not necessarily require a company to spend a great deal of money.

Accepted Answer

A) True 
 B)False

Question 3

A differentiation strategy:

Accepted Answer

A)  seeks to find and defend an identifiable market niche.
B)  is built on a company's distinctive competence.
C)  must create the perception of value in the customer's eyes through the lowest possible price.
D)  focuses solely on making the physical characteristics of the product as unique as possible.

Question 4

________ are specific measurable targets to be accomplished in a defined time period.

Accepted Answer

A)  Core competencies
B)  Objectives
C)  Goals
D)  Key success factors

Question 5

A small business following a focus strategy attempts to serve its narrow target markets more effectively and efficiently than competitors trying to appeal to the broad market.

Accepted Answer

A) True 
 B)False

Question 6

Once the vision and mission are established,the entrepreneur needs to:

Accepted Answer

A)  select the target market.
B)  conduct market research.
C)  choose a competitive strategy.
D)  assess the firm's strengths and weaknesses.

Question 7

Which of the following is true about successful entrepreneurs and their vision?

Accepted Answer

A)  It is created independently of their market or their customers.
B)  It includes their understanding of the competition and their key market segments.
C)  They are able to communicate it and their enthusiasm for it to all those around them.
D)  They create it in cooperation with their employees.

Question 8

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

Accepted Answer

A)  Core competencies
B)  Competitive advantages
C)  Key success factors
D)  Goals and objectives

Question 9

After a company's strengths and weakness are assessed,the strategic planning process should identify opportunities and threats facing the company and should isolate the key factors for success in the business.

Accepted Answer

A) True 
 B)False

Question 10

The balanced scorecard looks at the small business from the perspectives of the customer,the company itself,innovation,and finances.

Accepted Answer

A) True 
 B)False

Question 11

Common bases for a focus strategy include superior customer service,special product features,complete product lines,instantaneous parts availability,absolute product reliability,supreme product quality,and extensive product knowledge.

Accepted Answer

A) True 
 B)False

Question 12

Discuss the importance of knowing your firm's strengths and weaknesses and what opportunities and threats exist in the external environment.

Accepted Answer

Strengths are positive interna...

Question 13

________ are negative internal factors that inhibit the accomplishment of a firm's objectives.

Accepted Answer

A)  Strengths
B)  Weaknesses
C)  Opportunities
D)  Threats

Question 14

The most successful strategic plans make the ________ focal.

Accepted Answer

A)  competitive analysis
B)  customer
C)  product
D)  control process

Question 15

To be effective,a mission statement must become a natural part of the organization,embodied in the minds,habits,attitudes,and decisions of everyone in the company every day.

Accepted Answer

A) True 
 B)False

Question 16

The small firm's "master plan" is its:

Accepted Answer

A)  objectives.
B)  goals.
C)  competitive edge.
D)  strategy.

Question 17

Describe core competencies and the role they play in helping the company segment its market and develop effective competitive strategies.

Accepted Answer

The goal of developing a strategic plan ...

Question 18

The final step of the strategic planning process is:

Accepted Answer

A)  establishing accurate controls.
B)  translating the strategic plan into operational plans.
C)  evaluating the competitive environment.
D)  choosing a marketing strategy to pursue.

Question 19

________ focuses everyone's attention and efforts on the same target market.It is an expression of what the owner believes in.

Accepted Answer

A)  The mission statement
B)  The company vision
C)  The strategic plan
D)  The operational plan

Question 20

Cost leadership has several inherent dangers such as:

Accepted Answer

A)  choosing to distinguish the product that does not boost its performance.
B)  an overfocus on the physical characteristics of the product.
C)  the identified niche is not large enough to be profitable.
D)  an overfocus on costs to the elimination of other strategies.

Exam 4: Strategic Management and the Entrepreneur

After a company's strengths and weakness are assessed,the strategic planning process should identify opportunities and threats facing the company and should isolate the key factors for success in the business.

Correct AnswerverifiedShow Answer

A small business following a focus strategy attempts to serve its narrow target markets more effectively and efficiently than competitors trying to appeal to the broad market.

Correct AnswerverifiedShow Answer

Which of the following is true about successful entrepreneurs and their vision?

Correct AnswerverifiedShow Answer

The final step of the strategic planning process is:

Correct AnswerverifiedShow Answer

The most successful strategic plans make the ________ focal.

Correct AnswerverifiedShow Answer

________ are specific measurable targets to be accomplished in a defined time period.

Correct AnswerverifiedShow Answer

The small firm's "master plan" is its:

Correct AnswerverifiedShow Answer

A differentiation strategy:

Correct AnswerverifiedShow Answer

The balanced scorecard looks at the small business from the perspectives of the customer,the company itself,innovation,and finances.

Correct AnswerverifiedShow Answer

Describe core competencies and the role they play in helping the company segment its market and develop effective competitive strategies.

Correct AnswerverifiedThe goal of developing a strategic plan ...View AnswerShow Answer

________ focuses everyone's attention and efforts on the same target market.It is an expression of what the owner believes in.

Correct AnswerverifiedShow Answer

Common bases for a focus strategy include superior customer service,special product features,complete product lines,instantaneous parts availability,absolute product reliability,supreme product quality,and extensive product knowledge.

Correct AnswerverifiedShow Answer

Discuss the importance of knowing your firm's strengths and weaknesses and what opportunities and threats exist in the external environment.

Correct AnswerverifiedStrengths are positive interna...View AnswerShow Answer

The final step in creating a knowledge management program is:

Correct AnswerverifiedShow Answer

Developing core competencies does not necessarily require a company to spend a great deal of money.

Correct AnswerverifiedShow Answer

To be effective,a mission statement must become a natural part of the organization,embodied in the minds,habits,attitudes,and decisions of everyone in the company every day.

Correct AnswerverifiedShow Answer

________ are negative internal factors that inhibit the accomplishment of a firm's objectives.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Cost leadership has several inherent dangers such as:

Correct AnswerverifiedShow Answer

Once the vision and mission are established,the entrepreneur needs to:

Correct AnswerverifiedShow Answer

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The goal of developing a strategic plan ...
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Strengths are positive interna...
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