Exam Questions and CORRECT Answers
Which of the following is NOT a primary element of core strategy? - CORRECT
ANSWER finances
_____ are the inputs a firm uses to produce, sell, distribute, and service a product or service. -
CORRECT ANSWER resources
Patents are an example of _____ assets. - CORRECT ANSWER intellectual
The three important elements of a firm's business model are its target market, its basis for
differentiation, and its ______. - CORRECT ANSWER key assets
It is wrong to assume that a business model is a home run regardless of ________. - CORRECT
ANSWER circumstances
A company's _______ is what causes consumers to pick that company's products over another's -
CORRECT ANSWER basis of differentiation
A(n) ____ market is a place within a larger market segment that represents a narrower group of
customers with similar interests - CORRECT ANSWER target
A business's ____ describes why it exists and what its business model is supposed to accomplish.
- CORRECT ANSWER mission
A(n) _____ strategy describes how the firm plans to compete relative to its competitors. -
CORRECT ANSWER core
, There are two general categories of business models: standard business models and _____
business models. - CORRECT ANSWER disruptive
The five forces model looks at forces that determine _____ profitability. - CORRECT
ANSWER industry
Which of the following is NOT a barrier to entry? - CORRECT ANSWER stakeholder
holdout
Once a firm decides to enter an industry and chooses a market in which to compete, it must gain
an understanding of its _____ environment. - CORRECT ANSWER competitive
Economic trends, ____ trends, technological advances, and political and regulatory changes are
the most important environmental trends for entrepreneurs to study. - CORRECT
ANSWER social
Businesses offering close substitute products are called ____ competitors. - CORRECT
ANSWER indirect
The greater the importance of an item is to a buyer, the _____ the buyer will be to the price. -
CORRECT ANSWER more indifferent
It is useful for a new venture to think about its position at both the _____ level and the product or
service level. - CORRECT ANSWER company
A(n) _____ industry is one in which standard operating procedures have yet to be developed. -
CORRECT ANSWER emerging
When a firm varies its product or service offerings to meet the demands of the local market, it is
pursuing a _____ strategy. - CORRECT ANSWER multidomestic