MANA 3325 - Entrepreneur 1 CH.3
1. A definition of target customers and how the company will reach them
2. The customer value proposition the company offers
3. Point of differentiation
4. Pricing
5. Selling process
6. Distribution system
7. Customer support - correct answer ✔✔A business model is compromised of:
Intellectual Capital - correct answer ✔✔One source of a company's competitive advantage that consists
of human, structural, or customer capital
human, structural, customer - correct answer ✔✔Intellectual capital is compromised of three
components
Human Capital - correct answer ✔✔Talents, creativity, skills, and abilities of a company's workforce and
shows up in the innovative strategies, plans, and processes the people in an organization develop and
the passionately pursue
Structural Capital - correct answer ✔✔the accumulated knowledge and experience that a company
possesses. It can take many forms, including processes, software, patents, copyrights, and, perhaps most
important, the knowledge and experience of the people in a company.
Customers Capital - correct answer ✔✔the established customer base, positive reputation, ongoing
relationships, and goodwill that a company builds up over time with its customers
Competitive Advantage - correct answer ✔✔The value proposition that sets a small business apart from
its competitors and gives it a unique position in the market that is superior to its competition
, 1. Products they sell
2. Service they provide
3. Pricing they offer
4. Way they sell
5. Values to which they are committed - correct answer ✔✔Entrepreneurs should examine five aspects
of their businesses to define their companies' competitive advantages:
capital - correct answer ✔✔Intellectual ___________ is the main source of competitive adavantage
Core Competencies - correct answer ✔✔A unique set of capabilities that a company develops on key
areas that allow it to vault past competitors. They are what a company does best.
sustainable - correct answer ✔✔building a competitive advantage alone is not enough; the key to
success over time is building a _________________ competitive advantage.
1. Develop a vision and translate it into a mission statemen
2. Assess strengths and weaknesses
3. Scan environment for opportunities and threats
4. Identify the key factors for success in the business
5. Analyze the competition
6. Create company goals and objective
7. Formulate strategic options and select the appropriate strategies
8. Translate strategic plans into action plans
9. Establish accurate controls - correct answer ✔✔steps in the Strategic Management Process:
Vision - correct answer ✔✔the result of an entrepreneur's dream of something that does not exist yet
and the ability to paint a compelling picture of that dream for everyone to see.
Mission Statement - correct answer ✔✔an enduring declaration of a company's purpose that addresses
the first question of any business venture: What business are we in?
1. A definition of target customers and how the company will reach them
2. The customer value proposition the company offers
3. Point of differentiation
4. Pricing
5. Selling process
6. Distribution system
7. Customer support - correct answer ✔✔A business model is compromised of:
Intellectual Capital - correct answer ✔✔One source of a company's competitive advantage that consists
of human, structural, or customer capital
human, structural, customer - correct answer ✔✔Intellectual capital is compromised of three
components
Human Capital - correct answer ✔✔Talents, creativity, skills, and abilities of a company's workforce and
shows up in the innovative strategies, plans, and processes the people in an organization develop and
the passionately pursue
Structural Capital - correct answer ✔✔the accumulated knowledge and experience that a company
possesses. It can take many forms, including processes, software, patents, copyrights, and, perhaps most
important, the knowledge and experience of the people in a company.
Customers Capital - correct answer ✔✔the established customer base, positive reputation, ongoing
relationships, and goodwill that a company builds up over time with its customers
Competitive Advantage - correct answer ✔✔The value proposition that sets a small business apart from
its competitors and gives it a unique position in the market that is superior to its competition
, 1. Products they sell
2. Service they provide
3. Pricing they offer
4. Way they sell
5. Values to which they are committed - correct answer ✔✔Entrepreneurs should examine five aspects
of their businesses to define their companies' competitive advantages:
capital - correct answer ✔✔Intellectual ___________ is the main source of competitive adavantage
Core Competencies - correct answer ✔✔A unique set of capabilities that a company develops on key
areas that allow it to vault past competitors. They are what a company does best.
sustainable - correct answer ✔✔building a competitive advantage alone is not enough; the key to
success over time is building a _________________ competitive advantage.
1. Develop a vision and translate it into a mission statemen
2. Assess strengths and weaknesses
3. Scan environment for opportunities and threats
4. Identify the key factors for success in the business
5. Analyze the competition
6. Create company goals and objective
7. Formulate strategic options and select the appropriate strategies
8. Translate strategic plans into action plans
9. Establish accurate controls - correct answer ✔✔steps in the Strategic Management Process:
Vision - correct answer ✔✔the result of an entrepreneur's dream of something that does not exist yet
and the ability to paint a compelling picture of that dream for everyone to see.
Mission Statement - correct answer ✔✔an enduring declaration of a company's purpose that addresses
the first question of any business venture: What business are we in?
