ELE 3010 Parnell Final QUESTIONS N
ANSWERS RATED A+ 2025/2026
New Entry - correct answer ✔✔Offering a new product to an established or new market
Offering an established product to a new market
Creating a new organization
Entrepreneurial Strategy - correct answer ✔✔set of decisions, actions and reactions that first
generate and then exploit over time a new entry
Resources - correct answer ✔✔basic building blocks to a firm's functioning and performance
inputs into the production process (machinery, financial capital, skilled employees)
valuable, rare, inimitable
Market Knowledge - correct answer ✔✔Possession of information, technology, know-how, and
skills that provide insight into a market and its customers
technological knowledge - correct answer ✔✔Possession of information, technology, know-
how, and skills that provide insight into ways to create new knowledge
window of opportunity - correct answer ✔✔period of time when the environment is favorable
for entrepreneurs to exploit a new entry
An entrepreneur's dilemma - correct answer ✔✔the trade-off between more information and
the likelihood that the window of opportunity will close
,Error of commission - correct answer ✔✔Negative outcome from acting
Error of omission - correct answer ✔✔Negative outcome from not acting
first-mover advantages - correct answer ✔✔develop a cost advantage
face less competitive rivalry
can secure important channels
better positioned to satisfy customers
gain expertise through participation
First Mover Disadvantages - correct answer ✔✔environmental instability
demand uncertainty
technological uncertainty
customer uncertainty
short lead time
Lead time can be extended by - correct answer ✔✔Building customer loyalties
Building switching costs
Protecting product uniqueness
Securing access to important sources of supply & distribution
scope - correct answer ✔✔a choice about which customer groups to serve and how to serve
them
Narrow-scope strategy - correct answer ✔✔offers small product range to a small number of
customers to satisfy a particular need
, can reduce risk that the firm will face competition with larger, more established firms in a
number of ways
broad scope strategy - correct answer ✔✔Offers range of products across different market
segments
Helps gain better understanding of the whole market
Opens the firm up to many different fronts of competition
Reduces risks associated with market uncertainties
Imitation Strategies - correct answer ✔✔Copying the practices of other firms
a way to minimize the risk of downside loss associated with new entry
can help the entrepreneur develop necessary skills to be successful in the industry
provides organizational legitimacy
Types of imitation strategies - correct answer ✔✔Franchising and "Me-too" strategy
Source of new ideas - correct answer ✔✔consumers
existing products/services
distribution channels
the federal government
research and development (R&D)
focus group - correct answer ✔✔controlled by a moderator leading a group in an open, in depth
discussion
Brainstorming - correct answer ✔✔allows greater creativity
no criticism allowed
ANSWERS RATED A+ 2025/2026
New Entry - correct answer ✔✔Offering a new product to an established or new market
Offering an established product to a new market
Creating a new organization
Entrepreneurial Strategy - correct answer ✔✔set of decisions, actions and reactions that first
generate and then exploit over time a new entry
Resources - correct answer ✔✔basic building blocks to a firm's functioning and performance
inputs into the production process (machinery, financial capital, skilled employees)
valuable, rare, inimitable
Market Knowledge - correct answer ✔✔Possession of information, technology, know-how, and
skills that provide insight into a market and its customers
technological knowledge - correct answer ✔✔Possession of information, technology, know-
how, and skills that provide insight into ways to create new knowledge
window of opportunity - correct answer ✔✔period of time when the environment is favorable
for entrepreneurs to exploit a new entry
An entrepreneur's dilemma - correct answer ✔✔the trade-off between more information and
the likelihood that the window of opportunity will close
,Error of commission - correct answer ✔✔Negative outcome from acting
Error of omission - correct answer ✔✔Negative outcome from not acting
first-mover advantages - correct answer ✔✔develop a cost advantage
face less competitive rivalry
can secure important channels
better positioned to satisfy customers
gain expertise through participation
First Mover Disadvantages - correct answer ✔✔environmental instability
demand uncertainty
technological uncertainty
customer uncertainty
short lead time
Lead time can be extended by - correct answer ✔✔Building customer loyalties
Building switching costs
Protecting product uniqueness
Securing access to important sources of supply & distribution
scope - correct answer ✔✔a choice about which customer groups to serve and how to serve
them
Narrow-scope strategy - correct answer ✔✔offers small product range to a small number of
customers to satisfy a particular need
, can reduce risk that the firm will face competition with larger, more established firms in a
number of ways
broad scope strategy - correct answer ✔✔Offers range of products across different market
segments
Helps gain better understanding of the whole market
Opens the firm up to many different fronts of competition
Reduces risks associated with market uncertainties
Imitation Strategies - correct answer ✔✔Copying the practices of other firms
a way to minimize the risk of downside loss associated with new entry
can help the entrepreneur develop necessary skills to be successful in the industry
provides organizational legitimacy
Types of imitation strategies - correct answer ✔✔Franchising and "Me-too" strategy
Source of new ideas - correct answer ✔✔consumers
existing products/services
distribution channels
the federal government
research and development (R&D)
focus group - correct answer ✔✔controlled by a moderator leading a group in an open, in depth
discussion
Brainstorming - correct answer ✔✔allows greater creativity
no criticism allowed
