MGMT383 Quiz 3 Review

What is an industry?

• A type of business model

• A market with no competition

• A single firm producing a unique product

• A group of firms producing a similar product or service

What are the two types of trends in industry analysis?

• Environmental and Business trends

• Political and Cultural trends

• Economic and Social trends

• Technological and Market trends

What does the threat of substitutes refer to?

• The availability of alternative products

• The entry of new competitors

• The rivalry among existing firms

• The bargaining power of suppliers

What is a barrier to entry?

• A condition that discourages new firms from entering an industry

• A strategy to increase market share

• A method to reduce production costs

• A type of competitive advantage

What is a founders' agreement?

• A business plan for startups

• A legal contract with suppliers

• A marketing strategy for new ventures

• A document outlining equity and compensation among founders

What is a sole proprietorship?

• A business owned by one person

• A limited liability company

• A partnership between two or more people

• A corporation with multiple shareholders

What does risk management involve?

• Hiring and training employees

• Identifying, assessing, and mitigating risks

• Increasing profits and reducing costs

• Marketing and sales strategies

What does financial management primarily deal with?

• Raising money and managing finances

• Human resources and training

• Marketing and sales strategies

• Product development and innovation

What is breakeven analysis used for?

• Assessing employee performance

• Determining customer satisfaction

• Evaluating market trends

• Performing what-if calculations under different conditions

What is the impact aspect of risk assessment?

• Determining the likelihood of risk occurrence

• Identifying potential opportunities

• Evaluating market competition

• Considering the effect of risk on the organization