GEE1_Unit II

 It is the set of actions through which an organization  develops resources and uses them to deliver services or products in a way which its users find valuable, while meeting the financial and other objectives and constraints imposed by key stakeholders.

• Strategy

• Opportunity

• Options

• Business

According to Freedman (2003), strategy is best defined as:

• A set of rules for executing company operations
  

• A comprehensive marketing plan
  

• A framework of choices that determine the nature and direction of an organization
  

• A financial forecasting tool

What is a core characteristic of entrepreneurial strategy?

• Focus on mergers and acquisitions
  

• Following established industry practices

• Developing new products and approaches in a constrained and competitive environment
  

• Prioritizing stockholder dividends above all

Which of the following entrepreneurial strategies emphasizes trusting one’s intuition?

• Just Start
  

• Trust Your Gut
  

• Save Your Bucks
  

• Spot a New Trend

What is the main idea of “Buck the Conventional Wisdom”?

• Ignore intuition and follow data
  

• Avoid risks by following traditional methods
  

• Question and challenge industry norms and best practices
  

• Focus solely on customer feedback

6. Why is "Go on a Treasure Hunt and Find an Underserved Niche" an effective strategy?

• 
  It identifies lucrative markets overlooked by larger competitors

• It reduces employee turnover
  

• 
  It guarantees government grants

• It ensures low-cost product development

The entrepreneurial strategy “Hit 'Em Where They Ain’t” emphasizes:

• 
  Copying competitor strategies

• 
  Targeting neglected or ignored market areas

• 
  Hiring retired athletes

• Focusing on mainstream customer bases

What does “Never Stop Reinventing Your Company” discourage?

• Innovation
  

• Product line expansion
  

• 
  Risk assessment

• Complacency

According to the strategy “Exploit Your Competitor's Weakness,” entrepreneurs should:

• Copy competitors’ pricing
  

• Focus on employee satisfaction
  

• View the business from the customer’s perspective
  

• Increase advertising spending

What is the rationale behind the “Just Start” strategy?

• A. Waiting for perfect conditions guarantees success
  

• B. Timing doesn't matter in business
  

• C. Starting early prevents competitors from taking the opportunity
  

• D. Starting a business always requires major funding first