chapter 8 quiz

It is the process of discovering and evaluating changes in the business environment, such as new technology, sociocultural trends, or shifts in consumer demand that can be exploited.

• Business intelligence
• Trend forecasting

• Environmental scanning
• Opportunity discovery

The process of becoming aware of a new business concept.

• evaluation phase

• Business idea awareness
• discovery phase

• Business concept realization

It involves analyzing an opportunity to determine whether it is viable and strong enough to be developed into a full-fledged new venture.

• Opportunity assessment
• evaluation phase

• Market analysis
• discovery phase

It is the process of funding a venture by pooling small investments from a large number of investors, often raised on the internet.

• VENTURE CAPITALIST

• ANGEL INVESTORS

• SEED CAPITAL

• CROWDFUNDING

It refers to the valuable connections and relationships an entrepreneur has. New businesses with extensive social contacts are often more likely to succeed.

• human capital

• seed capital

• social capital

• none of the above

It is a strategy that enables a skilled and dedicated entrepreneur, with a viable opportunity and access to sufficient resources, to successfully launch a new venture

• Market analysis
• Entrepreneurial strategy
• Business plan
• Investment strategy

These are refinements or extensions of strategies usually involving minor resource commitments.

• tactical action

• Strategic actions

• Plans
• all of the above

It is a firms choice of not reacting to a rival’s new competitive action

• Aggressive competition
• Market expansion
• Forbearance

• Strategic inaction

The final step before initiating a competitive response is to evaluate what a competitors reaction is likely to be.

• evaluate

• retaliate

• justify

• control

Who is your teacher in strategic management?

• Jophelyn Gamaja

• Jophelyn Gamaya

• Josephine Gamaya

• Jhopelyn Gamaya