WorksheetsFUN LEARNING CHAPTER 5 & 8
Total questions: 24
Worksheet time: 36mins
This are the examples of target market for broad market in business level strategy EXCEPT ?
Cost leadership
Differentiation
Focus Differentiation
The basis for competitive advantage with an overall cost leadership is
meaningfully lower overall costs than competitors.
high buyer switching costs
lower prices than rival firms
using a low cost/low price approach to gain the biggest market share.
___ is a generic strategy based on appeal to the industrywide market using a competitive advantage based on ___
Focus & Differentiation
Overall cost leadership & Low cost
Differentiation & low cost
Overall cost leadership & premium pricing
Companies that use differentiation strategies may use which of the following to differentiate their products and services ?
Price & volue discounts
Prestige
Technology
Features
Focus strategies exploit ___
One or more specific segment by tailoring specific strategic to serve them
Resources that are tailored to general market that competitors do not have access to for the same cost
Both the overall low cost differentiation strategies
Markets by creating highly loyal customers who are willing to pay higher prices
Combination strategies likely provide value through ___
Differentiated attributes and lower prices
Lower prices and profit pooling
Differentiated attributes and mass customization
Mass customization and profit pooling
Which type of strategy is based on creating differences in the firms product or service offering by creating something that is perceived industrywide as unique & valued by customers ?
Generic
Cost Advantage
Value Chain
Differentiation
A ___ strategy is a firms generic stratgies based on appeal to a narrow market segments within an industry ?
Focus
Competitive advantage
Differentiation
Cost parity
The primary benefit of using a combination strategy is that ___
Unique products in small qualities that can be manufactured at a lower cost per unit
Competitors often have difficulty duplicating or imitating them
A combination strategy always lead to higher profit
A combination strategy leads to lower costs through better utilization of automation
The broad of the target market refers to ___
The range between industrywide & narrow market segments
Revenue per customer versus cost per unit
The number of potential customers versus the number of potential competitors
Low cost versus uniqueness
Which of the following companies is known for its focus on cost leadership?
Apple
Walmart
Tesla
Nike
When selecting a business-level strategy, the firm must determine all of the following EXCEPT
What are the customers' needs?
How will the customer's needs be satisfied?
Who is the customer?
Why should these customers' needs be satisfied?
Competitive dynamics means intense rivalry, involving actions and responses, among similar competitors vying for the same customers in a marketplace.
TRUE
FALSE
In competitive dynamics, why do companies launch new competitive actions?
Improve market position.
Gain more knowledge.
Get more business partner.
Long-term planning.
Below are the competitive dynamics threat analysis:
i. Market commonality. ii. Resource similarity. iii. Product quality. iv. None of the above.
i and ii
i and iii
ii and iii
iv
In competitive dynamics, these are types of competitive actions:
Strategic actions and common actions.
Common actions and tactical actions.
Strategic actions and tactical actions
Entrepreneurial strategy:
Entry, generic and management
Entry, cost and management
Entry, cost and improvement
Entry, generic and combination
Entrepreneurship refers to new value creation. New value can be created through:
i. Start-up venture. ii. Major corporations. iii. Family-owned business. iv. Acquire of new company.
i only
ii only
i, ii and iii
None of the above.
Entrepreneur resources:
Potential investors, venture capitalist and crowdfunding.
Angel investors, venture capitalist and crowdfunding.
Angel investors, partner capital and crowdfunding.
Ingredients needed for an entrepreneurial startup to be successful consist of a viable opportunity, __________ and a qualified and motivated founding team.
A team of investors
A business plan
A marketing plan
Available resources
Which of these qualities are needed for an opportunity to be viable?
I. Value-creating II. Achievable III. Delicate IV. Achievable
I and II
I, II and III
I, II and IV
All of the above
Resources that are essential for entrepreneurial success include financial resources, ___________, human capital and government resources.
Social capital
Natural resources
Time management
Business strategy
Vision is an important element of entrepreneurial leadership because ____
Organizations are unable to function without a detailed and operational vision.
Entrepreneurs must be able to envision realities that have yet to exist.
A vision statement must be part of documentation used to obtain venture financing.
All of the above.
Challenges faced when starting new venture is finding ways to do business that:
I. Quickly generate cash flow II. Attract good employees III. Build credibility IV. Overcome the liability of newness
I, II and III
II, III and IV
I, III and IV
All of the above
