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Exam 8: Entrepreneurial Strategy and Competitive Dynamics

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Question 1

Multiple Choice

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The first personal computer revolutionized computing and how business is conducted.It was using a(n) ______________ entry strategy.

A) imitative
B) pioneering
C) adaptive
D) creative

E) A) and B)
F) None of the above

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Question 2

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Which of the following is not a factor that affects how a competitor will respond to a competitive attack?

A) how dependent the competitor is on that industry or particular market segment
B) the degree of market power and reputation of the company that initiated the attack
C) the stock market reaction to the initial competitive attack
D) the resources which are available for a firm to respond

E) B) and C)
F) C) and D)

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Question 3

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TOMS Shoes generates interest in its products without a large advertising budget.It uses a Facebook page to create buzz.This is an example of a

Square provides a means for small businesses to process credit and debit card sales without signing up for a traditional credit card arrangement of monthly fees and minimum charges.It used which new entry strategy to enter the market initially?

When an opportunity is attractive long enough for it to be successfully developed and deployed,it is said to be

When an industry is mature,a(n) ______________ strategy is considered to be one of the most effective approaches for a new entrant.

Founders using a pioneering new entry strategy look for opportunities to capitalize on proven market successes.

Entrepreneurship refers to new value creation and can include activities in major corporations.

Cutting prices or increasing marketing efforts are examples of tactical competitive actions.

New ventures may find it difficult to use differentiation strategies successfully because they lack _____________ and __________.

To obtain venture capital financing,business founders rarely have to give up some ownership and control of their business.

Entrepreneurial competitive dynamics refers to a cycle of actions and responses between firms competing for the same customers.

The best example of a tactical action that a company might use in response to a competitive attack is to

Running Press created a line of palm-sized mini books that were sold as point-of-sale impulse items.The company grew rapidly,even though it had a small fraction of the sales in the publishing industry.They used a pure overall cost leadership strategy to capture market share.

An entry wedge,according to the text,is a type of entrepreneurial strategy firms can use to enter into business.

A focus strategy must not include elements of differentiation and overall cost leadership in order to be successful.

Which of the following is not a factor that makes it more difficult for new ventures to be successful as differentiators?

A small firm may be unable to mount a serious attack due to lack of resources.As a result,it is more likely to react to ______ actions such as incentive pricing or enhanced service offerings,because they are less costly to attack than large-scale strategic actions.

When a company chooses to maintain low-price dominance,it is using which tactical action?

Square,founded in 2010,provides a means for small businesses to process credit and debit card sales without signing up for a traditional credit card arrangement.This is an example of a pioneering new entry.