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Exam 8: Entrepreneurial Strategy and Competitive Dynamics

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Question 1

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

A) The strategy is thought to be expensive to put into action.
B) Establishing a brand, important to a differentiation strategy, is thought to be expensive.
C) Superior innovation is often very costly.
D) Customer service is often costly, but it does not affect a differentiation strategy.

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

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Question 2

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

A) True
B) False

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Question 3

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

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?

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.

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

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

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.

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

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

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.

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

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

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

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

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

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

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

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

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