Entrepreneurial Strategy And Competitive Dynamics

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Strategic Management Creating Competitive Advantages
Analyzing the External Environment of the Firm Creating Competitive Advantages
Assessing the Internal Environment of the Firm
Recognizing a Firm's Intellectual Assets Moving beyond a Firm's Tangible Resources
Business-Level Strategy Creating and Sustaining Competitive Advantages
Corporate-Level Strategy Creating Value through Diversification
International Strategy Creating Value in Global Markets
Entrepreneurial Strategy and Competitive Dynamics
Strategic Control and Corporate Governance
Creating Effective Organizational Designs
Strategic Leadership Creating a Learning Organization and an Ethical Organization
Managing Innovation and Fostering Corporate Entrepreneurship

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Question 1

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Small businesses create the majority of new jobs in the U.S. economy.

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Question 2

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Opportunity recognition is the process of identifying and selecting entrepreneurial opportunities. It does not involve the development of those ideas.

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Question 3

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The evaluation phase of opportunity recognition occurs when an entrepreneur has an insight about a new business venture, often based on prior knowledge.

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Question 4

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The majority of entrepreneurial start-ups are financed with angel financing.

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Question 5

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

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Question 6

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Adaptive new entry involves offering a radical new product or highly innovative service.

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Question 7

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Choosing which new entry strategy is best depends on competitive financial and marketplace considerations. The greatest opportunities most likely will be in existing markets, rather than innew markets.

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Question 8

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Smell-O-Vision created an invention that would pump odors into movie theatres. It did not make it to market. This was an attempt to be an adaptive entry strategy.

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Question 9

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Entrepreneurial firms are often in a strong position to use combination strategies, because they have the flexibility to approach situations uniquely.

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Question 10

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The Amazon approach to selling books, using the Internet and offering superior customer service, gave it a strong entry strategy. This is an example of a focus strategy.

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Question 11

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

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Question 12

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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.

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Question 13

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Entrepreneurial new entry is often perceived as a competitive threat to incumbent firms because most market needs are being met, either directly or indirectly, by existing firms.

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Question 14

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New entry is among the most common reasons why a cycle of competitive actions and reactions gets started among similar competitors.

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Question 15

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New entry into markets, whether by start-ups or by incumbent firms, rarely threatens existing competitors.

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Question 16

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If similar competitors vie for the same customers in a marketplace, they are likely to escalate their competitive strategy through a reactive series of actions and responses.

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Question 17

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Market commonality is the extent to which rivals draw from the same types of resources.

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Question 18

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When attacked, older and larger firms tend to respond more quickly, but their responses are often more predictable.

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Question 19

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

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Question 20

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Forbearance is a particularly aggressive type of competitive attack.

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