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Exam 3: Designing a Competitive Business Model and Building a Solid Strategic Plan

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Question 51

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Small firms pursuing a cost-leadership strategy have an advantage in reaching customers whose primary purchase criterion is:

A) quality.
B) constant innovation.
C) price.
D) customer service.

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

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Question 52

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Assume you own a small camera shop that sells and repairs cameras and equipment. Discuss some of the methods you might select to allow you to successfully compete against the many large retailers that are nearby.

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In most cases, small business owners wil...

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Question 53

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Strengths are positive internal factors that contribute towards accomplishing the company's mission, goals, and objectives.

A small company's mission statement:

For the question(s) below, consider the following competitive profile matrix: -Which company has the strongest competitive position?

A ________ is a road map of the tactics and actions an entrepreneur draws up to fulfill the company's mission, goals, and objectives.

Which of the following was not identified as a way for the typical small business to establish a competitive advantage?

Shere Vincente operates a travel service that specializes in arranging trips for women, giving special attention to their needs and preferences, from security and comfort to activities and events designed to appeal to her target customers. Vincente is pursuing a ________ strategy.

A competitor analysis should include an analysis of direct competitors as well as significant and indirect competitors.

________ are positive internal factors that contribute toward accomplishing the company's mission, goals, and objectives, while ________ are negative internal factors that inhibit the accomplishment of a firm's mission, goals, and objectives.

Narrower product lines, smaller customer bases, and more limited geographic areas give small companies a natural advantage over large businesses when preparing a strategic plan.

________ are the broad, long-range attributes the small business seeks to accomplish; ________ are the more specific targets for performance.

Gathering competitive intelligence, such as "dumpster diving" in a competitors trash, may raise questions regarding:

Every business is characterized by a set of controllable variables that determines the relative success (or lack of it) of market participants called:

Mini-Case 3-1: Finding a Competitive Advantage Copreneurs Ed and Yolanda recently opened a vintage used car lot called Cherry Lane. They sell antique and collectible cars on consignment for the owners at a fee of 30 percent of the selling price. The price is further reduced by 10 percent if a particular car is not sold within the first 30 days. One of the first customers convinced Yolanda that this was the only fair thing to do, and in an effort to provide something for "the cost conscious buyer," she provided what she thought was excellent customer service and implemented the idea. Ed and Yolanda feel Cherry Lane has an ideal location. It is located adjacent to the city's baseball stadium, alongside the freeway in the center of all the other car dealerships. Although Cherry Lane has significant foot traffic, most people never make offers to buy. In an effort to increase sales, Ed and Yolanda are working on a new marketing strategy that they believe should be quite different from the "shotgun" approach they had been using over the last few months. -What is a competitive advantage? Does Cherry Lane have one? If so, what is it?

Rather than attempting to serve the total market, the small firm pursuing a ________ strategy specializes in serving a specific target segment.

For the question(s) below, consider the following competitive profile matrix: -Which of the following statements is true?

A strategy is a road map of action for fulfilling a firm's mission, goals, and objectives.

Ideally, strategic planning is not an outcome but an ongoing process.

The best way to build a cost-leadership competitive advantage is to focus entirely on manufacturing costs.