MGMT 3

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the strategic managment process

Step 1: Develop a vision and translate it into a mission statement
Step 2: Assess strengths and weaknesses
Step 3: Scan environment for opportunities and threats
Step 4: Identify key success factors

Step 5: Analyze competition
Step 6: Create goals and objectives
Step 7: Formulate strategies
Step 8: Translate plans into actions
Step 9: Establish accurate controls

a small businesss "aggregation of factors that sets it apart from its competitors" is its

competitive advantage

how is the strategic planning process for small companies different from that for larger companies

the aggregation of factors that sets a company apart from its competitors and gives it a unique position in the market

_________focuses everyones attention and feeforts on the same target market. it is an expression of what the owner believes in

mission statement

answering the question "what buisness am I in" defines the companys what

Mission statement

once the vision and mission are established the entrepreneur needs to

Assess Company Strengths and Weaknesses

_______are positive internal factors that contribute towards accomplishing the companys objectives

Strengths

when the small business owner assesses her companys strengths and weeknesses, she is dealing with the _________ business environment

strategic managment

a small firms ability to identify and manipulate the ___________in its business determines its ability to compete effectively

key success factors

a small business owner would conduct a competitive analysis in order to __________

size up his competition

the information gathering process in competitive analysis

competitive profile matrix

-------are the broad, longrange attributes the small business seeks to accomplish________are the specific, measurable milestones the company wants to achieve.

Goals, objectives

the small firms "master plan" is its

strategy

a differentiation stratety

is to sell something or market something no one else has

rather than attempting to serve the total market the small firm pursuing a _________ strategy specializes in serving a specific target segment

differentiation

the most successful strategic plans make the ______focal

key success factors

small book stores have a giant killer of a competitive advantage in their

stratigic management

a small business owner needs to remember that when it comes to employee involvement in the strategic planning process

the more involved the better

the _____ is a set of measures unique to the company that gives managers a quick and comprehensive view of how the buisness is doing and includes both financial and operational factors

Objectives

it is important for the small business owner to remember that the strategic planning process is

key success factors

in creation of balanced scorecard the entrepreneur needs to

establish goals for each critical indicator of company performs

intellectual capital of a company is comprised of which components

Human
Structural
Customer

small businesses have a natural advantage over large competitors when it comes to

economics of scale

what stategy recognizes that not all markets are homogenous

focus strategy

_________are a unique set of capabilities that a company develops in key areas, such as superior quality, customer service, innovation, team-building, flexibility, speed,responsiveness, and others that allow it to vault past competitors

core competencies

to be effective these competencies should be_______ for competitors to duplicate, and they must provide customers with the valuable percieved benifit

difficult

true/false
the idea behind strategic planning is to give the vusiness owner a way to match his/her companys strengths and weaknesses to the opportunities and threats in the business

false

true/fals
what business am i in this is a question that entrepreneur needs to answer when creating the mission statement

true

true/false
After a company's strengths and weakness are assessed, the strategic planning process should identify opportunities and threats facing the company and should isolate the key factors for success in the business

mission statement

true/false
Key success factors are simply relationships between controllable factors and critical elements that permit a firm to compete in its industry

true

true/false
Most small business owners believe it is relatively unimportant to monitor their competitors'

false

What corporate trends have contributed to the growth of entrepreneurship?

Corporate Castoffs

Dirk wants to be in control. He's tired of taking orders from others and wants to feel a sense of accountability for the outcome of his work. Dirk displays the entrepreneurial characteristic of:

desire and willingness to take initative

)Juan is able to work well in a constantly changing atmosphere and has little concern for what tomorrow will bring. Juan demonstrates which of the following characteristics of a typical entrepreneur?

tolerance for ambiguity

)Entrepreneurs start businesses for a number of reasons including:

Control your own destiny
Make a difference
Social entrepreneurs
Reach your full potential
Reap impressive profits
Contribute to society and to be recognized for your efforts
Do what you enjoy and to have fun at it

A significant benefit of starting your own company is:

control your own destiny

mary and Ted are discussing starting a new business and are asking themselves a series of questions like; "What is the worst that could happen if we fail?" "How likely is that to happen?" They are assessing which potential drawback of small business ownership?

risk of losing your invested capital

Potential drawbacks of small business ownership include:

Uncertainty of income
Risk of losing your entire investment
Long hours and hard work

More businesses are started by individuals between ________ than at any other age.

25-44

The growth of entrepreneurship is being fed by:

Entrepreneurs as heroes
Entrepreneurial education
Demographic and economic factors
Shift to a service economy
Technological advancements
Outsourcing
Independent lifestyles
E-Commerce and the World Wide Web
International opportunities

Companies started by women differ from companies started by men in that

they tend to be smaller

Minorities cite which of the following as the primary barrier to their entrepreneurship?

ideal way to battle discrimination

"Copreneurs" are marked by:

unit ownership of a company

Successful copreneurs are marked by what characteristics?

dividing there business responsibilities on the basis of their skills, experience, and abilities rather than on gender

A major threat that family businesses face is:

management succession

) Bill and Sally have been tired of the corporate rat race. They leave their investment banking positions in New York, move to Colorado and start a business raising Mohair sheep. This couple is an example of the entrepreneurial phenomenon of:

Corporate "dropouts" / copreneurs

Small businesses thrive in every industry, but the majority of them are in the:

limited resources, inexperience managment, and lack of financial stability

One key to success with a business startup is to begin with enough ________:

know you business in depth

) A key characteristic of a successful entrepreneur is

fall intelligently

Primary cause of business failure is:

lack of initial planning

Forces driving the entrepreneurial trend in our economy include?

entrpreneurial education, entreprenurial heors

Joanne is thinking about running her own business. What risks does she face?

uncertainty

true/false
) Despite their magnitude, family businesses face a major threat — a threat from within: management succession

true

true/false
when an entrepreneur develops a relationship with a manager in a large established company in order to draw on the corporate manager's experience, it is called "Copreneurship."

false

true/false
) Research shows that for "Copreneurship" to work, responsibilities must be divided by gender

false

true/false
One important characteristic of successful "copreneurs" is their ability to separate their business life from their personal life, so that one doesn't consume the other.

true

true/false
"Corporate dropouts" are middle managers who are laid off from large corporations and decide to start their own businesses rather than return to a corporate job.

true

true/false
) Small businesses create more jobs than either medium or large businesses.

true

More businesses fail because of ________ than for any other reason.

lack of fiancial planning

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