5 Written questions
5 Matching questions
- Related diversification
- Risk Taking
- Distinctive competence
- Shadow-strategy task force
- Situational Analysis (SWOT)
- a : a committee within a company that analyzes the company's own weaknesses to determine how competitors could exploit them for competitive advantage.
- b creating or acquiring companies that share similar products, manufacturing, marketing, technology, or cultures
- c what a company can make, do, or perform better than its competitors. Review the resources and the processes to see if it's valuable or not. Rare is important as well. Rare means that not everyone has equal access. It is not easy to duplicate. Regular coffee verses Starbucks coffee (example). You want to ensure the product or service cannot be substituted. (This would be a competitor advantage)
- d : an assessment of the strengths and weaknesses in an organization's internal environment and the opportunities and threats in its external environment.
- e entrepreneurial firms are willing to take risks that could result in costly failures.
5 Multiple choice questions
- entrepreneurial firms anticipate future problems, needs, or changes and develop solutions to meet them, even if they are unrelated to their current business.
- a resource that allows companies to improve efficiency and effectiveness.
- related diversification
- a company with a small share of a slow-growing market.
- a company with a small share of a fast-growing market
5 True/False questions
Entrepreneurship → entrepreneurship within an existing organization
Core firms → the firms in a strategic group that follow related, but somewhat different strategies than do the core firms
Nonsubstitutable resource → a resource, without equivalent substitutes or replacements, that produces value or competitive advantage
Diversification → creating or acquiring companies that share similar products, manufacturing, marketing, technology, or cultures
Market commonality → the degree to which two companies have overlapping products, services, or customers in multiple markets