5 Written questions
5 Matching questions
- Direct competition
- The matrix separates businesses into four categories which are WHAT?
- Reality Check: make assessments of the surrounding environment called ______ _______ as known as Environmental Analysis.
- a Star, Question mark,Cash cow, and Dog
- b the rivalry between two companies that offer similar products and services, acknowledge each other as rivals, and act and react to each other's strategic actions
- c entrepreneurial firms anticipate future problems, needs, or changes and develop solutions to meet them, even if they are unrelated to their current business.
- d a strategy for reducing risk by buying a variety of items (stocks or, in the case of a corporation, types of businesses), so that the failure of one stock or one business does not doom the entire portfolio.
- e Situation Analysis
5 Multiple choice questions
- a resource that is not controlled or possessed by many competing firms.
- a company with a small share of a fast-growing market
- a company with a large share of a fast-growing market
- growth, stability, and retrenchment
- strategy that focuses on turning around very poor company performance by shrinking the size or scope of the business
5 True/False questions
Competitive advantage → a reluctance to change strategies or competitive practices that have been successful in the past
Corporate-level strategy → a strategy that focuses on increasing profits, revenues, market share, or the number of places in which the company does business.
Distinctive competence → 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)
WHAT are the three steps to create strategies that produce sustainable competitive advantage? → assess the need for strategic change, conduct a situational analysis, and choose strategic alternatives.
Entrepreneurship → the process of entering new or established markets with new goods or services. (know characteristics for this)