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Chapter 6 Bus 180 quiz

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Chapter 6

Question 1 of 15

1

The key types of risk companies face include:

Select one of the following:

  • Market Risk

  • Technology Risk

  • Domino Risk

  • Execution Risk

  • All of the Above

  • A, B and D

Explanation

Question 2 of 15

1

As important as helping you determine what to do, a well-defined strategic position is a boon in helping you decide what NOT to do.

Select one of the following:

  • True
  • False

Explanation

Question 3 of 15

1

Key Differentiators, such as price, quality, convenience, and selection, are characteristics that differentiate one company from another. These motivate customers to buy from one company rather than either choosing another company or not buying at all.

Select one of the following:

  • True
  • False

Explanation

Question 4 of 15

1

The first company to gain a foothold in the market can often leverage being early into a significant competitive advantage.

Select one of the following:

  • True
  • False

Explanation

Question 5 of 15

1

You should judge your competition solely on the basis of whether your product or service is better than theirs.

Select one of the following:

  • True
  • False

Explanation

Question 6 of 15

1

A true strategic position is not the same as an advertising campaign or slogan.

Select one of the following:

  • True
  • False

Explanation

Question 7 of 15

1

A SWOT chart delineates what?

Select one of the following:

  • Strengths, Weaknesses, Operations, Trends

  • Strengths, Weaknesses, Opportunities, Trends

  • Strengths, Weaknesses, Opportunities, Threats

  • Strengths, Weaknesses, Options, Threats

Explanation

Question 8 of 15

1

Barriers to entry may include:

Select one of the following:

  • Government Regulation

  • Intellectual Property

  • Economy of Scale

  • Market Saturation

  • All of the Above

  • A, B and C

Explanation

Question 9 of 15

1

Every business involves risk.

Select one of the following:

  • True
  • False

Explanation

Question 10 of 15

1

Branding is

Select one of the following:

  • Easy to Achieve

  • Expensive

  • Time consuming

  • Defined by consistent quality, price, service or convenience

  • All of the Above

  • B, C and D

Explanation

Question 11 of 15

1

A first-mover advantage may enable entrepreneurs to:

Select one of the following:

  • Capture significant market share before competitors enter market

  • Secure strategic partners

  • Capture media attention

  • Lock in financing sources

  • All of the Above

  • A, B and C

Explanation

Question 12 of 15

1

Many internal operational advantages can increase your competitiveness, such as:

Select one of the following:

  • Marketing program and budget

  • Operational efficiencies

  • Strategic partnerships

  • Company morale

  • All of the Above

  • A, B and C

Explanation

Question 13 of 15

1

Installed user base refers to:

Select one of the following:

  • The software industry's existing market

  • A sizable portion of the market that already uses a product or service similar to yours

  • A company's "installation" or establishment of market dominance by giving products and services away for free.

  • None of these

Explanation

Question 14 of 15

1

Customers may judge the product or service offered by both you and the competition on which of the following factors?

Select one of the following:

  • Product or service features

  • Durability and Maintenance

  • Image, Style, Perceived Value

  • Customer Relationships

  • Societal Impact

  • All of the Above

  • A, B, C and D

Explanation

Question 15 of 15

1

In thinking through your business or developing your business plan, the statement "We have no competition" likely indicates what?

Select one of the following:

  • Your company presents an excellent opportunity to get in on a new, unexploited, and potentially lucrative opening in the market.

  • You have not fully examined the realities of your business

  • There is no market for your concept

  • B and C

Explanation

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