Info
Warning
Danger

Study Resources (Business Management)

  41) In the five-stage creative process, the flash of recognition, or what is sometimes referred to as the "eureka" experience, occurs in the: A) insight stage B) preparation stage C) incubation stage D) elaboration stage E) evaluation stage 42) ________ is (are) used to generate a number of ideas quickly. A) Insight groups B) Competitive intelligence gatherings C) Examination.
1 Views
View Answer
  31) A(n) ________ is the pooling of interests to combine two or more firms into one. A(n) ________ is the outright purchase of one firm by another. A) acquisition, merger B) merger, acquisition C) licensing agreement, acquisition D) joint venture, strategic alliance E) strategic alliance, joint venture 32) Trevor Watts owns a printing company. Over the.
1 Views
View Answer
  1) Morphology, the company profiled in the opening feature for Chapter 3, was started to produce a board game. The feature describes how Morphology sought to validate its business idea. According to the feature: A) Morphology was unable to validate its business idea and the idea was dropped B) Morphology's feasibility analysis.
6 Views
View Answer
  21) According to a recent PricewaterhouseCooper's survey (cited in the textbook) of rapid-growth entrepreneurial firms, ________ of the 350 firms surveyed sell in international markets. A) 15% B) 25% C) 46% D) 77% E) 90% 22) According to the textbook, international new ventures are: A) businesses that have employees located in three or more countries B) businesses that.
1 Views
View Answer
  21) Edward Andrews has decided to write a business plan that is intended to be read primarily by his staff, which will present a blueprint for his company's entire operation and will provide guidance to operational managers. Edward should write a(n): A) operational business plan B) tactical business plan C) strategic business plan D).
0 Views
View Answer
  61) The primary disadvantage of franchising is that an organization allows others to profit from its trademark and business method. 62) A management concept called agency theory refutes the value of franchising for organizations with multiple units, like restaurant chains. 63) In the majority of cases, a franchisee pays a royalty based.
0 Views
View Answer
  11) According to the textbook, the five competitive forces included in the five-forces model determine: A) the average rate of new business starts in an industry B) the average growth rate for the firms in an industry C) the average rate of return for the firms in an industry D) the average sales for.
3 Views
View Answer
  21) According to the example provided in Chapter 5, www.1800contacts.com possesses a nontraditional barrier to entry referred to as: A) unique business model B) strength of management team C) access to distribution channels D) Internet domain name E) first-mover advantage 22) Which of the following was not identified in the textbook as a nontraditional barrier to.
0 Views
View Answer
  61) Weak-tie relationships are characterized by infrequent interaction and ties between casual acquaintances. 62) It is more likely that an entrepreneur will get a new business idea through a strong-tie than a weak-tie relationship. 63) The five stages of the creative process include preparation, incubation, insight, evaluation, and elaboration. 64) Incubation is the.
0 Views
View Answer
  71) Describe the difference between an idea and an opportunity. Why is the distinction important? 72) Describe the three separate ways that entrepreneurs identify new business, product, and service opportunities? 73) Describe the difference between strong-tie and weak-tie relationships. Is it more likely that an entrepreneur will get new ideas through strong-tie.
4 Views
View Answer
  1) Phone Halo, the company profiled in the opening feature for Chapter 14, developed a device that prevents people from losing their mobile phones. Which growth strategy is Phone Halo now pursuing? A) joint ventures B) strategic alliances C) mergers and acquisitions D) licensing E) international expansion 2) Abby Covin owns a firm that manufacturers and.
12 Views
View Answer
  21) According to our textbook, which of the following is not a quality to look for in prospective franchisees? A) individual, rather than team-oriented B) ability to follow instructions C) experience in the industry in which the franchisee operates D) ability to operate with minimal supervision E) adequate financial resources and a good credit history 22).
0 Views
View Answer
  71) Describe the purpose of feasibility analysis. When should a feasibility analysis be conducted relative to opportunity recognition and the development of a business plan? 72) Describe what a concept statement is, and what it should include. 73) What is gumshoe research and why is it important?     .
3 Views
View Answer
  1) Lincoln & Lexi, the company profiled in the opening feature for Chapter 4, was founded to: A) sell consulting services to e-commerce sites B) provide nannie and tutoring services C) sell jewelry online D) sell iPhone apps for casual gamers E) sell children's clothing through home parties and baby showers 2) Martin Nelson is thinking.
11 Views
View Answer
  11) GasBuddy and GasPriceWatch.com are companies started to help consumers save money on gas. Which environmental trend is most likely to have provided the impetus for the creation of these companies? A) regulatory changes B) political changes C) economic forces D) technological advances E) social forces 12) Economic forces impact the opportunities available to entrepreneurs. Which.
1 Views
View Answer
  11) Clark Jensen recently opened a Planet Smoothie franchise. So far, he is very satisfied with Planet Smoothie because in exchange for an initial franchise fee and an ongoing royalty payment, Planet Smoothie has provided Clark a formula for doing business along with training, advertising, and other forms of assistance..
1 Views
View Answer
  51) Feasibility analysis is the process of determining if a business idea is viable. 52) The proper sequence for developing successful business ideas is to first conduct a feasibility analysis, then progress through the opportunity recognition stage, and finish with the completion of a business plan. 53) The four forms of feasibility.
0 Views
View Answer
  31) Which of the following statements is incorrect regarding the franchisor-franchisee relationship? A) A franchisee may be charged a fee for additional training. B) Some franchisors require a new franchisee to pay a "grand opening" fee. C) Franchisees are often required to pay into a national or regional advertising fund. D) Weekly or monthly.
0 Views
View Answer
  41) A prototype is: A) a form of opportunity recognition B) a tool for evaluating the industry a new firm plans to enter C) a financial model D) the first physical depiction of a new product E) a tool for evaluating the organizational prowess of a new firm 42) What section of the business plan deals.
0 Views
View Answer
  31) An individual who identifies a business idea on his or her own is referred to as a(n): A) separate entrepreneur B) functional entrepreneur C) lone entrepreneur D) individual entrepreneur E) solo entrepreneur 32) A network entrepreneur is an individual who identifies his or her business idea: A) on their own B) through the assistance of a paid.
0 Views
View Answer
  61) Fragmented industries are more receptive to new entrants than industries that are dominated by a handful of large firms. 62) A tagline is a phrase that a business uses to reinforce its position in the marketplace. 63) A competitor analysis, which is a detailed analysis of a firm's competitors, should.
0 Views
View Answer
  74) Describe the purpose of industry/target market feasibility analysis, and identify the two primary issues that should be considered. What is the difference between a firm's industry and its target market? 75) Briefly describe the purpose of the First Screen and how it's used.     .
2 Views
View Answer
  71) What is a business plan? 72) What are the two main reasons for writing a business plan? 73) Experienced entrepreneurs often refer to business plans as "living, breathing documents." What is meant by this characterization of business plans? 74) What is an "executive summary?" Why is the executive summary often called.
3 Views
View Answer
  61) Industry/target market feasibility is an assessment of the overall appeal of the industry and the target market for the product or service being proposed. 62) Organizational feasibility analysis is conducted to determine whether a proposed business venture has sufficient management expertise, organizational competence, and resources to successfully launch its business. 63).
0 Views
View Answer
  41) ________ is the licensing of a recognized trademark or brand that the licensor typically controls through a registered trademark or copyright. A) Goods and character licensing B) Products and trademark licensing C) Products and brand licensing D) Merchandise and character licensing E) Products and services licensing 42) Merchandise and character licensing is the licensing of.
1 Views
View Answer
  51) Sustained growth is defined as growth in both revenues and employees over an extended period of time. 52) Most entrepreneurial firms try to grow and see it as an important part of their ability to remain successful. 53) All businesses have the potential to be aggressive growth firms. 54) Business success doesn't.
1 Views
View Answer
  71) Explain the difference between internal and external growth strategies. Provide examples of each. 72) Describe the internal growth strategy of new product development. Why is it a competitive necessity in some industries that entrepreneurial firms focus on this form of growth? 73) Describe what a product line extension strategy is. What.
4 Views
View Answer
  11) Which of the following is not an individual, group or institution that normally reads a company's business plan? A) board of directors B) potential alliance partners and major customers C) state and local government officials D) key recruits for jobs with the new firm E) rank-and-file employees 12) Which of the following is not a.
4 Views
View Answer
  21) Clothing boutiques and specialty shops often start because there is a need for a particular product but large retailers like Wal-Mart and Costco can't sell enough of the item to stock it on their shelves. If a clothing boutique started to sell designer clothes or clothing for hard-to-fit people.
0 Views
View Answer
  51) Internal growth strategies involve efforts taken within the firm itself, such as new product development, other product-related strategies, and international expansion. 52) Internally generated growth is often called organic growth because it does not rely on outside intervention. 53) New product development involves designing, producing, and selling new products as a.
0 Views
View Answer
  31) Industry structure refers to how: A) concentrated or fragmented an industry is B) traditional or progressive an industry is C) innovative or conservative an industry is D) hierarchical or flat an industry is E) large or small an industry is 32) A(n) ________ describes why a company exists and what it aspires to become. A) tactical.
0 Views
View Answer
  71) What is the difference between a product and trademark franchise and a business format franchise? Which type of franchise is most common for entrepreneurial firms? 72) When is franchising appropriate (from the business owner's point of view)? Provide an example of when franchising is appropriate and when it is inappropriate.     .
4 Views
View Answer
  21) A buying intentions survey is typically administered as part of ________ feasibility analysis. A) financial B) organizational C) industry/target market D) legal/regulatory E) product/service 22) Katlin Smith is investigating the feasibility of developing an iPhone app to help high school students with math. To get a good handle on the potential demand for her service,.
0 Views
View Answer
  11) The Savvy Entrepreneurial Firm feature in Chapter 14 focuses on SwitchFlops, a company that produces sandals with interchangeable straps. The primary takeaway from the feature is that savvy growth-minded startups: A) utilize both internal and external growth strategies B) emphasize internal rather than external growth strategies C) emphasize international growth strategies.
99 Views
View Answer
  41) The focus in organizational feasibility analysis is on: A) financial resources for manufacturing firms and nonfinancial resources for service firms B) financial resources for service firms and nonfinancial resources for manufacturing firms C) nonfinancial and financial resources equally D) nonfinancial resources E) financial resources 42) The Partnering for Success feature in Chapter 3 focuses on.
0 Views
View Answer
  51) Franchising is a form of business organization in which a firm that already has a successful product or service licenses its trademark and method of doing business to other businesses in exchange for an initial franchise fee and an ongoing royalty. 52) A business format franchise typically connects a single.
0 Views
View Answer
  41) The FDD contains ________ categories of information. A) 5 B) 15 C) 23 D) 33 E) 41 42) The document that consummates the sale of a franchise is called the: A) Franchise Disclosure Document B) franchise agreement C) license agreement D) Uniform Franchise Licensing Code E) franchise circular 43) While franchise agreements vary, each agreement typically contains two sections: A) the statutory.
0 Views
View Answer
  51) A commercialization plan is a written narrative that describes what a new business plans to accomplish and how it plans to accomplish it. 52) According to a Wells Fargo/Gallup Small Business Study cited in the book, a large percentage of entrepreneurs write business plans for their ventures. 53) For most new.
0 Views
View Answer