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Study Resources (Business Management)

11. As mentioned in the chapter, “prior experience” in an industry helps entrepreneurs recognize business opportunities. This concept extends to prior experience in any aspect of life—whether it is in sports, music, or a volunteer activity. In what area or areas do you have a good amount of “prior experience”?.
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5. Identify three start-ups, other than those discussed in the chapter and listed in Table 2.1, which were started to satisfy a changing environmental trend. 6. Marshall Hanson, the founder of Santa Fe Hitching Rail, a chain of nine steak restaurants in New Mexico, is considering expanding his menu, which is.
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5. Jackson Sprout, a long-time friend of yours, is disenchanted with what he perceives to be a lack of quality in the local restaurants servicing Italian-based foods. In talking to you about this, Jackson says, “My grandparents are Italian. Over the years, I have learned a great deal about cooking.
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11. Identify the nontraditional barriers to entry that are particularly suitable for entrepreneurial firms. 12. How can a start-up avoid or sidestep the pressure applied by one of the five forces on industry profitability by establishing a unique “position” in an industry? 13. Describe the characteristics of a fragmented industry. What is.
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2. Why do you think more people, including Eclipse employees, suppliers, and customers, weren’t more skeptical of Eclipse’s ability to implement its ambitious plans? Do you think Eclipse’s failure will slow down or accelerate new innovation in the airplane industry? 3. Interestingly, no current manufacturer of corporate jets is using the.
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1. What is a feasibility analysis? What is it designed to accomplish? 2. Briefly describe each of the four areas that a properly executed feasibility analysis explores. 3. What is a product/service feasibility analysis? 4. Describe the difference between primary research and secondary research. 5. What is a concept statement? .
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14. Explain the difference between an opportunity and an idea. 15. Describe the brainstorming process. Why is “no criticism” the number one rule for brainstorming? 16. Describe how a focus group is set up and how it is used to generate new business ideas. Usually focus groups are conducted by trained moderators. The.
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11. Describe the difference between strong-tie relationships and weak-tie relationships. Is an entrepreneur more likely to get new business ideas through strong-tie or weak-tie relationships? Why? 12. Define creativity. How does creativity contribute to the opportunity recognition process? 13. Briefly describe the five stages of the creative process for an individual. .
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4. Identify the five competitive forces that determine industry profitability. 5. Describe how the threat of substitute products has the potential to suppress an industry’s profitability. 6. How does the threat of new entrants have the potential to suppress an industry’s profitability? 7. What is meant by the term barrier to entry? Describe.
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Case 2.1 ScriptPad: Interesting Idea—But Will Doctors and Pharmacies Sign On? DISCUSSION QUESTIONS 1. In this chapter, an opportunity is defined as being (1) attractive, (2) durable, (3) timely, and (4) anchored in a product or service that creates value for its buyer or end user. To what extent does ScriptPad meet each.
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Case 3.2 What Segway Learned About the Value of Feasibility Analysis the Hard Way 1. Why do you think Dean Kamen and his team didn’t do a better job of anticipating the problems that beset the Segway? 2. Describe what you believe would have been an appropriate product/service feasibility analysis and an appropriate.
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1. What factors in the business environment encourage firms to partner to compete? 2. What risks do small firms face when partnering with large, successful companies? What risks do large companies take when they partner with small start-ups? 1. What is a business plan? What are the advantages of preparing a business.
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6. What is a buying intentions survey, and what does it accomplish? 7. What are the two ways that entrepreneurs assess the likely product demand for the proposed product or service they are analyzing? 8. What is gumshoe research in the context of product/service feasibility analysis? 9. What is industry/target market feasibility analysis? 10..
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8. How does rivalry among existing firms have the potential to suppress an industry’s profitability? 9. Describe the four primary factors that play a role in determining the nature and intensity of the bargaining power of suppliers. How does the bargaining power of suppliers have the potential to suppress an industry’s.
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13. What is the purpose of the “Economics of the Business” section of a business plan? 14. If you’re developing a completely new product or service, what type of information should you include in your business plan regarding the status of the development efforts? 15. What is the purpose of the “Operations.
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16. What is the purpose of a competitor analysis? Make your answer as complete as possible. 17. Describe the differences between direct competitors, indirect competitors, and future competitors. 18. What is meant by the term competitive intelligence? Why is it important for firms to collect intelligence about their competitors? 19. Identify three sources.
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3. What barriers to entry has Panera Bread created for potential competitors? How significant are these barriers? 4. What are Panera Bread’s primary sources of competitive advantage? In your judgment, are these sources of advantage sustainable? Why or why not? 1. What are the ways that Panera Bread can conduct ethical and.
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1. What are the common attributes across the three companies in the feature? How do these attributes help the companies thrive in otherwise competitive industries? 2. In what ways is each of the companies’ features redefining the customer experience in their industries? 2. How can an entrepreneur assess whether offering to serve.
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Case 5.1 Panera Bread: Occupying a Favorable Position in a Highly Competitive Industry 1. How has Panera Bread established a unique position in the restaurant industry? How has this unique position contributed to the firm’s success? Do you think Panera Bread will reach its goal of becoming a leading national brand in.
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11. Heather Smith and Katie Jones are launching a personal finance software company. They conducted a thorough feasibility analysis, and are now working on their business plan. Heather just sent you an e-mail message. The subject line of the message reads, “Are we jumping the gun?” In the message Heather.
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1. In putting wide age ranges on their products (i.e., suitable for ages 4 through 7), do you think that software companies prior to the advent of JumpStart’s grade-specific products ever thought that the wide age range caused parents angst in trying to determine if a particular product was suitable.
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7. Suppose you’re interested in opening a musical instruments store near the college or university you attend, to sell guitars, drums, and other types of musical instruments. What online resources would you draw on to conduct secondary research regarding the industry/target market feasibility of your business idea? How would you.
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3. Do you think StyleHop conducted a feasibility analysis prior to hiring a Chief Technology Officer and starting to build the business? In what ways do you think a feasibility analysis could have helped StyleHop better anticipate the problems that eventually led to the firm’s failure? 4. The “You Be the.
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