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Business Management Expert Answers & Study Resources : Page 280

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    21) A small business owner would conduct a competitive analysis in order to: A) influence customers' perceptions of the company and products' image. B) avoid surprises from existing competitors and to identify potential new competitors. C) divide the market into smaller, homogeneous units. D) scan the environment for weaknesses and strengths on which to.

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  • 21) A small business owner would conduct a competitive analysis
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    81) Succession planning should begin when the children reach college age.   82) At Stage II, when the successor graduates from college, real decision-making authority begins to grow rapidly.   83) The successor to the business owner needs to have both technical ability–knowledge of the business and financial ability–and understanding of the financial aspects.

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  • 81) Succession planning should begin when the children reach college
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    11) Once the vision and mission are established, the entrepreneur needs to: A) select the target market. B) conduct market research. C) choose a competitive strategy. D) assess the firm's strengths and weaknesses.   12) ________ are positive internal factors that contribute towards accomplishing the company's objectives. A) Strengths B) Weaknesses C) Opportunities D) Threats   13) ________ are negative internal factors.

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  • 11) Once the vision and mission established, the entrepreneur needs
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    101) Installing a sprinkler system to minimize the threat of fire would be a risk reduction strategy.   102) Risk anticipation strategies promote self-insurance.   103) Self-insurance is entirely a large business phenomenon.   104) A small business establishing a self-insurance fund is following a risk transferring strategy.   105) The risk behind self-insurance is that if there.

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  • 101) Installing a sprinkler system to minimize the threat of
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    1) The strategic management process: A) is especially difficult for the small business because of its limited resources. B) divides mass markets into smaller, less homogeneous units. C) provides the small business owner with the tools for managing the uncontrollable elements in the external business environment. D) helps a small business develop the game.

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  • 1) The strategic management process: A) especially difficult for the small
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    71) The competitive profile matrix matches the firm's core competencies with those of selected competitors.   72) Setting seemingly impossibly high objectives, those outside the likely reach of employees, helps managers to create and maintain a high motivation level. 73) Goals and objectives provide the direction for the small firm and are essential.

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  • 71) The competitive profile matrix matches the firm's core competencies
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    51) ________ is not a primary goal of a competitive intelligence program A) Avoiding surprises from existing competitors' new strategies and tactics B) Identifying potential new competitors C) Improving reaction time to competitors' actions D) All these are primary goals of a competitive intelligence program.   52) The final step in creating a knowledge management program.

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  • 51) ________ not a primary goal of a competitive intelligence
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    11) The grapevine in most organizations is: A) almost always incorrect in its content. B) nonexistent in organizations where management communicates face to face and by memo. C) the first place employees hear about major organizational changes. D) generally only used by troublemakers and gossips within the organization.   12) When it comes to hiring in.

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  • 11) The grapevine in most organizations is: A) almost always incorrect
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    41) A number of organizational factors encourage employee theft including: A) being permitted to manage their own work and time schedules. B) working with one-of-a-kind items the employee could never afford to buy. C) having to elaborate of financial and inventory controls in place. D) a low probability of getting caught. 42) Employee theft can.

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  • 41) A number of organizational factors encourage employee theft including: A)
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    131) Planning for management succession protects not only the founder's, successors', and company's financial resources, but it also preserves what matters most in a successful business: its heritage and tradition.   132) When choosing a successor, it is not important to establish standards of performance, knowledge, education, as much as the.

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  • 131) Planning for management succession protects not only the founder's,
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    51) Today a small growing company can improve their working relationships with both supplies and customers through the application of ________. A) Electronic Data Processing (EDP) B) Electronic Data Interchange (EDI) C) Electronic Fund Processing (EFP) D) Customer Relationship Management (CRM)   52) The ________ inventory system is designed to maintain a running count of the.

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  • 51) Today a small growing company can improve their working
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    31) Companies experience a number of benefits from JIT including: A) better customer acceptance of their products and services. B) increased job satisfaction among employees. C) a reduction of inventory and handling costs. D) longer equipment life and lower maintenance costs.   32) JIT systems need two significant human elements to be successful: mutual trust and.

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  • 31) Companies experience a number of benefits from JIT including: A)
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  145) Differentiate among the three risk management strategies: risk avoidance, risk anticipation, and risk transfer. Offer an example of each.   146) Explain the nature and purpose of insurance in relationship to the small business.   147) Outline the major types of insurance protection the typical small business needs.   148) What can a small business.

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  • 145) Differentiate among the three risk management strategies: risk avoidance,
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    41) Small bookstores have a giant killer of a competitive advantage in their: A) lower costs. B) better locations. C) customer service. D) large selection. 42) When translating strategic plans into action plans, the small business owner should: A) not delegate authority or responsibility at this point. B) not assign priorities to the action plans, but manage.

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  • 41) Small bookstores have a giant killer of a competitive
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    81) Information gathered during a job analysis provides the foundation for creating job descriptions and job specifications.   82) A job description sets forth duties; a job specification translates these duties into qualifications for that job.   83) The job specification outlines the duties and responsibilities of a job and its working conditions.   84) It.

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  • 81) Information gathered during a job analysis provides the foundation
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    71) Perpetual inventory systems keep a continuous tally of each item added to or subtracted from the company's stock of merchandise.   72) Because of their relatively inexpensive nature, perpetual inventory systems are used most frequently and successfully in controlling low-dollar, high-volume items.   73) Computerized point-of-sale systems have given small business owners the.

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  • 71) Perpetual inventory systems keep a continuous tally of each
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    31) When workers are empowered: A) there tends to be increased confusion over specific responsibilities. B) they are more successful on the job. C) they initially experience significant anxiety of using their skills. D) the company will lose about 20% of its workforce that doesn't want the responsibility. 32) Empowerment works best in work environments.

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  • 31) When workers empowered: A) there tends to be increased confusion
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    111) Losses incurred by noncompliance with a contract are covered by surety insurance.   112) Goods in transit are insured by surety insurance. 113) Crime insurance covers for loss due to dishonesty, disappearance, and destruction.   114) Pensions and annuities are special forms of liability insurance.   115) When buying disability insurance, the primary criterion is the.

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  • 111) Losses incurred by noncompliance with a contract covered by
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    61) An established customer base is an example of structural capital 62) Their narrower product lines, smaller customer bases and more limited geographic areas give small companies a natural advantage over large businesses when preparing a strategic plan.   63) The strategic planning process for small companies should begin with setting goals and.

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  • 61) An established customer base an example of structural capital 62)
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