Describe the characteristics of a fragmented industry. What is the primary opportunity for new firms in fragmented industries. Insert page numbers in the body of your discussion and a list of References at the end in APA format.
Tuesday, January 7, 2020
BZ450 Lesson 8 Exam SCORE 100 PERCENT....obj
Question 1 5 / 5 points
Shelby Collins owns a firm that designs and sells women's clothing. She is currently trying to grow her firm by developing new product lines. Shelby is pursuing a(n) ________ growth strategy.
Question options:
a) in-house
b) domestic
c) internal
d) external
Question 2 5 / 5 points
________ licensing is the licensing of proprietary technology that the licensor typically controls by virtue of a utility patent.
Question options:
a) Skill
b) Intellectual property
c) Utility
d) Technology
Question 3 5 / 5 points
Which of the following is an example of an external growth strategy?
Question options:
a) New product development
b) Mergers and acquisitions
c) Market penetration
d) Product line extension
Question 4 5 / 5 points
The ________ stage of the organizational life cycle is the startup phase, where a business determines what its core strengths and capabilities are and starts selling its initial product or service.
Question options:
a) introduction
b) launch
c) ramp-up
d) early growth
Question 5 5 / 5 points
Which of the following is an advantage of internal growth strategies?
Question options:
a) Need to develop new resources
b) Get quality and pricing right
c) Investment in a failed internal effort can be difficult to recoup
d) Provides maximum control
Question 6 5 / 5 points
________ means that as the number of employees a firm needs increases, it becomes increasingly difficult for it to find the right employees, place them in appropriate positions, and provide adequate supervision.
Question options:
a) Difficult hazard
b) Adverse hazard
c) Adverse selection
d) Moral selection
Question 7 5 / 5 points
If a business enhances the quality of a product, makes it more convenient to use, improves its durability, or makes it more up-to-date, any one of those initiatives fall under the category of:
Question options:
a) increasing the market penetration of an existing product or service.
b) extending product lines.
c) geographic expansion.
d) improving an existing product or service.
Question 8 5 / 5 points
________ costs are the costs a company incurs as it makes sales.
Question options:
a) Static
b) Irregular
c) Balanced
d) Variable
Question 9 5 / 5 points
Which of the following is a disadvantage of growth by means of external growth strategies?
Question options:
a) Diversification of business risk
b) Economies of scale
c) Getting access to proprietary products or services
d) Loss of organizational flexibility
Question 10 5 / 5 points
Internally generated growth is often called organic growth because it does not rely on:
Question options:
a) outside intervention.
b) its own skills and capabilities.
c) external funding.
d) internal leadership.
Question 11 5 / 5 points
Jack Wills owns a commercial nursery. Jack has more business than he wants, in fact, he is presently turning away exciting new business opportunities because it is expensive to hire new employees, and he knows that if he did hire new employees it would take time for the new employees to be trained and to be socialized into the culture of his firm. Jack's inability to take advantage of the new business opportunities that are coming his way is due largely to the ________ problem.
Question options:
a) business aptitude
b) entrepreneurial aptitude
c) commercial opportunity
d) managerial capacity
Question 12 5 / 5 points
Qualcomm, a high-tech company headquartered in San Diego, owns the rights to several of the key components that permit cell phones to work. Instead of selling cell phones itself, Qualcomm grants permission to many companies to use specific forms of its intellectual property in exchange for monetary compensation. Qualcomm is engaging in an external growth strategy referred to as:
Question options:
a) licensing.
b) strategic alliances.
c) acquisitions.
d) new product development.
Question 13 5 / 5 points
Which of the following is an example of an external growth strategy?
Question options:
a) Geographic expansion
b) Improving an existing product or service
c) Increasing the market penetration of an existing product or service
d) Strategic alliances
Question 14 5 / 5 points
________ means that as a firm grows and adds personnel, the new hires typically do not have the same ownership incentives as the original founders, so the new hires may not be as motivated as the founders to put in long hours or may even try to avoid hard work.
Question options:
a) Difficult selection
b) Adverse hazard
c) Ethical selection
d) Moral hazard
Question 15 5 / 5 points
Trevor Kimble owns a firm that sells products to the publishing industry. Trevor is currently evaluating a set of opportunities that he feels his firm is capable of pursuing. According to the text, Trevor is evaluating his firm's:
Question options:
a) prolific potential.
b) dynamic opportunity options.
c) productive opportunity set.
d) passionate opportunity set.
Question 16 5 / 5 points
__________ occurs when a firm holds the number one or the number two position in an industry or niche market in terms of sales volume.
Question options:
a) Business scalability
b) Economies of scale
c) Reaching for scale
d) Market leadership
Question 17 5 / 5 points
When a firm's managerial resources are insufficient to take advantage of its new product and service opportunities, the subsequent bottleneck is referred to as the ________ problem.
Question options:
a) commercial capacity
b) entrepreneurial aptitude
c) managerial capacity
d) business capacity
Question 18 5 / 5 points
New product development, other product-related strategies, and international expansion are examples of ________ growth strategies.
Question options:
a) external
b) domestic
c) primary
d) internal
Question 19 5 / 5 points
________ costs are costs that a company incurs whether it sells something or not.
Question options:
a) Fixed
b) Consistent
c) Steady
d) Variable
Question 20 5 / 5 points
Which mechanism for firm growth involves the creation and sale of new products or services?
Question options:
a) Strategic alliances
b) New product development
c) Licensing
d) Franchising
Shelby Collins owns a firm that designs and sells women's clothing. She is currently trying to grow her firm by developing new product lines. Shelby is pursuing a(n) ________ growth strategy.
Question options:
a) in-house
b) domestic
c) internal
d) external
Question 2 5 / 5 points
________ licensing is the licensing of proprietary technology that the licensor typically controls by virtue of a utility patent.
Question options:
a) Skill
b) Intellectual property
c) Utility
d) Technology
Question 3 5 / 5 points
Which of the following is an example of an external growth strategy?
Question options:
a) New product development
b) Mergers and acquisitions
c) Market penetration
d) Product line extension
Question 4 5 / 5 points
The ________ stage of the organizational life cycle is the startup phase, where a business determines what its core strengths and capabilities are and starts selling its initial product or service.
Question options:
a) introduction
b) launch
c) ramp-up
d) early growth
Question 5 5 / 5 points
Which of the following is an advantage of internal growth strategies?
Question options:
a) Need to develop new resources
b) Get quality and pricing right
c) Investment in a failed internal effort can be difficult to recoup
d) Provides maximum control
Question 6 5 / 5 points
________ means that as the number of employees a firm needs increases, it becomes increasingly difficult for it to find the right employees, place them in appropriate positions, and provide adequate supervision.
Question options:
a) Difficult hazard
b) Adverse hazard
c) Adverse selection
d) Moral selection
Question 7 5 / 5 points
If a business enhances the quality of a product, makes it more convenient to use, improves its durability, or makes it more up-to-date, any one of those initiatives fall under the category of:
Question options:
a) increasing the market penetration of an existing product or service.
b) extending product lines.
c) geographic expansion.
d) improving an existing product or service.
Question 8 5 / 5 points
________ costs are the costs a company incurs as it makes sales.
Question options:
a) Static
b) Irregular
c) Balanced
d) Variable
Question 9 5 / 5 points
Which of the following is a disadvantage of growth by means of external growth strategies?
Question options:
a) Diversification of business risk
b) Economies of scale
c) Getting access to proprietary products or services
d) Loss of organizational flexibility
Question 10 5 / 5 points
Internally generated growth is often called organic growth because it does not rely on:
Question options:
a) outside intervention.
b) its own skills and capabilities.
c) external funding.
d) internal leadership.
Question 11 5 / 5 points
Jack Wills owns a commercial nursery. Jack has more business than he wants, in fact, he is presently turning away exciting new business opportunities because it is expensive to hire new employees, and he knows that if he did hire new employees it would take time for the new employees to be trained and to be socialized into the culture of his firm. Jack's inability to take advantage of the new business opportunities that are coming his way is due largely to the ________ problem.
Question options:
a) business aptitude
b) entrepreneurial aptitude
c) commercial opportunity
d) managerial capacity
Question 12 5 / 5 points
Qualcomm, a high-tech company headquartered in San Diego, owns the rights to several of the key components that permit cell phones to work. Instead of selling cell phones itself, Qualcomm grants permission to many companies to use specific forms of its intellectual property in exchange for monetary compensation. Qualcomm is engaging in an external growth strategy referred to as:
Question options:
a) licensing.
b) strategic alliances.
c) acquisitions.
d) new product development.
Question 13 5 / 5 points
Which of the following is an example of an external growth strategy?
Question options:
a) Geographic expansion
b) Improving an existing product or service
c) Increasing the market penetration of an existing product or service
d) Strategic alliances
Question 14 5 / 5 points
________ means that as a firm grows and adds personnel, the new hires typically do not have the same ownership incentives as the original founders, so the new hires may not be as motivated as the founders to put in long hours or may even try to avoid hard work.
Question options:
a) Difficult selection
b) Adverse hazard
c) Ethical selection
d) Moral hazard
Question 15 5 / 5 points
Trevor Kimble owns a firm that sells products to the publishing industry. Trevor is currently evaluating a set of opportunities that he feels his firm is capable of pursuing. According to the text, Trevor is evaluating his firm's:
Question options:
a) prolific potential.
b) dynamic opportunity options.
c) productive opportunity set.
d) passionate opportunity set.
Question 16 5 / 5 points
__________ occurs when a firm holds the number one or the number two position in an industry or niche market in terms of sales volume.
Question options:
a) Business scalability
b) Economies of scale
c) Reaching for scale
d) Market leadership
Question 17 5 / 5 points
When a firm's managerial resources are insufficient to take advantage of its new product and service opportunities, the subsequent bottleneck is referred to as the ________ problem.
Question options:
a) commercial capacity
b) entrepreneurial aptitude
c) managerial capacity
d) business capacity
Question 18 5 / 5 points
New product development, other product-related strategies, and international expansion are examples of ________ growth strategies.
Question options:
a) external
b) domestic
c) primary
d) internal
Question 19 5 / 5 points
________ costs are costs that a company incurs whether it sells something or not.
Question options:
a) Fixed
b) Consistent
c) Steady
d) Variable
Question 20 5 / 5 points
Which mechanism for firm growth involves the creation and sale of new products or services?
Question options:
a) Strategic alliances
b) New product development
c) Licensing
d) Franchising
Monday, January 6, 2020
BZ450 Lesson 3 Exam SCORE 100 PERCENT....objective
Question 1 5 / 5 points
Terry Washington recently started a new firm in the financial services industry. Prior to starting his firm, he spent considerable time doing research on the potential of the industry. The research that Terry was doing is called a(n) ________ analysis.
Question options:
a) industry
b) sector
c) commercial
d) business
Question 2 5 / 5 points
In the beverage industry, soda, fruit juice, and sports drinks are ________ competitors of bottled water.
Question options:
a) occasional
b) infrequent
c) indirect
d) direct
Question 3 5 / 5 points
Which of Porter's five forces is most directly influenced by the number and balance of competitors, degree of difference between products, growth rate of an industry, and level of fixed costs?
Question options:
a) Threat of new entrants
b) Rivalry among existing firms
c) Threat of substitutes
d) Bargaining power of buyers
Question 4 5 / 5 points
In the context of competitor analysis, businesses that offer identical or similar products are referred to as ________competitors.
Question options:
a) immediate
b) direct
c) indirect
d) straight
Question 5 5 / 5 points
A(n) ________ business plan, which is intended to be a blueprint for a company's operations, is 40-100 pages long and is meant primarily for an internal audience.
Question options:
a) operational
b) full
c) deliberate
d) summary
Question 6 5 / 5 points
A(n) ________ industry is an industry that is experiencing significant international sales.
Question options:
a) global
b) mature
c) fragmented
d) declining
Question 7 5 / 5 points
Once a firm decides to enter an industry and chooses a market in which to compete, it must gain an understanding of its competitive environment. This challenge can be undertaken by completing a(n) ________ analysis.
Question options:
a) business
b) industry
c) competitor
d) strategic
Question 8 5 / 5 points
Melanie Summer spoke to an investor who is interested in her business idea. Melanie offered to send the investor a copy of her full business plan, but the investor asked for a short overview of the business plan instead. What portion of her business plan should Melanie send the investor?
Question options:
a) Marketing plan
b) Executive summary
c) Elevator pitch
d) Company description
Question 9 5 / 5 points
Industries that sell products to seniors, such as the eyeglass industry and the hearing aid industry, are benefiting from the aging of the population, which is an important ________ trend.
Question options:
a) environmental
b) business
c) commerce
d) competitive
Question 10 5 / 5 points
The two most common strategies pursued by firms in global industries are the ________ strategy and the ________ strategy.
Question options:
a) inclusive; multidomestic
b) multidomestic; global
c) multidomestic; worldwide
d) inclusive; global
Question 11 5 / 5 points
The price of prescription medicine is high, partly because when someone is sick there is no real alternative to buying medicine if they want to get better. Which of Porter's five forces explains how this aspect of the prescription medicine industry helps keep profitability high?
Question options:
a) Rivalry among existing firms
b) Threat of new entrants
c) Threat of substitutes
d) Bargaining power of buyers
Question 12 5 / 5 points
In the context of competitor analysis, ________ competitors offer close substitutes to the product sold by the firm completing the analysis.
Question options:
a) potential
b) direct
c) indirect
d) impending
Question 13 5 / 5 points
Opportunities for leadership, niche, harvest and divestment are associated with ________ industries.
Question options:
a) mature
b) emerging
c) declining
d) fragmented
Question 14 5 / 5 points
Which of Porter's five forces is most closely associated with the concept "barrier to entry"?
Question options:
a) Bargaining power of suppliers
b) Rivalry among existing firms
c) Threat of new entrants
d) Bargaining power of buyers
Question 15 5 / 5 points
A(n) ________ business plan, which is typically 25 to 35 pages long, works best for new ventures who are at the point where they need funding or financing.
Question options:
a) tactical
b) strategic
c) summary
d) full
Question 16 5 / 5 points
Many firms benefit from an increasing ability to outsource manufacturing or service functions to lower-cost foreign countries. This trend is referred to in the textbook as a(n) ________ trend.
Question options:
a) business
b) environmental
c) commerce
d) economic
Question 17 5 / 5 points
Which of the following is NOT one of the "red flags" listed in the textbook that raises questions about one of more aspects of a company's business plan?
Question options:
a) Founders with none of their own money at risk
b) Defining the market size too narrowly
c) A poorly cited plan
d) Sloppiness in any area
Question 18 5 / 5 points
Each quarter, Craig Anderson, who owns a chain of auto repair shops, does a detailed analysis of his firm's competitors. This analysis is called ________ analysis.
Question options:
a) competitor
b) challenger
c) strategic
d) participant
Question 19 5 / 5 points
Industry structure refers to how ________ an industry is.
Question options:
a) concentrated or fragmented
b) traditional or progressive
c) innovative or conservative
d) hierarchical or flat
Question 20 5 / 5 points
Which of the following is one of the "red flags" listed in the textbook that raises questions about one or more aspects of a company's business plan?
Question options:
a) Takes several days or weeks to complete
b) Founders that have their own money at risk
c) Defining the market size too broadly
d) Less than 50 pages long
Terry Washington recently started a new firm in the financial services industry. Prior to starting his firm, he spent considerable time doing research on the potential of the industry. The research that Terry was doing is called a(n) ________ analysis.
Question options:
a) industry
b) sector
c) commercial
d) business
Question 2 5 / 5 points
In the beverage industry, soda, fruit juice, and sports drinks are ________ competitors of bottled water.
Question options:
a) occasional
b) infrequent
c) indirect
d) direct
Question 3 5 / 5 points
Which of Porter's five forces is most directly influenced by the number and balance of competitors, degree of difference between products, growth rate of an industry, and level of fixed costs?
Question options:
a) Threat of new entrants
b) Rivalry among existing firms
c) Threat of substitutes
d) Bargaining power of buyers
Question 4 5 / 5 points
In the context of competitor analysis, businesses that offer identical or similar products are referred to as ________competitors.
Question options:
a) immediate
b) direct
c) indirect
d) straight
Question 5 5 / 5 points
A(n) ________ business plan, which is intended to be a blueprint for a company's operations, is 40-100 pages long and is meant primarily for an internal audience.
Question options:
a) operational
b) full
c) deliberate
d) summary
Question 6 5 / 5 points
A(n) ________ industry is an industry that is experiencing significant international sales.
Question options:
a) global
b) mature
c) fragmented
d) declining
Question 7 5 / 5 points
Once a firm decides to enter an industry and chooses a market in which to compete, it must gain an understanding of its competitive environment. This challenge can be undertaken by completing a(n) ________ analysis.
Question options:
a) business
b) industry
c) competitor
d) strategic
Question 8 5 / 5 points
Melanie Summer spoke to an investor who is interested in her business idea. Melanie offered to send the investor a copy of her full business plan, but the investor asked for a short overview of the business plan instead. What portion of her business plan should Melanie send the investor?
Question options:
a) Marketing plan
b) Executive summary
c) Elevator pitch
d) Company description
Question 9 5 / 5 points
Industries that sell products to seniors, such as the eyeglass industry and the hearing aid industry, are benefiting from the aging of the population, which is an important ________ trend.
Question options:
a) environmental
b) business
c) commerce
d) competitive
Question 10 5 / 5 points
The two most common strategies pursued by firms in global industries are the ________ strategy and the ________ strategy.
Question options:
a) inclusive; multidomestic
b) multidomestic; global
c) multidomestic; worldwide
d) inclusive; global
Question 11 5 / 5 points
The price of prescription medicine is high, partly because when someone is sick there is no real alternative to buying medicine if they want to get better. Which of Porter's five forces explains how this aspect of the prescription medicine industry helps keep profitability high?
Question options:
a) Rivalry among existing firms
b) Threat of new entrants
c) Threat of substitutes
d) Bargaining power of buyers
Question 12 5 / 5 points
In the context of competitor analysis, ________ competitors offer close substitutes to the product sold by the firm completing the analysis.
Question options:
a) potential
b) direct
c) indirect
d) impending
Question 13 5 / 5 points
Opportunities for leadership, niche, harvest and divestment are associated with ________ industries.
Question options:
a) mature
b) emerging
c) declining
d) fragmented
Question 14 5 / 5 points
Which of Porter's five forces is most closely associated with the concept "barrier to entry"?
Question options:
a) Bargaining power of suppliers
b) Rivalry among existing firms
c) Threat of new entrants
d) Bargaining power of buyers
Question 15 5 / 5 points
A(n) ________ business plan, which is typically 25 to 35 pages long, works best for new ventures who are at the point where they need funding or financing.
Question options:
a) tactical
b) strategic
c) summary
d) full
Question 16 5 / 5 points
Many firms benefit from an increasing ability to outsource manufacturing or service functions to lower-cost foreign countries. This trend is referred to in the textbook as a(n) ________ trend.
Question options:
a) business
b) environmental
c) commerce
d) economic
Question 17 5 / 5 points
Which of the following is NOT one of the "red flags" listed in the textbook that raises questions about one of more aspects of a company's business plan?
Question options:
a) Founders with none of their own money at risk
b) Defining the market size too narrowly
c) A poorly cited plan
d) Sloppiness in any area
Question 18 5 / 5 points
Each quarter, Craig Anderson, who owns a chain of auto repair shops, does a detailed analysis of his firm's competitors. This analysis is called ________ analysis.
Question options:
a) competitor
b) challenger
c) strategic
d) participant
Question 19 5 / 5 points
Industry structure refers to how ________ an industry is.
Question options:
a) concentrated or fragmented
b) traditional or progressive
c) innovative or conservative
d) hierarchical or flat
Question 20 5 / 5 points
Which of the following is one of the "red flags" listed in the textbook that raises questions about one or more aspects of a company's business plan?
Question options:
a) Takes several days or weeks to complete
b) Founders that have their own money at risk
c) Defining the market size too broadly
d) Less than 50 pages long
BZ450 Lesson 2 Exam SCORE 100 PERCENT...ob
Question 1 5 / 5 points
Jamie Finch is crafting the business model for her fashion design firm. She just completed the section that describes how her firm plans to compete relative to her rivals. Jamie just completed the ________ portion of her business model template.
Question options:
a) operations
b) core strategy
c) resources
d) strategic plan
Question 2 5 / 5 points
________ feasibility analysis is conducted to determine whether a proposed business has sufficient management expertise, organizational competence, and resources to successfully launch its business.
Question options:
a) Industry/market
b) Institutional
c) Financial
d) Organizational
Question 3 5 / 5 points
Nathan Green is starting a firm in the organic produce industry. Nathan has developed a statement-"Helping Make Your Life Better, Healthier, and Fuller"-that describes the reason his company exists and what his business model is supposed to accomplish. In the terminology used in the Barringer/Ireland Business Model Template, Nathan's statement is referred to as his ________ statement.
Question options:
a) values
b) uniqueness
c) differentiation
d) mission
Question 4 5 / 5 points
Erin Hill is working on the box in the Barringer/Ireland Business Model Template that defines the products and markets on which her firm will concentrate. Erin is working on the ______ scope portion of the business model template.
Question options:
a) offering/market
b) offering/industry
c) business/market
d) product/market
Question 5 5 / 5 points
A(n) ________ involves showing a preliminary description of a product or service idea to prospective customers to gauge customer interest, desirability, and purchase intent.
Question options:
a) concept test
b) product/service statement
c) impression test
d) idea prospectus
Question 6 5 / 5 points
Which of the following issues should be considered in industry/target market feasibility analysis?
Question options:
a) Gaps in the marketplace
b) Financial performance of similar businesses
c) Resource sufficiency
d) Industry attractiveness
Question 7 5 / 5 points
Which of the following is NOT one of the four major categories in the Barringer/Ireland Business Model Template?
Question options:
a) Operations
b) Resources
c) Channels
d) Core strategy
Question 8 5 / 5 points
A(n) ________ team is the group of founders, key employees, and advisers that either manage or help manage a new business in its startup years.
Question options:
a) opening
b) entrepreneurial
c) new venture
d) launch
Question 9 5 / 5 points
Which of the following statements about business models is incorrect?
Question options:
a) There are two general types of business models.
b) There is no perfect business model.
c) Most of the standard business models have been in place for some time.
d) A firm's business model is confined to its own boundaries.
Question 10 5 / 5 points
In the Barringer/Ireland Business Model Template, key assets can be:
Question options:
a) fixed, situational, variable, and permanent.
b) tactical, strategic, fixed, and variable.
c) tangible, intangible, variable, and fixed.
d) physical, financial, intellectual, or human.
Question 11 5 / 5 points
The focus in organizational feasibility analysis is on:
Question options:
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.
Question 12 5 / 5 points
The two components of product/service feasibility analysis are ________ and ________.
Question options:
a) product/service value; product/service affordability
b) product/service demand; product/service timeliness
c) product/service timeliness; product/service value
d) product/service desirability; product/service demand
Question 13 5 / 5 points
________ business models depict existing plans or recipes firms can use to determine how they will create, deliver, and capture value for their stakeholders.
Question options:
a) Revolutionary
b) Normal
c) Customary
d) Standard
Question 14 5 / 5 points
Which of the following is NOT a part of assessing the product/service feasibility of a business idea?
Question options:
a) "Get out of the building" and talk to potential customers
b) Surveying potential customers
c) Library research
d) Analyzing industry attractiveness
Question 15 5 / 5 points
________ feasibility is an assessment of the overall appeal of the product or service being proposed.
Question options:
a) Consumer
b) Industry/market segment
c) Industry/market
d) Product/service
Question 16 5 / 5 points
Tyler Smith founded a firm that has a subscription-based business model. Although Tyler has averaged 600 new subscribers per month, she also loses 450 subscribers per month. The number of subscribers that Tyler loses each month is referred to as:
Question options:
a) erosion.
b) churn.
c) destruction.
d) attrition.
Question 17 5 / 5 points
Mintel, IBISWorld, and Bizminer are databases most likely to be used during the ________ feasibility stage of the feasibility analysis process.
Question options:
a) organizational
b) economic
c) political/legal
d) industry/target market
Question 18 5 / 5 points
In the Barringer/Ireland Business Model Template, a(n) ________ is a specific factor or capability that supports a firm's business model and sets it apart from its rivals.
Question options:
a) primary capability
b) core competency
c) essential asset
d) staple proficiency
Question 19 5 / 5 points
Which of the following is NOT an attribute of an attractive industry?
Question options:
a) Is young rather than old
b) Is not crowded
c) Is late rather than early in its life cycle
d) Is important to the customer
Question 20 5 / 5 points
The four major categories in the Barringer/Ireland Business Model Template are:
Question options:
a) core strategy, resources, financials, and operations.
b) core strategy, value proposition, customers and channels.
c) value proposition, resources, customers and partners.
d) activities, partners, customers, and competitors.
Jamie Finch is crafting the business model for her fashion design firm. She just completed the section that describes how her firm plans to compete relative to her rivals. Jamie just completed the ________ portion of her business model template.
Question options:
a) operations
b) core strategy
c) resources
d) strategic plan
Question 2 5 / 5 points
________ feasibility analysis is conducted to determine whether a proposed business has sufficient management expertise, organizational competence, and resources to successfully launch its business.
Question options:
a) Industry/market
b) Institutional
c) Financial
d) Organizational
Question 3 5 / 5 points
Nathan Green is starting a firm in the organic produce industry. Nathan has developed a statement-"Helping Make Your Life Better, Healthier, and Fuller"-that describes the reason his company exists and what his business model is supposed to accomplish. In the terminology used in the Barringer/Ireland Business Model Template, Nathan's statement is referred to as his ________ statement.
Question options:
a) values
b) uniqueness
c) differentiation
d) mission
Question 4 5 / 5 points
Erin Hill is working on the box in the Barringer/Ireland Business Model Template that defines the products and markets on which her firm will concentrate. Erin is working on the ______ scope portion of the business model template.
Question options:
a) offering/market
b) offering/industry
c) business/market
d) product/market
Question 5 5 / 5 points
A(n) ________ involves showing a preliminary description of a product or service idea to prospective customers to gauge customer interest, desirability, and purchase intent.
Question options:
a) concept test
b) product/service statement
c) impression test
d) idea prospectus
Question 6 5 / 5 points
Which of the following issues should be considered in industry/target market feasibility analysis?
Question options:
a) Gaps in the marketplace
b) Financial performance of similar businesses
c) Resource sufficiency
d) Industry attractiveness
Question 7 5 / 5 points
Which of the following is NOT one of the four major categories in the Barringer/Ireland Business Model Template?
Question options:
a) Operations
b) Resources
c) Channels
d) Core strategy
Question 8 5 / 5 points
A(n) ________ team is the group of founders, key employees, and advisers that either manage or help manage a new business in its startup years.
Question options:
a) opening
b) entrepreneurial
c) new venture
d) launch
Question 9 5 / 5 points
Which of the following statements about business models is incorrect?
Question options:
a) There are two general types of business models.
b) There is no perfect business model.
c) Most of the standard business models have been in place for some time.
d) A firm's business model is confined to its own boundaries.
Question 10 5 / 5 points
In the Barringer/Ireland Business Model Template, key assets can be:
Question options:
a) fixed, situational, variable, and permanent.
b) tactical, strategic, fixed, and variable.
c) tangible, intangible, variable, and fixed.
d) physical, financial, intellectual, or human.
Question 11 5 / 5 points
The focus in organizational feasibility analysis is on:
Question options:
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.
Question 12 5 / 5 points
The two components of product/service feasibility analysis are ________ and ________.
Question options:
a) product/service value; product/service affordability
b) product/service demand; product/service timeliness
c) product/service timeliness; product/service value
d) product/service desirability; product/service demand
Question 13 5 / 5 points
________ business models depict existing plans or recipes firms can use to determine how they will create, deliver, and capture value for their stakeholders.
Question options:
a) Revolutionary
b) Normal
c) Customary
d) Standard
Question 14 5 / 5 points
Which of the following is NOT a part of assessing the product/service feasibility of a business idea?
Question options:
a) "Get out of the building" and talk to potential customers
b) Surveying potential customers
c) Library research
d) Analyzing industry attractiveness
Question 15 5 / 5 points
________ feasibility is an assessment of the overall appeal of the product or service being proposed.
Question options:
a) Consumer
b) Industry/market segment
c) Industry/market
d) Product/service
Question 16 5 / 5 points
Tyler Smith founded a firm that has a subscription-based business model. Although Tyler has averaged 600 new subscribers per month, she also loses 450 subscribers per month. The number of subscribers that Tyler loses each month is referred to as:
Question options:
a) erosion.
b) churn.
c) destruction.
d) attrition.
Question 17 5 / 5 points
Mintel, IBISWorld, and Bizminer are databases most likely to be used during the ________ feasibility stage of the feasibility analysis process.
Question options:
a) organizational
b) economic
c) political/legal
d) industry/target market
Question 18 5 / 5 points
In the Barringer/Ireland Business Model Template, a(n) ________ is a specific factor or capability that supports a firm's business model and sets it apart from its rivals.
Question options:
a) primary capability
b) core competency
c) essential asset
d) staple proficiency
Question 19 5 / 5 points
Which of the following is NOT an attribute of an attractive industry?
Question options:
a) Is young rather than old
b) Is not crowded
c) Is late rather than early in its life cycle
d) Is important to the customer
Question 20 5 / 5 points
The four major categories in the Barringer/Ireland Business Model Template are:
Question options:
a) core strategy, resources, financials, and operations.
b) core strategy, value proposition, customers and channels.
c) value proposition, resources, customers and partners.
d) activities, partners, customers, and competitors.
BZ450 Lesson 1 Exam SCORE 100 PERCENT.....objective
Question 1 5 / 5 points
Colorado Sandwich, Soup and Salad is a casual dining restaurant that has been owned by Stephanie Peterson for the past 14 years. The restaurant offers a menu that is typical for casual dining restaurants and affords Stephanie a level of income that is similar to what she would earn in a conventional job. According to the textbook, Colorado Sandwich, Soup and Salad is an example of a(n) ________ firm.
Question options:
a) salary-substitute
b) entrepreneurial
c) quality-of-life
d) lifestyle
Question 2 5 / 5 points
Montana Sky Trails leads multiday outdoor adventure trips for private groups and corporate clients to various locations across Montana. The company was started by Justin Smith, an individual that gave up a prestigious job in banking because Montana Sky Trails better accommodates his personal lifestyle. Montana Sky Trails is an example of a(n) ________ firm.
Question options:
a) entrepreneurial
b) salary-substitute
c) standard-of-living
d) lifestyle
Question 3 5 / 5 points
The number one characteristic shared by successful entrepreneurs is:
Question options:
a) a desire to achieve financial rewards.
b) a passion for the business.
c) a desire to employ other people.
d) a desire to fulfill a lifetime dream.
Question 4 5 / 5 points
Casey Griggs is a very capable computer engineer. Recently, he noticed a problem that computer engineers have and thought of a solution to the problem that might represent an opportunity for a new software product. Casey's idea for a new software product is an example of a ________ discovery.
Question options:
a) chance
b) serendipitous
c) traditional
d) conventional
Question 5 5 / 5 points
Which of the following statements regarding survival rates of entrepreneurial firms in the United States is correct?
Question options:
a) As high as 50 percent after four years
b) As high as 60 percent after four years
c) As high as 70 percent after four years
d) As high as 80 percent after four years
Question 6 5 / 5 points
A(n) ________ is a favorable set of circumstances that creates a need for a new product, service, or business.
Question options:
a) idea
b) opportunity
c) design
d) proposal
Question 7 5 / 5 points
A common way that gaps in the marketplace are recognized is:
Question options:
a) by observing changing environmental trends.
b) by recognizing problems that need to be solved.
c) via studying industry reports.
d) when people become frustrated because they can't find a product or service that they need and recognize that other people feel the same way.
Question 8 5 / 5 points
An opportunity has which four essential qualities?
Question options:
a) attractive; timely; durable; and anchored in a product, service, or business that creates or adds value for its buyer or end user
b) practical; opportune; appropriate; and anchored in a product, service, or business that is efficient and effective
c) realistic; striking; timely; and anchored in a product, service, or business that is timely
d) attention-getting; attractive; timely; and anchored in a product, service, or business that creates or adds value for its buyer or end user
Question 9 5 / 5 points
Economic forces impact the opportunities available to entrepreneurs. Which of the following alternatives reflects a set of economic forces that would be of interest to entrepreneurs?
Question options:
a) Level of disposable income, new uses of old technologies, and new laws and regulations
b) New technologies, consumer spending patterns, and new laws
c) Interest rates, consumer spending patterns, and level of disposable income
d) Social and cultural trends, level of interest rates, and what people think is "in"
Question 10 5 / 5 points
Which of the following is NOT an example of a social force?
Question options:
a) Changes in interest rates
b) Increasing participation in social networks
c) Increasing diversity of the workplace
d) Aging of the population
Question 11 5 / 5 points
The three ways to identify an opportunity include:
Question options:
a) observing trends, solving a problem, and finding gaps in the marketplace.
b) studying industry trade journals, talking to consumers, and solving a problem.
c) observing trends, conducting brainstorming sessions, and studying industry trade journals.
d) observing trends, talking to consumers, and finding gaps in the marketplace.
Question 12 5 / 5 points
A(n) ________ is a favorable set of circumstances that creates the need for a new product, service, or business. A(n) ________ is a thought, an impression, or a notion.
Question options:
a) scheme; notion
b) opportunity; idea
c) idea; design
d) idea; opportunity
Question 13 5 / 5 points
In 2000, TishCirovolo realized that there were no guitars on the market made specifically for women. As a result, she started Daisy Rock Guitars, a company that makes guitars just for women. Daisy Rock Guitars are stylish and come in feminine colors, and incorporate design features that accommodate a woman's smaller hand and build. The best way to describe how Cirovolo's business idea was recognized is:
Question options:
a) brainstorming.
b) talking to consumers.
c) finding a gap in the marketplace.
d) observing trends.
Question 14 5 / 5 points
Google is a firm that is proactive, innovative and risk-taking. From this description, we can most accurately conclude that Google has a high level of:
Question options:
a) enterprise focus.
b) innovative intensity.
c) entrepreneurial intensity.
d) creative intensity.
Question 15 5 / 5 points
Stacey Wills, who is at heart a craftsperson, recently started a firm to manufacture a new innovative food blender. Stacey's desire is to sell her food blender to as many people as possible because she firmly believes in the merits of her product. Stacey's story best illustrates which of the following characteristics, or attributes, of a successful entrepreneur?
Question options:
a) Product/customer focus
b) Execution intelligence
c) Tenacity despite failure
d) A desire to please consumers
Question 16 5 / 5 points
Brad Johnson is starting an upscale men's clothing store in a mall near Seattle. He wants to open his store during the time period in which a business like his can realistically enter the new market. Brad is trying to open his business while the ________ is open.
Question options:
a) safe harbor
b) window of opportunity
c) portal of entry
d) doorway of opportunity
Question 17 5 / 5 points
________ is the process of creating something new, which is central to the entrepreneurial process.
Question options:
a) Creative destruction
b) Modernism
c) Innovation
d) Creativity
Question 18 5 / 5 points
An event that prompts an individual to become an entrepreneur, such as losing a job, inheriting money, or accommodating a certain lifestyle, is referred to as a(n):
Question options:
a) prompting event.
b) entrepreneurial prompt.
c) initiating event.
d) triggering event.
Question 19 5 / 5 points
According to the Global Entrepreneurship Monitor (GEM) 2013 survey, about ________ percent of adults in the United States are either starting a business or are running a business that has been in existence for less than 3 1/2 years.
Question options:
a) 12.7
b) 5.5
c) 9.0
d) 7.6
Question 20 5 / 5 points
Jessica Smith is thinking about starting a chain of fitness centers for young adults ages 18-30. Which of the following is NOT an appropriate criterion for Jessica to test her idea against?
Question options:
a) Determine whether the "window of opportunity" is open.
b) Determine whether a fitness center for young adults ages 18-30 meets the threshold of being a good idea.
c) Determine the extent to which the notion takes advantage of an environmental trend, solves a problem, or fills a gap in the marketplace.
d) Determine whether opening a fitness center for young adults ages 18-30 is timely.
Colorado Sandwich, Soup and Salad is a casual dining restaurant that has been owned by Stephanie Peterson for the past 14 years. The restaurant offers a menu that is typical for casual dining restaurants and affords Stephanie a level of income that is similar to what she would earn in a conventional job. According to the textbook, Colorado Sandwich, Soup and Salad is an example of a(n) ________ firm.
Question options:
a) salary-substitute
b) entrepreneurial
c) quality-of-life
d) lifestyle
Question 2 5 / 5 points
Montana Sky Trails leads multiday outdoor adventure trips for private groups and corporate clients to various locations across Montana. The company was started by Justin Smith, an individual that gave up a prestigious job in banking because Montana Sky Trails better accommodates his personal lifestyle. Montana Sky Trails is an example of a(n) ________ firm.
Question options:
a) entrepreneurial
b) salary-substitute
c) standard-of-living
d) lifestyle
Question 3 5 / 5 points
The number one characteristic shared by successful entrepreneurs is:
Question options:
a) a desire to achieve financial rewards.
b) a passion for the business.
c) a desire to employ other people.
d) a desire to fulfill a lifetime dream.
Question 4 5 / 5 points
Casey Griggs is a very capable computer engineer. Recently, he noticed a problem that computer engineers have and thought of a solution to the problem that might represent an opportunity for a new software product. Casey's idea for a new software product is an example of a ________ discovery.
Question options:
a) chance
b) serendipitous
c) traditional
d) conventional
Question 5 5 / 5 points
Which of the following statements regarding survival rates of entrepreneurial firms in the United States is correct?
Question options:
a) As high as 50 percent after four years
b) As high as 60 percent after four years
c) As high as 70 percent after four years
d) As high as 80 percent after four years
Question 6 5 / 5 points
A(n) ________ is a favorable set of circumstances that creates a need for a new product, service, or business.
Question options:
a) idea
b) opportunity
c) design
d) proposal
Question 7 5 / 5 points
A common way that gaps in the marketplace are recognized is:
Question options:
a) by observing changing environmental trends.
b) by recognizing problems that need to be solved.
c) via studying industry reports.
d) when people become frustrated because they can't find a product or service that they need and recognize that other people feel the same way.
Question 8 5 / 5 points
An opportunity has which four essential qualities?
Question options:
a) attractive; timely; durable; and anchored in a product, service, or business that creates or adds value for its buyer or end user
b) practical; opportune; appropriate; and anchored in a product, service, or business that is efficient and effective
c) realistic; striking; timely; and anchored in a product, service, or business that is timely
d) attention-getting; attractive; timely; and anchored in a product, service, or business that creates or adds value for its buyer or end user
Question 9 5 / 5 points
Economic forces impact the opportunities available to entrepreneurs. Which of the following alternatives reflects a set of economic forces that would be of interest to entrepreneurs?
Question options:
a) Level of disposable income, new uses of old technologies, and new laws and regulations
b) New technologies, consumer spending patterns, and new laws
c) Interest rates, consumer spending patterns, and level of disposable income
d) Social and cultural trends, level of interest rates, and what people think is "in"
Question 10 5 / 5 points
Which of the following is NOT an example of a social force?
Question options:
a) Changes in interest rates
b) Increasing participation in social networks
c) Increasing diversity of the workplace
d) Aging of the population
Question 11 5 / 5 points
The three ways to identify an opportunity include:
Question options:
a) observing trends, solving a problem, and finding gaps in the marketplace.
b) studying industry trade journals, talking to consumers, and solving a problem.
c) observing trends, conducting brainstorming sessions, and studying industry trade journals.
d) observing trends, talking to consumers, and finding gaps in the marketplace.
Question 12 5 / 5 points
A(n) ________ is a favorable set of circumstances that creates the need for a new product, service, or business. A(n) ________ is a thought, an impression, or a notion.
Question options:
a) scheme; notion
b) opportunity; idea
c) idea; design
d) idea; opportunity
Question 13 5 / 5 points
In 2000, TishCirovolo realized that there were no guitars on the market made specifically for women. As a result, she started Daisy Rock Guitars, a company that makes guitars just for women. Daisy Rock Guitars are stylish and come in feminine colors, and incorporate design features that accommodate a woman's smaller hand and build. The best way to describe how Cirovolo's business idea was recognized is:
Question options:
a) brainstorming.
b) talking to consumers.
c) finding a gap in the marketplace.
d) observing trends.
Question 14 5 / 5 points
Google is a firm that is proactive, innovative and risk-taking. From this description, we can most accurately conclude that Google has a high level of:
Question options:
a) enterprise focus.
b) innovative intensity.
c) entrepreneurial intensity.
d) creative intensity.
Question 15 5 / 5 points
Stacey Wills, who is at heart a craftsperson, recently started a firm to manufacture a new innovative food blender. Stacey's desire is to sell her food blender to as many people as possible because she firmly believes in the merits of her product. Stacey's story best illustrates which of the following characteristics, or attributes, of a successful entrepreneur?
Question options:
a) Product/customer focus
b) Execution intelligence
c) Tenacity despite failure
d) A desire to please consumers
Question 16 5 / 5 points
Brad Johnson is starting an upscale men's clothing store in a mall near Seattle. He wants to open his store during the time period in which a business like his can realistically enter the new market. Brad is trying to open his business while the ________ is open.
Question options:
a) safe harbor
b) window of opportunity
c) portal of entry
d) doorway of opportunity
Question 17 5 / 5 points
________ is the process of creating something new, which is central to the entrepreneurial process.
Question options:
a) Creative destruction
b) Modernism
c) Innovation
d) Creativity
Question 18 5 / 5 points
An event that prompts an individual to become an entrepreneur, such as losing a job, inheriting money, or accommodating a certain lifestyle, is referred to as a(n):
Question options:
a) prompting event.
b) entrepreneurial prompt.
c) initiating event.
d) triggering event.
Question 19 5 / 5 points
According to the Global Entrepreneurship Monitor (GEM) 2013 survey, about ________ percent of adults in the United States are either starting a business or are running a business that has been in existence for less than 3 1/2 years.
Question options:
a) 12.7
b) 5.5
c) 9.0
d) 7.6
Question 20 5 / 5 points
Jessica Smith is thinking about starting a chain of fitness centers for young adults ages 18-30. Which of the following is NOT an appropriate criterion for Jessica to test her idea against?
Question options:
a) Determine whether the "window of opportunity" is open.
b) Determine whether a fitness center for young adults ages 18-30 meets the threshold of being a good idea.
c) Determine the extent to which the notion takes advantage of an environmental trend, solves a problem, or fills a gap in the marketplace.
d) Determine whether opening a fitness center for young adults ages 18-30 is timely.
BZ450 Assignment 08......management...
1. What are the four (4) primary day-to-day challenges involved with growing a firm? Briefly describe each challenge.
2. Describe the term "liability of newness" and suggest several ways that a new venture can overcome this handicap.
3. What is intellectual property? Why is it called "intellectual" property? Why is intellectual property such an important issue for entrepreneurial firms?
4. Identify and briefly describe the three types of patents. Include an example of each.
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