Show:
This little piggy went to the market.
This little piggy went home.
This little piggy had roast beef.
This little piggy had none.
This little piggy went wee, wee, wee all the way home.
100
Amounts and schedules for returns, stability of firm, funds use, and investment are most likely to be the major business plan concerns for _____. A. joint partner ventures B. silent partners C. government agencies D. family and friend investors
D. family and friend investors
100
Service or product quality is most likely to be crucial in a business plan for _____. A. bankers B. potential customers C. joint venture partners D. angel investors
B. potential customers
100
Which of the following terms refers to a paragraph that describes the firm's goals and competitive advantages? A. Tagline B. Executive summary C. Mission statement D. Elevator pitch
C. Mission statement
100
In which of the following stages is there an explosion of choices in terms of products and services? A. Introduction stage B. Growth stage C. Maturity stage D. Decline stage
B. Growth stage
100
_____ is a value benefit that can come from the products or services that a business owner offers, or from his or her firm's reputation. A. Brand B. Scale savings C. Learning D. Scope savings
A. Brand
200
Which of the following is most likely to be a major business plan concern for bankers? A. Compliance with regulations and laws B. Intellectual property protection C. Asset or collateral base D. Monitoring compliance
C. Asset or collateral base
200
Which of the following is the shortest business planning presentation in terms of the length of description? A. Mission statement B. Vision statement C. Executive summary D. Elevator pitch
B. Vision statement
200
A(n) _____ is an action-oriented description of a business designed to sell the idea of the business to another. A. vision statement B. executive summary C. mission statement D. elevator pitch
D. elevator pitch
200
Changes in competitors, sales and profits in an industry over time are referred to as: A. industry dynamics. B. retrenchment. C. shake-out. D. transformational competency.
A. industry dynamics.
200
Which of the following is a value benefit? A. Scale savings B. Cost savings C. Learning D. Technology
D. Technology
300
"WaterVision Cams: Atlanta's Only Underwater Cameras" is an example of a(n) _____. A. mission statement B. executive summary C. elevator pitch D. tagline
D. tagline
300
In an industry life cycle, the shake-out phase ends when: A. the firms introduce new products or services. B. the competition between firms increases. C. the rapid die-off of firms stops. D. the growth phase begins.
C. the rapid die-off of firms stops.
300
Which of the following is true of niche markets? A. They are broad markets. B. They target all the customers in the entire market. C. They are specific and narrow. D. They involve large portions of the population.
C. They are specific and narrow.
300
Buying in volume usually produces savings. This leads to the cost benefit of _____. A. scope savings B. lower costs C. scale savings D. learning
C. scale savings
300
In an imitative strategy, an entrepreneur: A. creates a new product or service which has no competitors. B. considers prospective customers before creating a product or service. C. seeks to do something that is very different from what others are doing. D. does more or less what others are already doing.
D. does more or less what others are already doing.
400
Which of the following is true regarding the components of a business plan? A. An executive summary gives more detail about the business than the vision or mission statements or elevator pitch. B. A vision statement is a paragraph that describes the firm's goals and competitive advantages. C. A mission statement is a slogan that captures the key idea of a business, its service, product, or customer. D. An elevator pitch is a simple tagline that expresses the fundamental idea or goal of a firm.
A. An executive summary gives more detail about the business than the vision or mission statements or elevator pitch.
400
Which of the following is characteristic of the boom stage in the life cycle of a product? A. Most customers are unaware of the offerings. B. Many firms close down. C. Firms begin to compete on features and prices. D. Established firms must find new approaches to improve the business.
C. Firms begin to compete on features and prices.
400
Which of the following is true of imitation? A. It does not involve patterning a business on existing firms. B. It does not match the precision or completeness of copying seen in franchising. C. It involves the creation of new products or services which have no competitors. D. It results in the creation of previously unseen products or services.
B. It does not match the precision or completeness of copying seen in franchising.
400
_____ is a strategic action. A. Increasing marketing efforts B. Using new distribution channels C. Acquiring a competitor D. Increasing prices
C. Acquiring a competitor
400
Which of the following is the advantage of knowing the magic number? A. It helps in evaluating if the proposed business can deliver the desired return. B. It helps in retaining customers. C. It seeks out customers who are already being serviced by another firm. D. It helps in making incremental product improvements.
A. It helps in evaluating if the proposed business can deliver the desired return.
500
Which of the following plans is most likely to be useful for demonstrating a new technology or service? A. An invention plan B. A private placement memo C. A proof-of-concept Web site D. An operational plan
C. A proof-of-concept Web site
500
In the goal step of the strategic planning process, the key is to: A. focus on the kind of customers the business wants to deal with. B. bring together the decisions that underlie the business plan. C. offer state-of-the-art or leading-edge technology. D. build a brand reputation through the products or services.
B. bring together the decisions that underlie the business plan.
500
Which of the following is an advantage of using an imitative strategy? A. It allows entrepreneurs to do something that is very different from what others are doing. B. It allows business owners to buy existing technologies. C. It allows entrepreneurs to fit their businesses to their own ideas and preferences. D. It allows business owners to create unique settings.
B. It allows business owners to buy existing technologies.
500
Which of the following is a tactical action? A. New distribution channels B. Mergers C. New product introductions D. Entering new markets
A. New distribution channels
500
_____ are classic strategies for businesses of all types and they include differentiation, cost, and focus. A. Personalization strategies B. Altruistic strategies C. Retrenchment strategies D. Generic strategies
D. Generic strategies