List the three important elements of pricing.
Answer:
1. costs
2. margins or markups
3. competition
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Entrepreneurship Chapter 7
- ____ is a strategic action.
- Which of the following is a tactical action?
- Which of the following is a strategic action?
- ____ is the particular way a firm implements customer benefits that keeps the firm ahead of other firms in the market.
- In the context of entry wedges, which of the following is the key benefit of rule changes by the government?
- In the context of entry wedges, _____ occurs because government agencies, government-sponsored commercial contracts, and many big businesses have policies that provide for quotas for buying from small businesses.
- Which of the following is true of the entry wedge of second sourcing?
- Which of the following is a key benefit of the entry wedge of customer contracting?
- Which of the following statements is true regarding the entry wedge of supply shortage?
- An opportunity that makes it possible for a new business to gain a foothold in a market is referred to as a(n) _____.
- According to Shepherd, Shanley, and Porter, which of the following is a small business supra-strategy?
- Which of the following is a generic strategy that targets a portion of the market, called a segment or niche?
- Which of the following is true of a differentiation strategy?
- Differentiation strategy is a type of generic strategy aimed at:
- ____ are classic strategies for businesses of all types and they include differentiation, cost, and focus.
- Gross profit is defined as:
- A research process that provides the entrepreneur with key information about other firms in the same line of business as his or her, the current situation and trends is known as:
- Retrenchment is:
- In an industry life cycle, the shake-out phase ends when:
- ____ is a type of life cycle stage following a boom in which there is a rapid decrease in the number of firms in an industry.
- In which of the following stages is there an explosion of choices in terms of products and services?
- Which of the following is characteristic of the boom stage in the life cycle of a product?
- A type of life cycle growth stage marked by a very rapid increase in sales in a relatively short time is called the _____.
- Growth stage is an industry life cycle stage in which:
- Which of the following is true of the introduction stage of a product?