Market scope is important because:
A. it helps business owners in determining the size of the target market.
B. it helps business owners to decide where to focus their sales and advertising efforts.
C. it helps business owners in designing a product.
D. it helps business owners in calculating their magic number.
Answer: B
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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?