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Multiple Choice Quiz
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1
The ideas and actions that explain how a firm will make its profit refers to objective.
A)True
B)False
2
NAICS and SIC are the two major classification systems that code industries.
A)True
B)False
3
Market magazines target specific industries and professionals.
A)True
B)False
4
Mass marketing is a customer group that involves large portions of the population.
A)True
B)False
5
Incremental innovation would be the business equivalent of imitation minus one degree of similarity.
A)True
B)False
6
Benefits can focus on value added to the products or services or on the cost of the products or services.
A)True
B)False
7
"S" in SWOT stands for system.
A)True
B)False
8
Brainstorming occurs when ideas lead to conflict.
A)True
B)False
9
Tangible and intangible are the two types of resources.
A)True
B)False
10
Competitive advantage is a particular way a firm implements customer benefits that keeps the firm ahead of the competitors.
A)True
B)False
11
The idea and actions that explain how a firm will make its profits refers to
A)mission.
B)goal.
C)strategy.
D)objective.
12
______ with the ______ tool is the second step of the small business strategy process.
A)Competitive advantage; value chain analysis
B)Benefits; SWOT analysis
C)Prestrategy; VRIO analysis
D)Strategy; industry analysis
13
The general name for the line of products or services being sold is
A)strategy.
B)market.
C)industry.
D)competitive advantage.
14
______ refers to its geographic range where as ______ refers to the size of the market.
A)Niche; mass
B)Mass; niche
C)Scale; scope
D)Scope; scale
15
______ is an overall strategic approach in which the entrepreneur does more or less what others are already doing.
A)Imitative strategy
B)Innovative strategy
C)Grand strategy
D)Cost-leadership strategy
16
______ is an overall strategic approach in which a firm seeks to do something that is very different from what others in the industry are doing.
A)Imitative strategy
B)Innovative strategy
C)Grand strategy
D)Cost-leadership strategy
17
_____ is an imitation business that competes locally with others in the same industry.
A)Pure innovation
B)Parallel competition
C)Incremental innovation
D)Entry wedge
18
_____ is a process of creating new products or services, which results in a previously unseen product or service.
A)Pure innovation
B)Parallel competition
C)Incremental innovation
D)Entry wedge
19
______ is a research process that provides the entrepreneur with key information about the industry, such as its current situation and trends.
A)SWOT analysis
B)VRIO analysis
C)industry analysis
D)Value chain analysis
20
Benefits can focus on which of these?
A)SIC and NAICS
B)Value and cost
C)Imitation and innovation
D)Internal and external aspects
21
_____ is an opportunity that makes it possible for a new business to gain a foothold in a market.
A)Entry wedge
B)Altruism
C)Parallel competition
D)Incremental innovation
22
______ is what the "W" in the SWOT analysis stands for.
A)Wedge
B)Work/life
C)Worth of business
D)Weakness
23
______ occurs because government agencies provide for quotas of purchases from small businesses.
A)Favored purchasing
B)Government rules
C)Market relinquishment
D)SWOT analysis
24
______ is NOT one of the classic strategies for business of all types.
A)Integration
B)Cost
C)Differentiation
D)Focus
25
Strategies that target a portion of the market called a segment are called
A)cost.
B)focus.
C)integration.
D)differentiation.
26
A collection of processes and activities a small business conducts to design, produce, market, deliver, and support its product or service is called a
A)SWOT.
B)VRIO.
C)Industry analysis.
D)Value chain.
27
An asset, capability, or knowledge that is generally not available to competitors is ______.
A)rare resource
B)valuable resource
C)transformational competencies
D)combinational competencies
28
In the VRIO analysis, the "V" stands for ______.
A)value
B)vision
C)volume
D)viability





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