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saint mgt320 midterm exam

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Question;Entrepreneurs seem to be characterized by a(n);desire for money.;inability to organize but strong conceptual;skills.;desire to work alone because of weak;management skills and a need for control.;high energy level.;1 of 1;Comments;Question 2. Question;Entrepreneurs start businesses for a number of reasons;including;an opportunity to make a;difference.;having to deal with less government regulation;than as an executive of a large company.;a much lower risk of career failure due to;layoff or acquisition than working for a large company.;the opportunity to get rich much quicker than;if they work for a large company.;Comments;Question 3. Question;Copreneurs" are marked by;a division of labor by;expertise.;their similarity to the traditional mom and;pop operation.;a decline in the number of businesses.;a greater success at raising venture capital;than sole proprietorship-type businesses.;1 of 1;Comments;Question 4. Question;Which of the following corporate trends have contributed to;the growth of entrepreneurship?;The acquisition and merging of mega corporations.;The idea that "small is beautiful;in large companies, resulting in less hierarchy and layers of management.;The flood of venture capital being made;available to small businesses.;The downturn in international markets forcing;a focus on the domestic market.;1 of 1;Comments;Question 5. Question;The international market;has proven to be a tremendous;opportunity for small business.;is being dominated by large corporations based;in Europe and Japan.;is largely closed to small U.S.-based;businesses because of the growth of international entrepreneurship.;provides greater opportunities for women and;minority entrepreneurs than U.S. domestic markets do.;1 of 1;Comments;Question 6. Question;U.S. economic structure is moving;away from an agricultural to an industrial economy.;away from an industrial to a knowledge-based;one.;back to an agricultural economy.;away from an agricultural to a knowledge-based;one.;1 of 1;Comments;Question 7. Question;Briefly outline the key characteristics of a typical;entrepreneur.;Question 8. Question;What can an entrepreneur do to avoid the failure of his/her;company? Discuss at least six actions they can take.;Question 9. Question;Which of the following is a danger in choosing a;differentiation strategy?;Charging a price so high that;the company prices itself out of the market.;Choosing a basis for price leadership that is;essentially unimportant to the customer.;Choosing a market that is not large enough to;be profitable.;An overfocus on overhead costs.;0 of 1;Comments;Question 10. Question;Cost leadership has several inherent dangers such as;choosing to distinguish the product that does not boost its performance.;an overfocus on the physical characteristics;of the product.;the identified niche is not large enough to be;profitable.;an overfocus on costs to the elimination of;other strategies.;1 of 1;Comments;Question 11. Question;are the broad, long-range attributes the;small business seeks to accomplish, ________________are the specific;measurable milestones the company wants to achieve.;Goals, objectives;Goals, strategies;Objectives, goals;Strategies, goals;1 of 1;Comments;Question 12. Question;These are products of the interaction of various forces;trends, and events that are outside the control of the small business.;Distinctive competencies;Key success factors;Opportunities and threats;Strengths and weaknesses;1 of 1;Comments;Question 13. Question;The ________________ is a set of measures unique to the;company that gives managers a quick and comprehensive view of how the business;is doing and includes both financial and operational factors.;core competencies;key success factors;balanced scorecard;action plan;1 of 1;Comments;Question 14. Question;Purchasing rival companies' products, taking them apart, and;analyzing them is;industrial espionage.;illegal due to federal regulation.;benchmarking.;cataloguing.;0 of 1;Comments;Question 15. Question;Tyson Foods' practice of adding value to its chicken;products by deboning, skinning, bite-sizing, or pre-cooking them is an example;of a;cost leadership strategy.;differentiation strategy.;concentration strategy.;0 of 1;Comments;Question 16. Question;The principle behind a ________________ strategy is to;select one or more market segments, identify customers' special needs, and;approach them with a good or service designed to excel in meeting these needs.;cost-leadership;differentiation;focus;concentration;1 of 1;Comments;Question 17. Question;An effective strategic plan does which of the following?;Identifies a complete set of;success factors-financial, operating, and marketing, that yield a competitive;advantage for the company.;Focuses on one generic strategy to the;exclusion of all other strategies.;Always seeks a high profile in the specific;markets chosen.;Is always cost based.;1 of 1;Comments;Question 18. Question;The information-gathering process in competitive analysis;is an expensive process that only established small companies can afford.;can be relatively inexpensive and easy for the;small business owner to conduct.;is closely regulated by various federal laws.;is a process that requires expert help but is;relatively inexpensive.;0 of 1;Comments;Question 19. Question;Small firms pursuing a cost leadership strategy have an;advantage in reaching customers whose primary purchase criterion is;quality.;constant innovation.;price.;customer service.;0 of 1;Comments;Question 20. Question;Why is it important for a business owner to monitor the;competition? Explain how a business owner could use a competitive profile;matrix to do that. Include in the review what its value is, what information it;contains, and how a small business owner would create it.;Instructor Explanation: Business owners should know their competitors;almost as well as they know their own company. A competitive profile matrix is;a helpful tool for analyzing competitors' strengths and weaknesses.;0 of 2;Comments;Question 21. Question;Explain how vision and mission work together, providing;direction for the small business. In your discussion, identify at least five;key questions a mission statement should answer.;2 of 2;Comments;Question 22. Question;Which of the following should make a potential franchisee;suspicious about a franchiser's honesty?;Claims that the franchise;contract is a standard one and that there's no need to read it.;An offer of direct financing of a specific;element of the franchise package.;Not providing detailed operational information;until 10 days before signing the contract.;Requiring franchisees to spend a certain;percentage of profits on advertising.;1 of 1;Comments;Question 23. Question;The success of franchising is largely due to;the economic growth of the United States and other developed nations;economies.;more college students choosing to go to work;for themselves rather than for corporations.;the mutual benefits it provides to the;franchiser and franchisee.;All of these factors;0 of 1;Comments;Question 24. Question;A master franchise is also called;sub-franchise.;area developer.;Both A and B;None of the above;1 of 1;Comments;Question 25. Question;In franchising, __________ pay fees and royalties to a;in return for the right to sell its products or services under the;franchiser's trade name and often to use its business format and system.;franchiser, franchisee;franchisee, franchiser;franchise, business owner;business owner, parent company;1 of 1;Comments;Question 26. Question;The Uniform Franchise Offering Circular is now called the;FTC.;FDD;UFOC.;FOC;1 of 1;Comments;Question 27. Question;Another term for cobranding franchising is;Master Franchising.;Conversion Franchising.;Multiple-Unit Franchising.;Piggybacking.;1 of 1;Comments;Question 28. Question;Typically, the franchiser controls are very tight on what;the franchisee;does in terms of who they hire as employees.;sets in terms of retail pricing and hours of;operation.;does with his/her net profits after fees and;taxes are paid.;sells in terms of the product or service they;offer.;1 of 1;Comments;Question 29. Question;franchising exists when a franchisee is licensed;to sell specific products under the franchiser's brand name through a selective;distribution system.;Trade name;Pure;Conversion;Product distribution;0 of 1;Comments;Question 30. Question;The primary advantage of buying a franchise over starting;your own company is;in the purchase of the;franchiser's experience, expertise, and products.;the fact it is much less expensive than doing;your own business start-up.;the extensive assistance offered in finding;start-up capital.;the absolute territory protection offered by;all franchisers.;1 of 1;Comments;Question 31. Question;Explain the benefits of franchising to the franchisee.;2 of 2;Comments;Question 32. Question;Describe the key trends that will affect franchising over;the next decade.;2 of 2;Comments;Question 33. Question;When a buyer is reviewing a candidate company's lease;arrangements, location and appearance, intangible assets, etc., he is answering;what basic acquisition question?;Is the business financially;sound?;Why does the owner want to sell?;What is the physical condition of the;business?;What legal aspects should be considered?;0 of 1;Comments;Question 34. Question;The process of gathering information about the company;valuing the company, and performing a detailed review of all records;agreements, and compliance is called;a letter of intent.;nondisclosure.;valuation.;due diligence.;1 of 1;Comments;Question 35. Question;When buying an existing business, the potential buyer should;remember that;it is a long process and the;buyer should be patient.;existing businesses often do not continue to;be successful after a change in ownership.;it is often more difficult to find capital for;an existing business than it is for a start-up.;he/she will likely have to make significant;changes in the work force.;1 of 1;Comments;Question 36. Question;Before buying an existing business, the buyer should analyze;two external elements of the business;its capital and market potential.;its customer characteristics and direct;competitors.;its intangible assets and financial status.;the market potential of the products and the;existing inventory.;0 of 1;Comments;Question 37. Question;When buying an existing business, one should remember that;it is generally not important to independently evaluate the inventory.;you are always buying goodwill with the;tangible assets of the business.;it is as easy to make change in an existing;business as it is in a start-up.;the real reason for selling is seldom stated;honestly.;1 of 1;Comments;Question 38. Question;The inventory in an existing business;is always current and salable.;usually appreciate over time, making the;business a bargain.;needs to be checked for age and salability.;is usually stated honestly and does not need;independent auditing.;1 of 1;Comments;Question 39. Question;If the firm owns any trademarks, patents, or copyrights, or;has built up a positive reputation with customers and suppliers, the business;has what is/are called;capital.;goodwill.;intangible assets.;market potential.;0 of 1;Comments;Question 40. Question;Which of the following is a way to smooth the transition of;leadership/management from the seller of a business to the buyer?;Focus on the customer, offer new incentives, improve customer service.;Focus on the employees, listen to them, keep;them informed.;Concentrate on operations, updating equipment;and changing processes.;Visit your competitors and introduce yourself;and get to know them.;1 of 1;Comments;Question 41. Question;What key questions need to be answered in the process of due;diligence?;2 of 2;Comments;Question 42. Question;What guidelines should be kept in mind when deciding how to;value a company?

 

Paper#46057 | Written in 18-Jul-2015

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