BZ 450 BZ450 EXAM 3 ANSWERS - ASHWORTH
BZ450 Being an Entrepreneur Exam 3 Answers (Ashworth)
Industries that sell products to seniors, such as the eyeglass industry and the hearing aid industry, are benefiting from the aging of the population, which is an important ________ trend.
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Aquafina operates in the bottled water industry. The companies that offer identical or similar products and go after the same customers that Aquafina does are Dasani and Zephyrhills. Dasani and Zephyrhills are Aquafina's ________ competitors.
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The three types of business plans are:
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functional business plan, full business plan, feasibility plan.
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summary business plan, contingency plan, full business plan.
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functional business plan, contingency plan, full business plan.
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summary business plan, full business plan, operational business plan.
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Industry structure refers to how ________ an industry is.
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concentrated or fragmented
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traditional or progressive
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innovative or conservative
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Which of Porter's five forces is most directly influenced by the number and balance of competitors, degree of difference between products, growth rate of an industry, and level of fixed costs?
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Rivalry among existing firms
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Bargaining power of buyers
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Once a firm decides to enter an industry and chooses a market in which to compete, it must gain an understanding of its competitive environment. This challenge can be undertaken by completing a(n) ________ analysis.
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A(n) ________ is a group of firms producing a similar product or service, such as soft drinks, airlines, or smartphone apps.
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Opportunities for leadership, niche, harvest and divestment are associated with ________ industries.
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If a startup pioneers an industry or a new concept within an industry, the name recognition the startup establishes may create a formidable nontraditional barrier to entry referred to as a(n):
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Which of the following is NOT one of the "red flags" listed in the textbook that raises questions about one of more aspects of a company's business plan?
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Founders with none of their own money at risk
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Defining the market size too narrowly
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In the beverage industry, soda, fruit juice, and sports drinks are ________ competitors of bottled water.
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The price of prescription medicine is high, partly because when someone is sick there is no real alternative to buying medicine if they want to get better. Which of Porter's five forces explains how this aspect of the prescription medicine industry helps keep profitability high?
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Rivalry among existing firms
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Bargaining power of buyers
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Sarah Parks is in the very early stages of putting together a business startup and is thinking about writing a business plan to request funds to conduct a feasibility analysis and write a more complete business plan. What type of business plan should Sarah write at this point?
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Operational business plan
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Which of the following is one of the "red flags" listed in the textbook that raises questions about one or more aspects of a company's business plan?
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Takes several days or weeks to complete
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Founders that have their own money at risk
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Defining the market size too broadly
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Melanie Summer spoke to an investor who is interested in her business idea. Melanie offered to send the investor a copy of her full business plan, but the investor asked for a short overview of the business plan instead. What portion of her business plan should Melanie send the investor?
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A(n) ________ industry is an industry that is experiencing significant international sales.
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In the context of competitor analysis, ________ competitors offer close substitutes to the product sold by the firm completing the analysis.
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To make the best impression, a business plan should follow a:
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conventional structure for companies with standard business models and a nonconventional structure for firms with disruptive business models.
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conventional structure for manufacturing firms and a nonconventional structure for service firms.
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nonconventional structure.
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Firms that pursue a(n) ________ strategy compete for market share on a country-by-country basis and vary their product or service offerings to meet the demands of the local market.
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Each quarter, Craig Anderson, who owns a chain of auto repair shops, does a detailed analysis of his firm's competitors. This analysis is called ________ analysis.
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