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Chapter 3 Homework Essentials of Entrepreneurship & Small Business Mgmt., 7e (Scarborough) Designing a Competitive Business Model and Building a Solid Strategic Plan ALL ANSWERS 100% SPRING FALL-2022 LATEST GUARANTEED GRADE A+$13.19
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Chapter 3 Homework Essentials of Entrepreneurship & Small Business Mgmt., 7e (Scarborough) Designing a Competitive Business Model and Building a Solid Strategic Plan ALL ANSWERS 100% SPRING FALL-2022 LATEST GUARANTEED GRADE A+
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Course
MGMT 3850 (MGMT3850)
Institution
University Of North Texas
1) Which of the following is not one of the three components of intellectual capital?
A) Human
B) Structural
C) Competitor
D) Customer Answer: C
Diff: 2 Page Ref: 87 AACSB: Analytic Skills Learning Obj.: 1
2) involves developing a game plan to guide a company as it strives to accomplish i...
1 which of the following is not one of the three components of intellectual capital a human
involves developing a game plan to guide a company as it strives to accompli
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University Of North Texas
MGMT 3850 (MGMT3850)
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Chapter 3 Homework Essentials of Entrepreneurship &
Small Business Mgmt., 7e (Scarborough)
Designing a Competitive Business Model and Building a Solid
Strategic Plan ALL ANSWERS 100% SPRING FALL-2022
LATEST GUARANTEED GRADE A+
1) Which of the following is not one of the three components of intellectual capital?
A) Human
B) Structural
C) Competitor
D) Customer
Answer: C
Diff: 2 Page Ref: 87
AACSB: Analytic Skills
Learning Obj.: 1
2) involves developing a game plan to guide a company as it strives to accomplish its
mission, goals, and objectives to keep it on its desired course.
A) Competitive advantage
B) Mission
C) Strategic management
D) Market segmentation
Answer: C
Diff: 1 Page Ref: 88
AACSB: Analytic Skills
Learning Obj.: 1
3) The aggregation of factors that sets a company apart from its competitors and gives it a unique
position in the market, superior to its competition, is its:
A) mission statement.
B) competitive advantage.
C) competitive profile.
D) strategic plan.
Answer: B
Diff: 1 Page Ref: 88-89
AACSB: Analytic Skills
Learning Obj.: 2
4) Which of the following was not identified as a way for the typical small business to establish a
competitive advantage?
A) Lowering prices
B) Providing higher quality goods or services
C) Improving customer service
D) Doing whatever the company does for its customers better than its competitors
Answer: A
1
,Diff: 2 Page Ref: 89
AACSB: Reflective Thinking
Learning Obj.: 2
5) are a unique set of capabilities that a company develops in key operational areas-
such as service, innovation, and others-that allow it to potentially vault past its competitors.
A) Core competencies
B) Opportunities
C) Key success factors
D) Mission statements
Answer: A
Diff: 2 Page Ref: 89
AACSB: Reflective Thinking
Learning Obj.: 2
6) The relationship between core competencies and competitive advantage is best described by
which statement?
A) Strengthening a company's competitive advantage strengthens its core competencies.
B) A company's core competencies become the nucleus of its competitive advantage.
C) As a company's core competencies become stronger, its competitive advantage becomes
weaker.
D) There is no relationship between core competencies and competitive advantage.
Answer: B
Diff: 3 Page Ref: 89-80
AACSB: Analytic Skills
Learning Obj.: 2
7) The key to entrepreneurial success over time is to build a competitive advantage.
A) defensible
B) sustainable
C) coherent
D) random
Answer: B
Diff: 3 Page Ref: 90-91
AACSB: Analytic Skills
Learning Obj.: 2
8) A strategic plan serves as a blueprint to help a company to:
A) match their company's strengths and weaknesses to the environment's opportunities and
threats.
B) accomplish its mission, goals, and objectives.
C) identify a company's competitive advantage and set it apart from its competition with a
unique position in the market.
D) All of the above
Answer: D
Diff: 2 Page Ref: 92
AACSB: Analytic Skills
Learning Obj.: 3
2
, 9) Which of the following is NOT a characteristic of the strategic management procedure for a
small company?
A) It should use a relatively short planning horizon-two years or less, typically.
B) It should begin with an extensive objective-setting session.
C) It should encourage the participation of employees and even outsiders to improve the
reliability and creativity of the resulting plan.
D) It should allow for flexibility and not be overly structured.
Answer: B
Diff: 2 Page Ref: 91-92
AACSB: Reflective Thinking
Learning Obj.: 3
10) A clearly defined vision helps a company in which of the following ways?
A) Provides direction
B) Determines decisions
C) Motivates people
D) All of the above
Answer: D
Diff: 1 Page Ref: 92
AACSB: Reflective Thinking
Learning Obj.: 3
11) A small company's mission statement:
A) establishes its purpose in writing.
B) gives the business and everyone in it a sense of direction.
C) defines what the company is, why it exists, and its reason for being.
D) All of the above
Answer: D
Diff: 1 Page Ref: 93
AACSB: Reflective Thinking
Learning Obj.: 3
12) When developing a company's mission statement, an entrepreneur should remember to:
A) write the statement alone without anyone else's interference.
B) omit statements about her values because they may turn some stakeholders off.
C) keep it short and simple.
D) All of the above
Answer: C
Diff: 3 Page Ref: 93-94
AACSB: Communication
Learning Obj.: 3
3
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