Exam (elaborations)
MAN320F Exam 2 (1)
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Exam of 2 pages for the course Biochemistry Module 3 at Biochemistry Module 3 (MAN320F Exam 2 (1))
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MAN320F Exam 2What determines the success of a startup? - CORRECT ANSWER-MARKET
OPPORTUNITY
Market space and Blue Ocean Strategy - CORRECT ANSWER-Create your own
market space rather than competing for existing market space
Despite the product/service itself, venture capital firms only invest in - CORRECT
ANSWER-Capable management teams
The winning strategic approach involves both value - CORRECT ANSWER-creation
AND innovation
The Power of Customers is when - CORRECT ANSWER-Low # of customers, high
volume purchases, undifferentiated products, easy switch of sellers
The Power of Suppliers is when - CORRECT ANSWER-Low # of suppliers, few
substitutes, low dependency on buyers, must have a particular product for survival,
expensive/difficult to switch
Threat of Potential Entrants when - CORRECT ANSWER-Low brand loyalty in the
current industry, current brand names are not well-known, low initial capital
investment required, access to suppliers and distribution channels easy to obtain
Substitutes have power when - CORRECT ANSWER-Product is from another
industry, close substitutes causing price ceilings
Competition among existing firms is intense when - CORRECT ANSWER-Slow
industry growth, high fixed costs, undifferentiated products, large # of competitors
Broad environment includes - CORRECT ANSWER-Socio-cultural, economic,
technological, and political forces
Domestic and global forces
Task environment includes - CORRECT ANSWER-Competitors, suppliers, unions,
government, local communities, activists, customers, financial intermediaries
Forces outside company that influence/impact it
Mission statement is - CORRECT ANSWER-what an organization does/is
Vision statement is - CORRECT ANSWER-forward-looking view of what organization
wants to become
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