Thanks to national press, Wonderful Gifts has had 100% more orders placed than last quarter. The company could be caught in a ______ if proper planning does not occur.
answer
growth trap
question
Which statement is true about company growth?
answer
A high-growth firm's need for additional financing may exceed its available resources, even though the venture is profitable.
question
Which statement is correct concerning the role of innovation for small businesses?
answer
According to Clayton Christensen, 93 % of all innovations that eventually became successful started out in the wrong direction.
question
Annabelle's company makes pottery. She would like to expand her business and is looking for ideas. What advice would you give her?
answer
Base innovative efforts on her experience.
question
A sustainable competitive advantage is
answer
a value-creating industry position that is likely to endure over time.
question
Joe has redesigned an app that helps businesses organize their taxes after a rival gained market share. The IRS and the Society of Certified Public Accountants have said the app meets tax standards. The app would be considered a(n)
answer
sustainable competitive advantage.
question
Before a company's competitive advantage moves into the decline stage, it should
answer
implement previously developed plans for the hidden curves.
question
If a small firm is to maintain its performance over time, it is essential to
answer
continue to reinvent themselves.
question
To maintain performance, a small business must launch a new competitive advantage
answer
before the current strategy has run its course.
question
High performing companies
answer
adjust strategies for changing customer needs before rivals.
question
The product life cycle, as opposed to the competitive advantage life cycle,
answer
helps an entrepreneur visualize the sales and profits of a product from the time it is introduced until it is no longer on the market.
question
The profit curve is the highest in which stage of the product life cycle?
answer
Growth
question
Products must be carefully analyzed in terms of financial considerations in the _____ stage of the product development process.
answer
business analysis
question
The business analysis stage of new product development is critical since
answer
one to three years may pass before profits are realized.
question
Arden has designed an artistic design to complement his product's name to assist customers in identifying his product. These are commonly as referred to as a:
answer
brand.
question
iPad is a
answer
brand.
question
Beatrice is contemplating whether to offer a warranty on her product. She should remember that warranties are important for products:
answer
that are relatively complex to repair.
question
Judy is opening a small business producing high-quality paper products and has decided to place a green pine tree on all product boxes and on the sign outside the facilities to symbolize the business. At this point, the symbol is an example of a
answer
brandmark.
question
A legal term indicating the exclusive right of a firm to use a brand to identify a product is a
answer
trademark.
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