Reference no: EM132223040
1. Which of the following is not a potential disadvantage of a franchise?
Unsatisfactory training program.
Limited product line.
Less freedom.
All of these are potential disadvantages of a franchise.
2. Ideally, a focus group should have ________ members.
5-7
2-3
8-12
16-20
3. Time out of cash is relevant to ________ analysis.
business plan
business model
strategic
financial feasibility
4. A(n) ________ group involves enlisting a small number of potential customers to get feedback on specific issues about the company's product or service.
trade
industry
Delphi
focus
5. An effective tool used to help assess ideas is the ________.
idea toolkit
idea sketch pad
idea dashboard
idea metric
6. The most effective way to communicate the values of a company to everyone it touches is to formulate an effective mission statement.
True
False
6. An idea assessment answers the question, "Should we proceed with this business idea?"
True
False
7. Gathering competitive intelligence, such as "dumpster diving" in a competitors' trash, may raise questions regarding ________.
a cost benefit analysis
ethical standards
the integrity of the data
the competitive profile matrix
8. The value test that a business plan must pass to attract financing from lenders and investors involves proving ________.
that the industry in which the business will compete is growing faster than the overall economy and has room for more competitors
that the company can gain a competitive advantage over its key competitors
that a market for the company's product or service actually does exist and that the company can actually build it for the cost estimates included in the plan
that the business venture will provide lenders and investors a high probability of repayment or an attractive rate of return
9. A strategic plan serves as a blueprint to help a company to ________.
match their company's strengths and weaknesses to the environment's opportunities and threats
accomplish its mission, goals, and objectives
identify a company's competitive advantage and set it apart from its competition with a unique position in the market
All of these
10. Which of the following is not a characteristic of the strategic management procedure for a small company?
It should use a relatively short planning horizon (i.e., two years or less, typically).
It should encourage the participation of employees and even outsiders to improve the reliability and creativity of the resulting plan.
It should allow for flexibility and not be overly structured.
It should begin with an extensive objective-setting session.