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Management > Chapter 3 packet notes > Flashcards

Chapter 3 packet notes Flashcards

1
Q

Identification of potential new products or services that may lead to promoting businesses.

A

Opportunity Recognition

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2
Q

Readiness to act on existing, but unnoticed, business opportunities.

A

Entrepreneurial Alertness

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3
Q
  • Products that serve clear and important needs.
  • Products that customers know about.
  • Products that customers can afford.
  • A good idea is not the same as a good opportunity.
A

Good Investment Qualities

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4
Q
  • Opportunity Recognition
  • Entrepreneurial Alertness
  • Good Investment Qualities
A

Identifying Startup Ideas

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5
Q
  • To develop a commercial market for new product or service.
  • Wanting the challenge of succeeding (or failing) on your own.
  • To tap into unique resources that are available.
  • To avoid undesirable features of existing companies.
A

Creating a New Business from Scratch- Motivations to Start a Business

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6
Q
  • Type A
  • Type B
  • Type C
A

Kinds of Startup Ideas

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7
Q

Are centered around providing customers with an existing product not available in their market.

A

Type A Ideas (New Market)

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8
Q

Involve new ideas, involve new technology, centered around providing customers with a new product.

A

Type B Ideas (New Technology)

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9
Q

Are centered around providing customers with an improved product.

A

Type C Ideas (New Benefit)

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10
Q
  • The unexpected
  • The incongruous
  • Process needs
  • Structural change
A

Industry or Enterprise Factors

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11
Q

Unanticipated events lead to either enterprise success or failure.

A

The Unexpected

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12
Q

What is expected is out of line with what will work.

A

The Incongruous

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13
Q

Current technology is insufficient to address an emerging challenge.

A

Process Needs

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14
Q

Changes in technology, markets, etc,. after industry dynamics.

A

Structural Change

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15
Q
  • Demographics
  • Changes in perception
  • New knowledge
A

Human and Economic Factors

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16
Q

Shifts in population size, age structure, ethnicity, and income distribution impact product demand.

A

Demographics

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17
Q

Perceptual variations determine product demand.

A

Changes in Perception

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18
Q

Learning opens the door to new product opportunities with commercial potential.

A

New Knowledge

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19
Q
  • Industry or enterprise factors
  • Human and economic factors
A

Change-Based Sources of Entrepreneurial Opportunities

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20
Q
  1. Borrow ideas from existing products and services or other industries.
  2. Combine two businesses into one to create a market opening.
  3. Begin with a problem in mind.
  4. Recognize a hot trend and ride the wave.
  5. Explore ways to improve a product or service’s function.
  6. Think of how to streamline a customer’s activities.
  7. Adapt a product or service to meet customer needs in different ways.
  8. Imagine how market for a product or service could be expanded.
  9. Use “green” technologies to makek the product or service more environmentally friendly.
  10. Keep an eye on new technologies.
A

Applying Innovative Thinking to Business Ideas

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21
Q

Studying context of venture to identify and determine business ideas that qualify as opportunities.

  • General Environment
  • Industry Environment
  • Competitive Environment
A

Outside-In Analysis

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22
Q

Encompasses factors influencing business in a society.

A

General Environment

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23
Q

Combined forces impacting a firm and its competitors.

A

Industry Environment

24
Q

Focus on the strength, position, and likely moves and countermoves of competitors in an industry.

A

Competitive Environment

25
Q
  • Political/legal
  • Technological
  • Sociocultural
  • Global
  • Demographic
  • Economic
A

Trends in the General Environment

26
Q
  • Threat of new competitors.
  • Threat of substitute products or services.
  • Intensity of rivalry among existing competitors.
  • Bargaining power of suppliers.
  • Bargining power of buyers.
A

Major Factors Offsetting Market Attractiveness

27
Q
  • Who are the new venture’s current competitors?
  • What unique resources do they control?
  • What are their strengths and weaknesses?
  • How will they respond to the new venture’s decision to enter the industry?
  • How can the new venture respond?
  • Who else might be able to observe and exploit the same opportunity?
  • Are there ways to co-opt potential or actual competitors by forming alliances?
A

Competitor Analysis

28
Q

Assessing the firm’s internal competitive potential.

  • Resources
  • Capabilities
  • Core Competencies
A

Inside-Out Analysis

29
Q

Basic inputs that girm uses to conduct its business.

  • Tangible resources
  • Intangible resources
A

Resources

30
Q

Visible and easy to measure.

A

Tangible Resources

31
Q

Invisible, difficult to quantify.

A

Intangible Resources

32
Q

Integration of various organizational resources that are deployed together to the firm’s competitive advantage.

A

Capabilities

33
Q

Resources and capabilities that provide a firm with a competitive advantage over its rivals.

A

Core Competencies

34
Q
  • Provides concise overview of a firm’s strategic situation.
  • Helps identify opportunities that match the venture.
A

Strengths, Weaknesses, Opportunities, and Threats (SWOT) Analysis

35
Q
  • Will the opportunity lead to others in the future?
  • Will the opportunity build skills that open the door to new opportunities in the future?
  • Will pursuit of the opportunity be likely to lead to competitive response by potential rivals?
A

Seeking Competitive Insight

36
Q
  • Important core competencies
  • Financial strengths
  • Innovative capacity
  • Skilled or experienced management
  • Well-planned strategy
  • Effective entry wedge
  • A strong network of personal contacts
  • Positive reputation in the marketplace
  • Proprietary technology
A

Strengths

37
Q
  • Inadequate financial resources
  • Poorly planned strategy
  • Lack of managerial skills or experience
  • Inadequate innovation capacity
  • Negative reputation in the marketplace
  • Inadequate facilities
  • Distribution problems
  • Limited marketing skills
  • Production inefficiencies
A

Weaknesses

38
Q
  • An untapped market potential
  • New product or geographic market
  • Favorable shift in industry dynamics
  • High potential for market growth
  • Emerging technologies
  • Changes allowing overseas expansion
  • Favorable government deregulation
  • Increasing market fragmentation
A

Opportunities

39
Q
  • New competitors
  • Rising demands of buyers or suppliers
  • Sales shifting to substitute products
  • Increased government regulation
  • Adverse shifts in the business cycle
  • Slowed market growth
  • Changing customer preferences
  • Adverse demographic shifts
A

Threats

40
Q
  • Strategy
  • Strategic decision
  • Sustainable competitive advantage
A

Important Strategic Terms

41
Q

Plan of action that coordinates resources and commitments of an organization to achieve superior performance.

A

Strategy

42
Q

A decision regarding the direction a firm will take in relating to its customers and competitors.

A

Strategic Decision

43
Q

A value-creating industry position likely to endure over time.

A

Sustainable Competitive Advantage

44
Q
  • Broad based strategy
  • Differentiation- based strategy
  • Focus strategy
A

Selecting Strategies that capture opportunities

45
Q

Seeking an advantage in cost or differientiation.

A

Broad-Based Strategy

46
Q

Requiring the firm to be the lowest-cost competitor.

A

Cost-Based Strategy

47
Q

Emphasizing the uniqueness of the firm’s product or service.

A

Differentiation-Based Strategy

48
Q

Targeting a specific market slice (niche) using either a cost or a differentiation-based strategy.

A

Focus Strategy

49
Q
  • Restricting focus to a single subset of customers.
  • Emphasizing a single product or service
  • Limiting the market to a single geographical region.
  • Concentrating on superiority of product or service.
A

Focus Strategy Implementation

50
Q
  • Niche market shields from direct competition
  • Allow development of unique expertise
A

Advantages- Focus Strategies

51
Q

Focus market can quickly erode if:

  • Competitors successfully imitate the strategy
  • Segment erodes or demand disappears.
  • Segment’s differences from other segments narrow.
  • New firms subsegment the industry.
A

Disadvantages- Focus Strategies

52
Q
  • Judging a business opportunity
  • Market factors
  • Fatal flaws
  • Competitive advantage
  • Management capability
  • Industry Attractiveness
A

How Feasible is my Idea?

53
Q

A preliminary assessment of a business idea that gauges whether or not the venture envisioned is likely to succeed.

A

Feasibility Analysis

54
Q

A circumstance or development that alone could render a new business unsuccessful.

  • Market potential: acceptance, accessibilitiy, growth and size.
  • Power of competitors
  • Strength of competitive advantage.
  • Startup costs
  • Management capability
A

Fatal Flaws

55
Q

Leader’s grasp of cirtical enterprise success factors and ability to execute on these factors.

A

Industry Attractiveness

56
Q
  • Fit the venture with leader’s mission, aspirations, and comfort level with risk involved.
  • Leader’s connections to others who will be essential to making the venture work.
A

Management Capability

Management (33 decks)

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