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Test 2 Study Guide Essay

861 words - 4 pages

Exam Study Guide:
Chapter 2 Strategic Management and the Entrepreneur

1) The strategic management process:
Topic: Introduction

2) A small business's "aggregation of factors that sets it apart from its competitors" is its:
Topic: Building a Competitive Advantage

3) How is the strategic planning process for small companies different from that for large
Page Ref: 41
Topic: Building a Competitive Advantage

4) ________ focuses everyone's attention and efforts on the same target market. It is an expression of what the owner believes in.
Topic: The Strategic Management Process

5) Answering the question "What business am I in?" defines the company's:
Topic: The Strategic ...view middle of the document...

Topic: The Strategic Management Process — Identify the Business

12) A small business owner would conduct a competitive analysis in order to:
Topic: The Strategic Management Process — Analyze the Competition

13) The information-gathering process in competitive analysis:
Topic: The Strategic Management Process — Analyze the Competition

14) ________ are the broad, long-range attributes the small business seeks to accomplish; ________ are the specific, measurable milestones the company wants to achieve.
Topic: The Strategic Management Process — Create Company Goals and Objectives

15) The small firm's "master plan" is its:
Topic: The Strategic Management Process

16) A differentiation strategy:
Topic: The Strategic Management Process

17) What is a danger in choosing a differentiation strategy?
Topic: The Strategic Management Process

18) Rather than attempting to serve the total market, the small firm pursuing a ________ strategy specializes in serving a specific target segment.
Topic: The Strategic Management Process

19) An effective strategic plan does what?
Topic: The Strategic Management Process

20) The most successful strategic plans make the ________ focal.
Topic: The Strategic Management Process

21) Small bookstores have a giant killer of a competitive advantage in their:
Topic: Building a Competitive Advantage

22) A small business owner needs to remember that when it comes to employee involvement in the strategic planning process:
Topic: The Strategic Management Process — Translate Strategic Plans

23) The ________ is a set of measures unique to the company that gives managers a quick and comprehensive view of how the business is doing and includes both financial and operational factors.
Topic: The Strategic Management Process — Establish Accurate Controls

24) It is important for the small business owner to remember that the strategic planning process is:
Topic: Conclusion

25) In the creation of the balanced scorecard,...

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