5. A. This course explores all aspects of the creation of a new venture from idea through startup, growth, and beyond. Q: Elaborately explain the importance of HRs role in team building. Ans: b) drive down profits of existing firms in the market. FloodBreak searching actively for innovative ways the organization can improve on what it is already . Why strategic planning matters more to growing businesses. B. Become licensee or franchisee of foreign brands Strategic Management - questions and answer s. 1. who soon copy a successful product would not dislodge it from its market share. C. Strong patent laws. A Bachelor of Business Administration (B.B.A.) Step 2: Ideate. Before entering the into market, entrepreneurs should make a strategy. Drawbacks: limited strategic flexibility and potential huge losses, Focus on accumulating experience The digital transformation further increases the possibilities . The six steps to the strategic planning process include: Identifying your strategic position. Constantly monitoring performance. A. Kathmandu: Advanced Saraswati Prakashan. The identification and exploitation of previously unexplored opportunities, Set of individuals who discover, evaluate, and exploit opportunities, 95% of all firms Question4: What specific entrepreneurial aspects include the strategy formation process? It is the time when the entrepreneur generates the innovative idea, identifies the market opportunity, and look for information. The purpose of strategic planning is to set your overall goals for your business and to develop a plan to achieve them. Strategic planning is a critical factor that influences the success on the organization and the long-term. Then, you must establish critical success indicators (CSIs), which are just a way to measure. Some of the elements that must be taken while generating new market opportunity are as follows: Resources are most for generating new entry opportunity in the market. Select the most accurate statement. The main source of creating the resource bundle are; entrepreneurs market knowledge and technology knowledge. D. They possess rare firm-specific assets. a. strategic management questions and answers define strategic management. Strategy formation and evaluation will be assisted by computer decision models and management games. There are three essential parts of the entrepreneurial process Consists of (1) identifying entrepreneurial opportunities, (2) planning and preparing the venture, and (3) resourcing the venture and taking action. Its mobile phone was premium priced for example, US$599 in North America. Yet, he wondered whether all products should be test marketed. Step #2: Development of an implementation structure. C. They are politically less acceptable than wholly owned subsidiaries. a) economic profits earned by the firms already in the industry. A location-specific advantage that a firm with efficiency-seeking strategy would include: To see this page as it is meant to appear, please enable your Javascript! True. Entrepreneurs may face difficulty in protecting the product uniqueness. I contribute to a number of global newspapers, risk . Third, domain redefinition refers to an entrepreneurial strategy whereby the organization creates a new product-market arena that others have not yet recognized or explored.Within this framework, firms move into unchartered waters or "blue oceans. This matrix is very useful for the analysis of new venture creation. Coupled with Microsofts willingness to distribute Windows freely to computer manufacturers, the legal agreement allowed Microsoft to develop alternative technology that had the same on-screen result. In this article, well walk you through these five stages: Goal setting - Parents and Childs and the C suite. Students will apply a wide range of design tools in a hands-on project. Entrepreneurial motivation helps in entrepreneurship development. Around the year 2000, Apple identified a new strategic management opportunity to exploit the growing worldwide market in personal electronic devices CD players, MP3 music players, digital cameras, etc. Entrepreneurial competencies is defined as the individual characteristics including attitude and behavior, which allows the entrepreneur to achieve business success. Growth. I currently work as an Economic Research Fellow at an African-based think tank. Always, there is an end in sight, and that is the organizational goals of the firm. Innovation also becomes an integral part of the process. environment of a company. Becomes the dominant firm Entrepreneurship is the process by which either an individual or a team identifies a business opportunity and acquires and deploys the necessary resources . Entrepreneurial strategy is a process where the entrepreneurs interpret, explore, and evaluate their ideas, plans, and policies in a systematic manner in order to achieve their aimed goals. iv. d. Practice opportunism. iTune was essentially an agreement with the worlds five leading record companies to allow legal downloading of music tracks using the internet for 99 cents each. Deals that have been struck by MNEs and host governments. But he warned Mr. Ashwin that test marketing would save the gamble of so much money on the national promotion program. Regardless of what you are studying or plan to study in the future, the classes taught by entrepreneurship professors are designed to challenge you to think differently, look at problems from new angles, and develop solutions that make the world a better place. The three categories are (1) work processes, (2) behavioral processes, and (3) change processes (see Three Approaches to Organizational Processes). Therefore, we discuss previous empirical research only to illustrate the ways in which motivation can influence different aspects of the entrepreneurial process. IIBM DMS CASE STUDY SOLUTIONS PAPERS - What specific entrepreneurial aspects include the strategy formation process www.answersheets.in info.answersheets@gmail.com +91 95030-94040 Strategic Management Multiple choice: I. Horizontal integration is concerned with a) Production b) Quality c) Product planning d) All of the above II. The comprehensive model of entrepreneurship involves which of the following perspectives? We want to be their most attractive partner for challenges that can be solved with chemistry. i. Franchising is seen more often in manufacturing industries than in servicing industries. ENTREPRENEURSHIP: THEORY, PROCESS, PRACTICE, 10e, combines a practical, step-by-step approach with a theoretical foundation to form a basic framework for understanding the theory, processes, and practice of entrepreneurship. \text{Increase (decrease) in Cash } & \text{(1,500) }\\ Only a small number survive, Growth d. All of the above. Eventually, Microsoft signed an agreement with Apple saying that it would not use Mac technology in Windows 1.0. (Inthousands)CashFlowsfromOperatingActivitiesCollectionsfromcustomersInterestreceivedPurchasesofinventoryOperatingexpensesNetcashprovidedbyoperatingactivitiesCashFlowsfromInvestingActivitiesPurchasesofequipmentPurchasesofinvestmentsSalesofinvestmentsNetcashusedforinvestingactivitiesCashFlowsfromFinancingActivitiesPaymentoflong-termdebtIssuanceofstockPaymentofcashdividendsNetcashprovidedbyfinancingactivitiesCashIncrease(decrease)inCashCash,beginningofyearCash,endofyear$61,000400(46,000)(13,200)2,200(4,500)(800)900(4,400)(200)1,400(500)700(1,500)2,900$1,400. If the Nokia view was correct, then the problem for Apple was that it could find its market-leading position in recorded music being overtaken by a more flexible rival perhaps leading to a repeat of the Apple failure 20 years earlier to win against Microsoft. Apple was still the market leader and was able to demonstrate major increases in sales and profits from the development of the iPod and iTunes. Process is a way of giving life to data by taking snapshots of action/interaction and linking them to form a sequence or series. c. Opt for merger or acquisition. The process of strategic management should guide top-level programs Get video classes from CAKART.in. B. Firms that have great difficulty internationalizing. When Apples Chief Executive Steven Jobs launched the Apple iPod in 2001 and the iPhone in 2007, he made a significant shift in the companys strategy from the relatively safe market of innovative, premium-priced computers into the highly competitive markets of consumer electronics. c) shift the market supply curve to the left. But the company was moving into the massive and still-expanding global mobile telephone market where competition had been fierce for many years. It refers to formal and informal rules, regulations and procedures that complement the company structure (1) a) Strategy b) Systems c) Environment d) All of the above III. So, to get started, lets delve into strategic planning frameworks . What are the main characteristics of strategic decisions? 0 ratings 0% found this document useful (0 votes) Feedback of loop from the culmination of a new entry generation and exploitation. Micro environment is the . For non-equity-based alliances, the importance of direct organizational monitoring and control is: Future Studies Research Journal. The following are a few characteristics required to be a successful entrepreneur. But introduction of the new product also create challenges for the entrepreneurs to make the customer familiar with their product and services, provide detail information of product, and risk of loss and not meeting the target. Early successes included the Mac2 and PowerBooks along with the worlds first desktop publishing program PageMaker. Strategic management is the management of an organization's resources to achieve its goals and objectives. C. Leads to increased scrutiny by stakeholder groups. Before entering the into market, entrepreneurs should make a strategy. Strategy formation, or creation, is an aspect of strategic management. Research summary Examining the strategy formation process is central to understanding why some firms in entrepreneurial settings create competitive advantage and succeed while others do not. Wolcott is also a cofounder of the strategic consultancy Clareo Partners LLC. Also, it begins to see the feasibility of ideas, the ability . The process also incorporates establishing new business firms and organizations. b) Broad Scope Strategy: It offers the range of products at different market segments considering the portfolio approach for dealing with the uncertainties. degree is offered with a major in Entrepreneurship. Actually, the word translates to the one who undertakes in French. Of the five entrepreneurial strategies, which one addresses the liability of newness? Q20. b. Define the strategy Strategy is a blueprint of all the important entrepreneurial, competitive and functional area actions that are to be taken in pursuing organizational objectives and positioning the organization for sustained success and reveals how the targeted results will be accomplished. Here lay the strategic risk for Apple. entrepreneurship education towards UiTM graduates, and the effectiveness of entrepreneurship education through the learning process has not been revealed yet. It is the continuous process of planning, monitoring, analysis, and assessment of all that is necessary for an organization to meet its goals and objectives. There will be no sales of investments in 2013. c. Bosworth plans to issue no stock in 2013. d. Bosworth plans to end the year with a cash balance of $3,550. New entry means offering or introducing the new product and services to the targeted consumer in an established or new market. Also, it begins to see the feasibility of ideas, the ability to get value from it and how to generate the development of the product or service. Within the entrepreneurial process, there are different events that are generated along the process. However, in order to hit its volume targets, Apple later reduced its phone prices, though they still remained at the high end of the market. EO refers to the processes, practices, and decision-making styles of organizations that act entrepreneurially (Lumpkin & Dess, 1996). B. Accounting-based. Increases an entrepreneurs' freedom of action. Establishing entry barriers Network. Ensure all industry sectors are considered not just high-tech Encourage growth across all industry sectors including low, mid and high-tech firms. There are the factors that influence the decision to enter the present market and for the delay entry. The entrepreneurial mindset is unique in that one must be creative, communicative, and highly motivated to succeed, yet open to risk and failure. This will help them for the assessment of attractiveness in a particular opportunity. Establish a linking or coordination mechanism between and among the various departments and their respective divisions and units. Declaring bankruptcy, International strategies for entering foreign markets, Direct exporting What Is the Entrepreneurial Process? B. Such products protected by patent right registration. CAKART provides Indias top faculty each subject video classes and lectures - online & in Pen Drive/ DVD - at very cost effective rates. division of the Medwin Drug Company. Strategic management involves setting objectives, analyzing the competitive environment . Strategy formation as an analytical process. Thus, it will be more fruitful to work on more specific aspects that lie in the strategic alignment of HEI needs with the socioeconomic needs of the region. Employing a multidisciplinary approach, the chapters cover all aspects of current entrepreneurship theory in multinational, economics, organizational sociology, marketing and finance. But at the time of updating this case, that looked unlikely. Network They observed that Xerox had developed an early version of a computer interface screen with the drop-down menus that are widely used today on all personal computers. In 2007, Apple followed up the launch of the iPod with the iPhone, a mobile telephone that had the same user-friendly design characteristics as its music machine. This strategy contributes to the entrepreneur to gain competitive advantage for their sustainability in the market. What specific entrepreneurial aspects include the strategy formation process? Businesses are usually founded on one idea or solution that sparks an entrepreneur into . The bargaining power of suppliers may prompt backward vertical integration. entrepreneurial activity. It refers to formal and informal rules, regulations and procedures that complement the company structure (1) a) Strategy b) Systems c) Environment d) All of the above III. Opportunity for relationships with key stakeholders, Benefit from first mover investments, experience, and inflexibility, Benefit from a strategic commitment A. A. Which is NOT true of joint ventures? \text{Payment of long-term debt } & \text{(200) }\\ This strategy involves the copying the practices of other firms having similar nature of business. True Business activities are executed by the formulation of strategy which is referred to as Strategy Formulation. Apples new strategy was beginning to pay off. Like roots of a tree, ________of organization is hidden from direct view. Can increase firm's financialSTAbility. ones to emphasizes, and which new ones to enter or add. 1. The assessment new entry attractiveness is affected by prior knowledge and information search, window opportunity and comfort with decision making. We work with companies in every industry to develop strategies that deliver results. Entrepreneurship generally means offering a new product, applying a new technique or technology, opening a new market, or developing a new form of His main research interests Instead, the strategy formation in entrepreneurial SMEs is a combination of systematic planning and improvisation, a combination of proactivity and reactivity. C. Harvest. Founded in 1976, Apple built its early reputation on innovative personal computers that were particularly easy for customers to use and as a result was priced higher than those of competitors. Quality is much better than local tuition, so results are much better. Resources can be capital, human, machine material, etc. What specific entrepreneurial aspects include the strategy formation process What specific entrepreneurial aspects include the strategy formation process Strategic Management Multiple choice: Horizontal integration is concerned with a) Production b) Developing ways to increase the firm's competitive strength and put itin a stronger position to cope with competitive forces. a) Oligopoly b) Pure Competition c) Pure Monopoly d) Monopolistic Competition Ans: c) Pure Monopoly, a) Entry will not affect the profits of existing coffeehouses. Once the resources are acquired, the entrepreneur uses them efficiently to carry out the business plan successfully. Ans: a) economic profits earned by the firms already in the industry. Although this was only some 6 percent of the total recorded music market, it was growing fast. This helps to reduce the level of risk as it can concentrate the resources in limited market focusing its targeted customers.
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