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. Strategic management process has following five steps: Step # 1. Related strictly to the formal institutions that govern the way business is done in a foreign country. \text{Purchases of inventory } & \text{(46,000) }\\ Step 3: Writing a business plan. a. Special attention is paid to the process of strategic alliance formation and the analysis of factors that influence the formation of strategic alliances and management success. a. Economies of scale. First, you must identify the major lines of your organization's business or activities, called LOBs. Establish a linking or coordination mechanism between and among the various departments and their respective divisions and units. b) personal satisfaction from the work. A potential benefit of an initial public offering (IPO) is that it: b) Window of opportunity: This refers to the time when entrepreneur finds a favorable environment to enter in a market with a new product. What specific entrepreneurial aspects include the strategy Selling the business Weak market demand. b. That does not work anymore. 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. Is unimportant if the firms have little market commonality. who soon copy a successful product would not dislodge it from its market share. The process of formation of corporate culture in entrepreneurial activity was presented, the classification of factors of corporate culture was improved, the primary bases of emergence, the status and prospects of corporate culture development in business were analyzed, its principles were systematized. Think of your post graduation job search as strategic decision. division of the Medwin Drug Company. Entrepreneur should be able to asses attractiveness of new product or service in the market. also necessitates changes in the systems in various degrees (1), VIII. Analyzing the information of the market and competitors will help them to know about the unfavorable situation in more clear way. At this point, Mr. Sachdev, the new marketing research manager, suggested that the group might come to a better decision if they used a proper decision-making technique. Process is the analysts way of accounting for or explaining change. A. Strauss and J. Corbin, Basics of Qualitative Research (Newbury Park, California: Sage, 1990), pp. Market and launch. Also, it begins to see the feasibility of ideas, the ability . A location-specific advantage that a firm with efficiency-seeking strategy would include: Strategy formation and evaluation will be assisted by computer decision models and management games. To understand any company's strategy, it is helpful to begin by looking back at its roots. In particular entrepreneurial competencies include entrepreneurial traits, motives, self-image, attitude, behavior, skills, and knowledge (Boyatzis, 1982). Developing a Strategic Vision and Business Mission 2. Technological uncertainties may also create obstruction in the business activities. Changes in company . \text{Cash, end of year } & \text{\$ 1,400}\\ The process of strategy formation adopts a wide variety of forms in different organizations, and it should be managed consistently with the overall strategic objectives of the firm, its management style, and its organizational culture. Its mobile phone was premium priced for example, US$599 in North America. Once the resources are acquired, the entrepreneur uses them efficiently to carry out the business plan successfully. (5), 2. \text{Payment of cash dividends } & \text{(500) }\\ Most of the entrepreneurs believe that they are the first one to introduce the new product and services in the market. Financing/governance An exporter selling below cost abroad. It ensured to be in the better position to satisfy the customers. Dumping is defined as: Innovation. The organizational life cycle is the life cycle of an organization from its creation to its termination. She was an integral contributor to a formative stage of our company and a true comrade on the front . The information of the new entry and the entrepreneurs willingness to take decision without proper information is dependent with assessing the attractiveness level. Set Clear Goals and Define Key Variables. Provide leadership but delegate responsibility and ownership Adopt a top-down and bottom-up approach devolving responsibility to local and regional authorities. It ensured to be in the better position to satisfy the customers. 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. New entry means offering or introducing the new product and services to the targeted consumer in an established or new market. Watch Sample Video Now by clicking on the link (s) below . It would launch its own Apple versions of these products to add high-value, user-friendly software. They gain access to the local partner's knowledge about the host country. Strategic management is mainly the responsibility of (1). d. Integrative. (n.d.). Engage in market transactions. 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. Give an outline of relation between Strategy and Customer in brief? D. Scale of entry. Focus on the social and psychological phenomenon of the relationship rather than the economic aspects. Ans: d). study, searching actively for innovative ways the organization can improve on what it is already doing; ferreting out new opportunities for the organization to pursue; . Efficient utilization of resources in the production process helps to gain competitive advantage. This scope focus on making choice by the entrepreneur to make decision on which customer to serve and how to serve them in the best way. Which of the following is not a key stage of the entrepreneurial strategy? A location-specific advantage that a firm with efficiency-seeking strategy would be: Cognitive School (Strategy as a result of strategic interpretation) Individual Focus Strategy Entre-preneurial School (Strategy as the vision of the leader)Individual Focus Strategy. Like roots of a tree, ________of organization is hidden from direct view. Table 8.1. determining where you are now; determining where you want to go, determining how you get there. Brainstorm and explore. Compromises between pure market transactions and mergers and acquisitions, 1: To cooperate or not to cooperate A. A. As readers will be aware, the iPhone went on to beat these earlier sales estimates and was followed by a new design, the iPhone 4 in 2010. The following steps are involved in process of setting up a new business enterprise: 1. Any organizations level of EO can be understood by examining how it stacks up relative to five dimensions: (1) autonomy, (2) competitive aggressiveness, (3) innovativeness, (4) proactiveness, (5) and risk taking. Entry Strategy for New Entry Exploitation, There must be competitive advantage over the competitors for the successful new entry exploitation in the market. Experts are tested by Chegg as specialists in their subject area. Resulting products included iMovie for digital cameras and I DVD for DVD-players. D. They are jointly owned by two or more parent companies. "38 Technically speaking, these pioneering elements are product-market arenas in which new categories are represented. b) Rare: The product which is unique in itself and is possessed by only few competitors is considered as rare. Developing ways to increase the firm's competitive strength and put it Defining the Mission Statement 2. On the other hand, he hardly wished to take an unknown risk of embarking on a national program until a test showed that the product did in fact have a good market demand. Netcashprovidedbyoperatingactivities, Netcashprovidedbyfinancingactivities, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. strategic management questions and answers define strategic management. a) Valuable: Resources are considered as valuable when it enables the firm to pursue opportunities and create value to the customers through its product and services. And unlike the launch of its first personal computer, Apple sought industry co-operation rather than keeping the product to itself. In this situation, venture carries high investment with high research and development to be competitive in the market. Engagement. Almost entirely on personal traits. However, Apple did not sell to, or share the software with, rival companies. Some of the important subjective aspects of strategy formulation are culture, politics, leadership, and managerial bias. C. They are politically less acceptable than wholly owned subsidiaries. Quizlet. Without a clear picture of what you're trying to attain, it can be difficult to establish a plan for getting there. iv. 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. Businesses are usually founded on one idea or solution that sparks an entrepreneur into . Please Use Our Service If Youre: Wishing for a unique insight into a subject matter for your subsequent individual research; Looking to expand your knowledge on a particular subject matter; Performing a SWOT analysis. There is no business without risk. 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. Strategic entrepreneurship is effective in the formation of business strategies involving simultaneous opportunity-seeking and advantage-seeking behaviors. A. Born global firms are: Here are five tips to leverage when formulating a successful strategy for your organization. There are the factors that influence the decision to enter the present market and for the delay entry. IV. 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. B. : (1) opportunity identification, (2) plan and prepare the venture, and (3) resource the venture and take action. This case explores this profitable but risky strategy. This strategy contributes to the entrepreneur to gain competitive advantage for their sustainability in the market. Although the Mac had some initial success, its software was threatened by the introduction of Windows 1.0 from the rival company Microsoft, whose chief executive was the well-known Bill Gates. The comprehensive model of entrepreneurship involves which of the following perspectives? The cosmetics division had been especially successful in womens toiletries and .1/4.-o..,unctitk. Therefore, we discuss previous empirical research only to illustrate the ways in which motivation can influence different aspects of the entrepreneurial process. 5. Although this was only some 6 percent of the total recorded music market, it was growing fast. Multimarket competitors can respond to a firm's action in any of the markets where the firms meet. However, Apple had achieved what some commentators regarded as a significant technical breakthrough: the touch screen. D. Innovation. MC Donalds, KFC, Hotel Radisson, are the examples of franchising. c) Comfort with decision making: Comfort of the entrepreneur with decision making under uncertainty is the major factor that affects assessment of new entry attractiveness.
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