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Once the resources are acquired, the entrepreneur uses them efficiently to carry out the business plan successfully. The information of the new entry and the entrepreneurs willingness to take decision without proper information is dependent with assessing the attractiveness level. Efficient utilization of resources in the production process helps to gain competitive advantage. Ans: d). 1 crore the first year and some Rs. C. MNE-based. In order to make the product inimitable proper research work should be done. b. Entrepreneurial motivation helps in entrepreneurship development. Did you find mistakes in interface or texts? The bargaining power of suppliers may prompt backward vertical integration. 250+ Strategic Management Interview Questions and Answers, Question1: Define strategic management. Not all Apples new products were successful the Newton personal digital assistant did not sell well. Managing and Growing the Enterprise: It refers to the final stage of the entrepreneurial process. Indicates how likely they are to have similar competitive actions. Of the five entrepreneurial strategies, which one addresses the liability of newness? Are your competitors talking about you in their boardrooms? 5. Basically, there are two strategies to reduce the risk and uncertainties are as follow: Fig: Risk Reduction Strategy for New Entry Exploitation (Poudyal & Pradhan, 2020). This problem has been solved! Before entering the into market, entrepreneurs should make a strategy. Learning by doing These quadrants represent the four profiles for analyzing the new venture (Lima, Polo, & Matos, 2010). Feel free to send suggestions. ; ; . Idea Generation: every new venture begins with an idea. Going public with an initial public offering Within the entrepreneurial process, there are different events that are generated along the process. Strategic planning affects the performance of managers. b. c. Unloading unsold inventory from the United States in other countries. Feedback of loop from the culmination of a new entry generation and exploitation. Retrieved from Quizlet Inc.: https://quizlet.com/346645152/eco-exam-3-flash-cards/, Parke, S. (2022). Click here to know More b) Broad Scope Strategy: It offers the range of products at different market segments considering the portfolio approach for dealing with the uncertainties. Actually, the word translates to the one who undertakes in French. Also, it begins to see the feasibility of ideas, the ability . The first quadrant shows high innovation/low risk situation. CAKART provides Indias top faculty each subject video classes and lectures - online & in Pen Drive/ DVD - at very cost effective rates. Watch Sample Video Now by clicking on the link (s) below . A firm's attack on a focal arena important to a competitor, but not the attacker's true target area, is referred to as: \text{Cash Flows from Investing Activities }\\ Please elaborate as clearly and descriptively possible as it's a part of the assignment and case study This problem has been solved! A: Lean management is an approach to managing an organization that focuses on maximizing customer value. Enthusiastic internationalizers. \text{Cash Flows from Financing Activities}\\ \text{Cash, end of year } & \text{\$ 1,400}\\ iii. What specific entrepreneurial aspects include the strategy formation process? Gathering people and information. Question5: What involves the strategic management function? (15), IIBM DMS CASE STUDY SOLUTIONS PAPERS What is the meaning of _CC_ in case of E-mail, IIBM EMBA CASE LET ANSWER SHEETS Give an outline of relation between _Strategy and Customer_ in brief. I currently work as an Economic Research Fellow at an African-based think tank. Their classes are the most sold classes all across India - from Kashmir to Kanyakumari! Our customer portfolio ranges from major global customers and small and Entrepreneurship is the process by which either an individual or a team identifies a business opportunity and acquires and deploys the Strategic Implementation is mainly an Administrative Task based on strategic and operational decisions. Ans: d) Applying unethical strategies to be competitive. 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. Without a clear picture of what you're trying to attain, it can be difficult to establish a plan for getting there. a. Network V. The actual performance deviates positively over the budgeted performance. B. Generate 60-90% of all employment Table 8.1. The information needed include: topic, subject area, number of pages, spacing, urgency, academic level, number of sources, style, and preferred language style. C. On both factors of nurture and nature. He asked his sales manager whether he thought the product would succeed and what he thought his best estimate of sales would be. 2: Contract or equity? It helps to minimize risk through the contract between the new entry firm and franchiser by allowing to use brand image and value of the product or serve. \text{Purchases of investments } & \text{(800) }\\ Mission and Goals: ADVERTISEMENTS: The first step in the strategic management begins with senior managers evaluating their position in relation to the organizations current mission and goals. Entrepreneurship is an act of being an entrepreneur, or "the owner or manager of a business enterprise who, by risk and initiative, attempts to make profits". Launched in late 2001, the iPod was followed by the iTunes Music Store in 2003 in the USA and 2004 in Europe the Music Store being a most important and innovatory development. False The six steps to the strategic planning process include: Identifying your strategic position. organi zation s long-term direction, set the specific performance objectives, develop strat egies to achieve these objectives and undertake to execute the. b) Rare: The product which is unique in itself and is possessed by only few competitors is considered as rare. d. Innovative labor force. Need for achievementWithin the research domain of personality traits and entrepreneurship, the concept of need for achievement (nAch) has received much attention. Its iTune download software had been re-developed to allow it to work with all Windows-compatible computers (about 90 percent of all PCs) and it had around 75 percent of the world music download market, the market being worth around US$1000 million per annum. The rest of the market consisted of sales of CDs and DVDs direct from the leading recording companies. Entrepreneurial competencies is defined as the individual characteristics including attitude and behavior, which allows the entrepreneur to achieve business success. False FOR INDIA'S BEST CA CS CMA VIDEO CLASSES CALL 9980100288 OR VISIT HERE India's Most Sold CA FINAL Classes Toppers & rank holders use their classes. 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. Please elaborate as clearly and New entry contributes for the survival and growth of the business in the competitive market. Strategy formation, or creation, is an aspect of strategic management. a. The committee proposes a community health improvement process (CHIP) 1 as a basis for accountable community collaboration in monitoring overall health matters and in addressing specific health issues. On May 18, 1998, the government filed a complaint in District Court against Microsoft. (20), 2. a. Step 2: Feasibility analysis. Bad Taste After Tooth Extraction Normal, Decisions to form a strategic alliance are based primarily on resource-based considerations. (n.d.). B. Accounting-based. The iPod was the biggest single sales contributor in the Apple portfolio of products. It had hoped in this way not only to get a large initial share of the markets but also to become so well entrenched that competitors. A. :s and in the introduction of new products, It always based its new-product development on market research respect to what Would appeal to women and, after almost invariably test marketing a new product in a few almost invarariably test marketing a new product in selected cities, launched it with a heavy advertising and sales promotion program. Can increase firm's financialSTAbility. Brainstorm and explore. Harvest/exit, A specialized form of differentiation strategy, Selling an equity stake The cognitive school, which looks inwards into the minds of strategists. Entrepreneurship and Wealth Creation - ENTP 311. searching actively for innovative ways the organization can improve on what 31. it is already doing; In the strategy formation process, specific entrepreneurial aspects include looking viably for imaginative ways the affiliation can upgrade what it is currently doing. Whether a person is a solo . Students will learn how to evaluate opportunities, develop strategies, create a This is a case- and project-based course, focusing on starting a software or hardware company. Building on data gathered in the first phase of this study, the second phase tests which elements of the pro-entrepreneurship organizational architecture are related and are able to predict organizational-level consequences of corporate entrepreneurship strategy. Wolcott is also a cofounder of the strategic consultancy Clareo Partners LLC. 8. Sometime entrepreneurs should face the problem of customers uncertainty. Studies have revealed that younger people are more successful entrepreneur. D. An obsolescing bargain. It remains exclusive to Apple and means that the company has a specialist market where it has real competitive advantage and can charge higher prices. We want to be their most attractive partner for challenges that can be solved with chemistry. True. It typically involves identifying a problem, an. Step 3: Writing a business plan. C. Generators of much of the world's employment.\ Business Model Innovation. See Answer C. Leads to increased scrutiny by stakeholder groups. Strategic management process has following five steps: Step # 1. In short, Strategy Formulation is placing the Forces before the action . IV. (10), What are the problems with predicting how the market and the competition will change over the next few years? By 1990, Microsoft had developed and distributed a version of Windows that would run on virtually all IBM-compatible personal computers see Case 1.2. a. a. The results confirm that RE is a multidimensional phenomenon that must be analyzed at the local level to reveal relevant patterns and understand why different territories have varying entrepreneurial performance. Resources can be capital, human, machine material, etc. Explain in words how to calculate the given index: Nathan Farmer, chief financial officer of Bosworth Wireless, is responsible for the companys budgeting process. Lima, A. C., Polo, E. F., & Matos, F. R. (2010). It is widely used around the world in publishing and fashion houses. D. Transaction cost-based. Q20. Lima, A. C., Polo, E. F., & Matos, F. R. (2010). Ans: a) economic profits earned by the firms already in the industry. 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. B. Vision, Mission and Long Term Objectives. 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. B. 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. A potential benefit of an initial public offering (IPO) is that it: The second generation Apple tablet was then launched in 2011 after the success of the initial model. A key dimension in foreign entry decisions is the amount of resources committed to entering the foreign market, referred to as: characteristics of the industry as; high (SME) proportion within, moti ve, goal and values, attitudes, strategies and business. From this, the entrepreneurs can understand the whole market by determining the product profitability and the loss. c. Cognitive. It is examined through SWOT analysis. Although this was only some 6 percent of the total recorded music market, it was growing fast. However, Apple did not sell to, or share the software with, rival companies. Strategy formulation refers to the process of choosing the most appropriate course of action for the realization of organizational goals and objectives and thereby achieving the organizational vision. It secures the important channels by selecting and developing the strong relationship with suppliers and distributors. Every entrepreneur needs to be an effective communicator. iv. Entrepreneurs may face difficulty in protecting the product uniqueness. Define strategic management. A key input to the budgeting process is last years statement of cash flows, which follows (amounts in thousands): Bosworth Wireless Statement of Cash Flows 2012, (Inthousands)CashFlowsfromOperatingActivitiesCollectionsfromcustomers$61,000Interestreceived400Purchasesofinventory(46,000)Operatingexpenses(13,200)Netcashprovidedbyoperatingactivities2,200CashFlowsfromInvestingActivitiesPurchasesofequipment(4,500)Purchasesofinvestments(800)Salesofinvestments900Netcashusedforinvestingactivities(4,400)CashFlowsfromFinancingActivitiesPaymentoflong-termdebt(200)Issuanceofstock1,400Paymentofcashdividends(500)Netcashprovidedbyfinancingactivities700CashIncrease(decrease)inCash(1,500)Cash,beginningofyear2,900Cash,endofyear$1,400\begin{matrix} A. a) economic profits earned by the firms already in the industry. Step 4: Managing and growing the entrepreneurial firm. b) Entry will increase the profits of existing coffeehouses by shifting the market demand curve for coffee to the right. Obligatory agreements between firms. Innovation. Some of the important subjective aspects of strategy formulation are culture, politics, leadership, and managerial bias. The inherent disadvantage foreign firms experience in host countries. Compromises between short-term transactions and long-term solutions. 1. B. But there was no denying that the first Apple tablet carried some initial risks for the company. 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. Emphasize competition. \text{Sales of investments } & \text{900}\\ Mr. Ashwin was asked to put this problem to his marketing department subordinates and ask them what should be done. Creating the resource bundle which is valuable, rare, and inimitable is the important element of generating new opportunity. Most of the entrepreneur finds easy to imitate the practice of successful business rather than going through the long and expensive process of systematic research. 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. And the limited Entrepreneurs are individuals who are willing to take on risk to create something new. Prepare the Bosworth Wireless cash budget for 2013. The next step is to create a vision, or a structure, that will serve as a guide or framework for the implementation of strategies. It is definitely a mobile company and it is making good progress to becoming an internet company as well, explained Olli PekkaKollasvuo, Chief Executive of Nokia. B. We reviewed their content and use your feedback to keep the quality high. (5), 3. v. It has the less competitive rivalry. 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) Quality c) Product planning d) All of the above Entrepreneurial orientation is a strategy-making practice or process engaged in by managers to recognize and generate venture opportunities. Strategic entrepreneurship is effective in the formation of business strategies involving simultaneous opportunity-seeking and advantage-seeking behaviors. Dimensions to profile both the concept of strategy and the strategy formation process In the planning phase you will need to create two things: strategy and operating plan. Here Are The 5 Critical Stages You Will Go Through As An Entrepreneur: 1). In particular entrepreneurial competencies include entrepreneurial traits, motives, self-image, attitude, behavior, skills, and knowledge (Boyatzis, 1982). For non-equity-based alliances, the importance of direct organizational monitoring and control is: At the time, this revolutionary agreement was unique to Apple and was due to the negotiating skills of Steve Jobs, the Apple Chief Executive, and his network of contacts in the industry. Q19. On the one hand, he recognized the wisdom of test marketing, but he disliked the costs and dangers involved. d) Enhancement of business. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. But other companies, notably the Korean company Samsung and the Taiwanese company, HTC, were to have more success later. Building the customer loyalty towards new product is another challenge. 1. Compromises between pure market transactions and mergers and acquisitions, 1: To cooperate or not to cooperate MeserveyJ. Strategic management is the process where managers establish an organization's long-term direction, set the specific performance objectives, develop strategies to achieve these objectives and undertake to execute the chosen action plans. Classes Suitable for Students of All Majors. Future Studies Research Journal. Example Of Open Boundary Ap Human Geography, Strong patent laws. IIBM DMS CASE STUDY SOLUTIONS PAPERS What specific entrepreneurial aspects include the strategy formation process. ii. A: HR may assist teams in being High-Performance and meeting high standards at work. The Entrepreneurial Process and Decision-Making In Business The qualities of successful entrepreneursinclude their work ethic, dedication and the ability to see things that others can't see.