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SBM - Chapter 3
SBM Chapter 3 vocab
| Question | Answer |
|---|---|
| Opportunity recognition | Identification of potential new products or services that may lead to promising businesses. |
| Entrepreneurial alertness | Readiness to act on existing, but previously unnoticed, business opportunities. |
| Startups | New business ventures created “from scratch.” |
| New market ideas | Startup ideas centered around providing customers with an existing product or service not available in their market |
| New technology ideas | Startup ideas involving new or relatively new technology, centered around providing customers with a new product or service |
| New technology ideas | Startup ideas centered around providing customers with new or improved products and services or better ways of performing old functions |
| Pivot | To refocus or recreate a startup if the initial concept turns out to be flawed. |
| Serendipity | A facility for making desirable discoveries by accident |
| General environment | The broad environment, encompassing factors that influence most businesses in a society |
| Industry environment | The environment that includes factors that directly impact a given firm and all of its competitors |
| Competitive environment | The environment that focuses on the strength, position, and likely moves and countermoves of competitors in an industry |
| Resources | The basic inputs that an entrepreneur can use to start and / or operate a business |
| Capabilities | A company’s routines and processes that coordinate the use of its productive assets in order to achieve desired outcomes |
| Tangible resources | Organizational resources that are visible and easy to measure. |
| Intangible resources | Organizational resources that are invisible and difficult to assess |
| SWOT analysis | An assessment that provides a concise overview of a firm’s strategic situation |
| Strategy | A plan of action that coordinates the resources and commitments of an organization to achieve superior performance |
| Cost-based strategy | A plan of action that requires a firm to hold down its costs so that it can compete by charging lower prices and still make a profit. |
| Differentiation-based strategy | A plan of action designed to provide a product or service with unique attributes that are valued by consumers |
| Focus strategies | A plan of action that isolates an enterprise from competitors and other market forces by targeting a restricted market segment. |
| Paradox of attraction | The self-contradictory idea that an attractive market opportunity is likely to draw multiple competitors, thereby diminishing its attractiveness |
| Feasibility analysis | A preliminary assessment of a business idea that gauges whether the venture envisioned is likely to succeed. |
| Fatal flaw | A circumstance or development that alone could render a new business unsuccessful |
| Outside-In Analysis | Entrepreneurs look for needs in the marketplae and then determine how to use their own capabilities to pursue those opportunities |
| Inside-Out Analysis | Entrepreneurs first evaluate their capabilties and then identify new products or services they might be able to offer the market |
Created by:
melinda_rangel
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