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ba 260 midterm
| Question | Answer |
|---|---|
| new entry | offering a new product to an established or new market, offering an established product to a new market, or creating a new organization |
| entrepreneurial strategy | the set of decisions, actions and reactions that first generate and then exploit over time, a new entry |
| resources | the inputs into the production process |
| entrepreneurial resource | the ability to obtain, and then recombine, resources into a bundle that is valuable, rare, and inimitable |
| market knowledge | possession of information, technology, know-how, and skills that provide insight into a market and its customers |
| technological knowledge | possession of information, technology, know-how, and skills that provide insight into ways to create new knowledge |
| window of opportunity | the period of time when the environment is favorable for entrepreneurs to exploit a particular new entry |
| error of commission | negative outcome from acting |
| error of omission | negative outcome from not acting |
| assessment of a new entry's attractiveness | determining whether the entrepreneur believes she or he can make the proposed new entry work |
| key success factors | the requirements that any firm must meet to successfully compete in a particular industry |
| emerging industries | industries that have been newly formed and are growing |
| demand uncertainty | considerable difficulty in accurately estimating the potential size of the market, how fast it will grow, and the key dimensions along which it will grow |
| technological uncertainty | considerable difficulty is accurately assessing whether the technology will perform and whether alternate technologies will emerge and leapfrog over current technologies |
| uncertainty for customers | customers may have considerable difficulty in accurately assessing whether the new product or service provides value for them |
| lead time | the grace period in which the first mover operates in the industry under conditions of limited competition |
| switching costs | the costs that must be borne by customers if they are to stop purchasing from the current supplier and begin purchasing from another |
| risk | the probability and magnitude of downside loss |
| scope | a choice about which customer groups to serve and how to serve them |
| imitation strategies | copying the practices of other firms |
| "me-too" strategy | copying products that already exist and attempting to build an advantage through minor variations |
| liabilities of newness | negative implications arising from an organization's newness |
| assets of newness | positive implications arising from an organization's newness |
| focus groups | groups of individuals providing |
| brainstorming | a group method for obtaining new ideas and solutions |
| problem inventory analysis | a method for obtaining new ideas and solutions by focusing on problems |
| creative problem solving | a method for obtaining new ideas focusing on the negative |
| gordon method | method for developing new ideas when the individuals are unaware of the problem |
| checklist method | developing a new idea through a list of related issues |
| free association | developing a new idea through a chain of word associations |
| forced relationships | developing a new idea by looking at product combination |
| collective notebook method | developing a new idea by group members regularly recording ideas |
| attribute listing | developing a new idea by looking at the positives and negatives |
| big-dream approach | developing a new idea by thinking without constraints |
| parameter analysis | developing a new idea by focusing on parameter identification and creative synthesis |
| product life cycle | the stages each product goes through from introduction to decline |
| product planning and development process | the stages in developing a new product |
| idea stage | first stage in product development process |
| concept stage | second stage in product development process |
| product development stage | third stage in product development process |
| test marketing stage | final stage before commercialization in product development |
| international entrepreneurship | an entrepreneur doing business across his or her national boundary |
| current account | the trade status of imports/exports between countries |
| barter | a method of payment using nonmoney items |
| third-party arrangements | paying for goods indirectly through another source |
| political risk analysis | prior to entering into business in another country, an assessment of that country's political policies and its stability |
| exporting | the sale and shipping of products manufactured in one country to a customer located in another country |
| indirect exporting | in international business, involves having a foreign purchaser in the local market or using an export management firm |
| direct exporting | involves the use of independent distributors or the company's own overseas sales office in conducting international business |
| nonequity arrangement | a method by which an entrepreneur can enter a market and obtain sales and profits without direct equity investment in the foreign market |
| licensing | involves giving a foreign manufacturer the right to use a patent, technology, production process, or product in return for the payment of a royalty |
| turn-key projects | a method of doing international business whereby a foreign entrepreneur supplies the manufacturing technology or infrastructure for a business and then turns it over to local owners |
| management contract | a nonequity method of international business in which an entrepreneur contracts his or her management techniques and skills to a (foreign) purchasing company |
| minority interest | a form of direct foreign investment in which the investing entrepreneur holds a minority ownership position in the foreign venture |
| joint venture | the joining of two firms in order to form a third company in which the equity is shared |
| majority interest | the purchase of over 50 percent of the equity in a foreign business |
| horizontal merger | a type of merger combining two firms that produce one or more of the same or closely related products in the same geographic area |
| vertical merger | a type of merger combining two or more firms in successive stages of production |
| product extension merger | a type of merger in which acquiring and acquired companies have related production and/or distribution activities but do not have products that compete directly with each other |
| market extension merger | a type of merger combining two firms that produce the same products but sell them in different geographic markets |
| diversified activity merger | a conglomerate merger involving the consolidation of two essentially unrelated firms |
| trade barriers | hindrances to doing international business |
| intellectual property | any patents, trademarks, copyrights, or trade secrets held by the entrepreneur |
| patent | grants holder protection from others making, using, or selling a similar idea |
| provisional patent application | the initial application to the U.S. parent and trademark office providing evidence of first to market |
| trademark | a distinguishing word, name, or symbol used to identify a product |
| copyright | right given to prevent others from printing, copying, or publishing any original |
| trade secret | protection against others revealing or disclosing information that could be damaging to business |
| licensing | contractual agreement giving rights to others to use intellectual property in return for a royalty or fee |
| product safety and liability | responsibility of a company to meet any legal specifications regarding a new product covered by the consumer product safety act |
| contract | a legally binding agreement between two parties |
| corporate entrepreneurship | entrepreneurial action within an established organization |
| top management commitment | managers in an organization strongly supporting corporate entrepreneurship |
| entrepreneurial action | behavior in response to judgmental decision under uncertainty about a possible opportunity for profit |
| entrepreneurship | an individual who takes initiative to bundle resources in innovative ways and is willing to bear risk and/or uncertainty to act |
| rewards of being entrepreneur | independence, personal satisfaction, monetary |
| entrepreneurial process | the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks and uncertainties and receiving the resulting rewards of monetary and personal satisfaction |
| entrepreneurial process in steps | identify opportunity, develop business plan, determine required resources,management of resulting enterprise |
| causal process | a process that starts with a desired outcome and focuses on the means to generate outcome (look at all options and come up with how to reach the ending result or outcome) |
| effectuation process | a process that starts with what one has (who they are, what they know, and whom they know) and selects among possible outcomes ...trial and error have multiple possible goals or outcomes |
| philip kotler marketing management | (list of 11) |
| metacognitive awareness | the ability of analyzing how you think and process specific situations; not afraid to change frame of mind |
| opportunity identification | the process by which an entrepreneur comes up with the opportunity for a new venture |
| window of opportunity | the time frame available for creating the new venture |
| cognitive adaptability | describes extent to which entrepreneurs are dynamic, flexible, self-regulating and engaged in the process of generating multiple decision frameworks focused on sensing and processing changes in their environments and then acting on them |
| entrepreneurial mind-set | involves the ability to rapidly sense, act and mobilize, even under uncertain conditions |
| comprehension questions | questions designed to increase entrepreneur's understanding of the nature of the environment |
| connection tasks | tasks designed to stimulate entrepreneurs to think about the current situation in terms of similarities to and differences from situations previously faced and solved |
| strategic tasks | stimulates thoughts about which strategies are appropriate for solving problems (and why) or pursuing the opportunity (and how) figure out what the challenge is and try different options |
| reflection tasks | tasks designed to stimulate entrepreneurs to think about their understanding and feelings as they progress through the entrepreneurial process |
| entrepreneurs are able to increase cognitive adaptability have improved ability to... | 1. adapt to new situations, 2. be creative, 3. communicate one's reasoning behind a particular response |
| entrepreneur's motivation comes from.. | loyalty to product, loyalty to market and customers, personal growth, the need to prove oneself |
| loss-orientation | an approach to negative emotions that involves working through and processing some aspect of the loss experience and as a result of this process, breaking emotional bond's to be object lost |
| restoration-orientation | an approach to negative emotions based on both avoidance and a pro activeness toward secondary sources of stress arising from a major loss |
| dual process for coping with negative emotions |
Created by:
mystudystacks