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Exam 3: Generating and Exploiting New Entries

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Question 41

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Building customers' switching costs decreases barriers to entry for other firms. 

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Question 42

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The longer the entrepreneur takes to research a new entry,the less accurate customer demand estimates are. 

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Question 43

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The long-run performance of a firm is dependent upon the ability to generate and exploit numerous new entries. 

By being first to market a product,the venture: 

Customers always embrace change in products and services. 

If there is a poor fit between its resources and the external environment,then the firm will not enjoy superior performance. 

Adaptations necessary to meet changes in market demand are difficult because an organization resists change. 

The knowledge needed to generate innovation cannot be easily learned from a textbook. 

Newness of a new entry is always an advantage. 

A narrow scope strategy is better than a broad scope strategy in an environment high in uncertainty. 

The decision to exploit or not to exploit a new entry opportunity depends on whether the entrepreneur has sufficient information,and on whether the window of opportunity is still open.

The basic building blocks to a firm,or the inputs into the production process,are: 

The ability to obtain,and then recombine,resources into a bundle represents an important entrepreneurial resource.Knowledge is the basis of this entrepreneurial resource.Briefly explain knowledge in general as well as market and technological knowledge. 

The period of time when the environment is favorable for entrepreneurs to exploit a particular new entry is called the window of opportunity. 

An error of omission occurs from the decision not to act of a new entry opportunity when in hindsight they should have. 

A broad-scope market strategy: 

Frequent flier miles would be an example of which barrier to entry  

Later movers do not face: 

The period of time when the environment is favorable for entrepreneurs to exploit a particular new entry is the: 

To overcome customer uncertainty,the venture should educate customer through demonstration and documentation on how to use the product.