Which distinctive competency must an entrepreneur identify when attempting to enter an established market?
A) The ability to identify new markets
B) The ability to identify niche markets
C) The ability to differentiate themselves from others in the market
D) The ability to gauge prices to get the highest return without driving away customers
E) The ability to move quickly to take advantage of new opportunities
Answer: B
Explanation: B) An established market is one in which many firms compete according to relatively well-defined criteria. Entrepreneurs must identify an area of specialty, or niche, to break into and succeed in an established market.
You might also like to view...
Which fraud is committed by an employee who doesn't record customer sales and pockets the payment?
a. Larceny b. Disbursement c. Skimming d. Illegal gratuities
In Wiersema's book, The New Market Leaders, he identifies six new market realities. Which of the following is included in the list?
A. information appreciates B. innovation is universal C. hard times make easy growth D. competitors fade away E. few secrets are open secrets
Which of the following is a lean initiative that is consistent with sustainability practices?
A. increase in use of raw materials B. reducing transportation requirements C. increased frequency of quality inspections D. employing more quality control personnel
Data Processing, Inc is a service firm that performs word processing functions for law firms, corporations and government agencies. Their facilities consist of 120 office units with a word processor in each unit. Their facilities were formerly a shoe
manufacturing plant, and all of the office units are located in one large room. Over the past 14 months, 7 of the 120 word processors have been diagnosed with breast cancer. In six of the seven cases diagnosed, there is no family history of breast cancer. Jane Quinn, the owner and CEO of data processing, has seen a cluster study that links employment as a word processor to a higher rate of breast cancer. Ms. Quinn does not disclose the study to her employees and takes no further action. Discuss the ethical issues.