Small Business Chapter 3 Key Terms

Front

Define the term 'Capabilities'.

Back

The ability to perform actions or tasks

Front

The term 'Competitive environment' is defined as:

Back

A market structure where many firms compete against each other.

Front

Core competencies are defined as:

Back

The unique strengths and abilities that a company develops and possesses, which provide a competitive advantage.

Front

Define the term 'Cost-based strategy'.

Back

A strategy focused on minimizing costs to offer lower prices than competitors.

Front

Entrepreneurial alertness is defined as:

Back

The ability to notice and be sensitive to new business opportunities.

Front

Define the term 'Fatal flaw'.

Back

A critical weakness

Front

Feasibility analysis is defined as:

Back

A process of assessing the practicality of a proposed plan or method.

Front

What are focus strategies?

Back

A plan of action that isolates an enterprise from competitors and other market forces by targeting a restricted market segment.

Front

What is the general environment?

Back

The broad environment, encompassing factors that influence most businesses in a society.

Front

What is an intangible resource?

Back

An organizational resource that is invisible and difficult to assess.