ENTREP MIDTERM EXAM

The entrepreneur’s mental picture of the result he wants to achieve in the future.

• A. Mission

• B. Vision

• C. Goals 

General guidelines that explain what you want to achieve in your business in the long run.

• A. Mission  

• B. Vision

• C. Goals 

Strategies or implementation steps to attain identified goals.

• A. Mission

• B. Goals

• C. Objectives

Used by an organization to explain its purpose of existence in simple and concise terms.

• A. Mission

• B. Goals

• C. Objectives

Defining characteristics that make a business stand out in the competition.

• A. Weaknesses

• B. Opportunities

• C. Core competencies

Negative internal factors that restrain the accomplishment of a company’s mission, goals, and objectives.

• A. Weaknesses

• B. Opportunities

• C. Core competencies

Aims to be the lowest-cost producer in its industry.

• A. Differentiation

• B. Focus Strategy

• C. Cost Leadership

Targets a specific niche market, tailoring its products or services to meet the needs of the group.

• A. Differentiation

• B. Focus Strategy

• C. Cost Leadership

Offers unique products or services that justify a premium price.

• A. Differentiation

• B. Focus Strategy

• C. Cost Leadership

An indicator to monitor the performance of the business.

• A. Balance Sheet 

• B. Balance scorecard

• C. Balancing