Question 9The first section of an external analysis is to:Research potential substitutesDevelop a competitive edge
1 pts
Identify potential customers
Determine in which industry the new business will compete
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Question 101 pts
The information from the North American Industry Classification System (NAICS) can be found from:
The government
The library
The Internet
All of the responses are correct
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Question 111 pts
Once a business is broadly defined, the next step is to:
Visit all competitors.
Define the fragment markets.
Define a narrow group of customers.
Define a larger group of customers.
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Question 121 pts
Mary has established her reasonable radius for her flower shop. As a result, she should be able to:
Examine potential customers.
Predict her price point.
Define orthodox practices.
Predict sale price.
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Question 131 pts
When small businesses compete with large firms, a main disadvantage is:
Analyzing unorthodox practices
Operating at a cost level
Non-flexibility
Reaching break even point quicker
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Question 141 pts
A competitive map is used for the following reasons:
It's less expensive
Insights will be developed regarding pricing
Can be updated easily
All of the responses are correct