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SME Questions with Complete Correct Answers | Grade A $12.79   Add to cart

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SME Questions with Complete Correct Answers | Grade A

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Micro enterprises Ans: < 10 employees < 2 million in turnover < 2 million in assets Small enterprises Ans: < 50 employees < 10 mln in revenues < 10 mln in assets Medium enterprises Ans: < 250 employees < 50 mln in revenues < 42 mln in total assets Focused or n...

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  • July 7, 2024
  • 18
  • 2023/2024
  • Exam (elaborations)
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SME Questions with Complete
Correct Answers | Grade A+

Micro enterprises

Ans: < 10 employees

< 2 million in turnover

< 2 million in assets




Small enterprises

Ans: < 50 employees

< 10 mln in revenues

< 10 mln in assets




Medium enterprises

Ans: < 250 employees

< 50 mln in revenues

< 42 mln in total assets




Focused or niche strategies

Ans: The conventional strategies for SMEs

,1) They guide innovative processes - they make the economy grow

2) They create wealth and jobs

3) They establish a "cultural atmosphere" geared towards change, innovation and the

construction of the common good.

Ans: Three reasons why entrepreneurs represent an irreplaceable resource for economic

development:




1) central role of the entrepreneur

2) family ownership

3) occasional development of resources and capabilities

4) predominance of informal planning and emerging strategies

5) firm's positioning in a limited competitive scope

Ans: Elements that characterise SMEs:




Fragmented industry

Ans: Numerous competitors, none of which has a significant market share: no firm can

significantly influence the behaviour of other players or overall industry performance.




Gini Index

, Ans: An indicator of equality/inequality of income distribution among firms in the industry.

Two variables are used: industry concentration and market share of the first n firms.




Concentrated industry

Ans: Where the first four firms hold a combined market share of 40% or more.




Economic factors limiting industry concentration

Ans: - Absence of economies of scale

- High incidence of transport costs

- Erratic fluctuations in sales

- No size advantage in contractual relations with customer/supplier

- Diseconomies of scale in certain key activities

- A high degree of product customization

- Economic and/or managerial barriers to exit

- Local legislation that imposes conformity to certain standards

- A government ban on concentration




Key advantages of small firms

Ans: - Flat organisational structures

- Flexible organisational structures

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