Analysis of Opportunity - correct answer--Sizes up the market by describing the
demographics of the target market
-Describes and evaluates industry trends
-Identifies and evaluates competitors
Analysis of the Context - correct answer-Describes the broad external changes and trends
taking place in the economic, political-legal, technological, and global environments
Business Plan - correct answer-A written document that summarizes a business opportunity
and defines and articulates how the identified opportunity is to be seized and exploited
Capabilities - correct answer-An organization's skills and abilities in doing the work activities
needed in its business
Commitment Concept - correct answer-The idea that plans should extend far enough to
meet those commitments made when the plans were developed
Competitive Intelligence - correct answer-A type of environmental scanning that gives
managers accurate information about competitors
Core Competencies - correct answer-The major value-creating capabilities of an
organization
Corporate Strategy - correct answer-An organizational strategy that specifies what
businesses a company is in or wants to be in and what it wants to do with those businesses
The three main types of corporate strategies are growth, stability, and renewal
Cost Leadership Strategy - correct answer-Competing on the basis of having the lowest
costs in the industry
Critics have challenged some of the basic assumptions of planning - correct
answer--Planning may create rigidity
-Formal plans can't replace intuition and creativity
-Planning focuses managers' attention on today's competition, not on tomorrow's survival
-Formal planning reinforces success, which may lead to failure
Description of the Business - correct answer-Describes how the entrepreneurial venture is
going to be organized, launched, and managed
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