MGMT 3277 Exam 2 |
Entrepreneurship Study
Guide with Practice
Questions, Answers, and
Rationales | Graded A+ |
Guaranteed Success
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive Rationales
Included
, Industry group of firms producing a similar product or service.
Industry Analysis Business research focuses on potential of an industry
Firm-Level Factors a firm's assets, products, culture, teamwork among its employees, reputation, and
other resources
Environmental trends economic trends, social trends, technological advances, and political and regulatory
changes
Business Trends Other trends that impact an industry.
Five Forces Model A framework that determine the profit potential of an industry and shape a firm's
competitive strategy.
Threat of Substitutes price consumers willing to pay for product depends on availability of substitute
products.
Threat of new entrants a measure of the degree to which barriers to entry make it easy or difficult for new
companies to get started in an industry
Barrier to entry anything that keeps new firms from entering an industry in which firms are earning
economic profits
Economies of scale cost disadvantage for firms to enter into an industry
Product differentiation spending heavily on advertisement due to other strong brands
Capital requirements Investing large amounts of money to gain entrance to an industry
Gov. and legal barrier require the granting of a license by a public authority to compete.
First mover advantage Occurs when an organization can significantly impact its market share by being first
to market with a competitive advantage
Rivalry Among Existing Firms Level of competition among existing firms.
Entrepreneurship Study
Guide with Practice
Questions, Answers, and
Rationales | Graded A+ |
Guaranteed Success
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive Rationales
Included
, Industry group of firms producing a similar product or service.
Industry Analysis Business research focuses on potential of an industry
Firm-Level Factors a firm's assets, products, culture, teamwork among its employees, reputation, and
other resources
Environmental trends economic trends, social trends, technological advances, and political and regulatory
changes
Business Trends Other trends that impact an industry.
Five Forces Model A framework that determine the profit potential of an industry and shape a firm's
competitive strategy.
Threat of Substitutes price consumers willing to pay for product depends on availability of substitute
products.
Threat of new entrants a measure of the degree to which barriers to entry make it easy or difficult for new
companies to get started in an industry
Barrier to entry anything that keeps new firms from entering an industry in which firms are earning
economic profits
Economies of scale cost disadvantage for firms to enter into an industry
Product differentiation spending heavily on advertisement due to other strong brands
Capital requirements Investing large amounts of money to gain entrance to an industry
Gov. and legal barrier require the granting of a license by a public authority to compete.
First mover advantage Occurs when an organization can significantly impact its market share by being first
to market with a competitive advantage
Rivalry Among Existing Firms Level of competition among existing firms.
