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business? the four tests of strategy impon to apply tests before going

business? the four tests of strategy impon to apply tests before going

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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10. What are the four tests of strategy? Why is it important to apply the tests before going into business? 11. Return to the list of companies. Choose one and answer the following questions: a. What unique product/services are being offered? b. What VRIN resources does the company appear to have? c. What other companies (if any) have been instrumental in the company's success? d. How have these companies contributed? 12. Develop a strategy for your new venture. a. What entry wedges, major and minor, will you use? b. How will you attempt to collect and appropriate rents? c. What industry environment are you entering? How will this environment influence your strategy? d. Apply the four tests to your strategy. What questions do they raise? How would you answer these questions if they were posed by a banker or venture capitalist?
Transcribed Image Text:10. What are the four tests of strategy? Why is it important to apply the tests before going into business? 11. Return to the list of companies. Choose one and answer the following questions: a. What unique product/services are being offered? b. What VRIN resources does the company appear to have? c. What other companies (if any) have been instrumental in the company's success? d. How have these companies contributed? 12. Develop a strategy for your new venture. a. What entry wedges, major and minor, will you use? b. How will you attempt to collect and appropriate rents? c. What industry environment are you entering? How will this environment influence your strategy? d. Apply the four tests to your strategy. What questions do they raise? How would you answer these questions if they were posed by a banker or venture capitalist?
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