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Entreprenuership#02 Assgnmnt

This document is an assignment response from a student in a Business Administration program. It addresses entrepreneurial strategies for generating and exploiting new entries. The student defines entrepreneurial strategy and new entries, which can include new products, existing products in new markets, or new organizations. The response discusses assessing opportunities, first mover advantages and disadvantages, overcoming customer uncertainty, extending lead time, market scope strategies, imitation strategies, and the liabilities and assets of newness.

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Abdul Rauf Qureshi
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22 views

Entreprenuership#02 Assgnmnt

This document is an assignment response from a student in a Business Administration program. It addresses entrepreneurial strategies for generating and exploiting new entries. The student defines entrepreneurial strategy and new entries, which can include new products, existing products in new markets, or new organizations. The response discusses assessing opportunities, first mover advantages and disadvantages, overcoming customer uncertainty, extending lead time, market scope strategies, imitation strategies, and the liabilities and assets of newness.

Uploaded by

Abdul Rauf Qureshi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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University of Sialkot

Department of Business Administration

Batch: BBA 6th Subject:  Entrepreneurship Assignment No.: 02

Instructor: Dr Wasim Akram Code: MGT-3007

Name: Abdul Rauf Qureshi Roll No. :18102001-015

Question # 1:
What are the eentrepreneurial strategies to generating and exploiting new entries?
Answer:
Entrepreneurial strategy: Set of decisions, actions, and reactions that generate, and exploit, a
new entry over time.
New Entry:
 New product in an established or new market
 Established product in a new market
 A new organization
Generation of a New Entry Opportunity resource:
 Inputs into the production process
 Source of competitive advantage
 Basic building blocks to a firm's functioning
 Can be combined in different ways
Provide capacity to achieve superior performance when they are:
 Valuable
 Rare
 Inimitable
Market knowledge: Information, technology, know-how, and skills that provide insight into a
market and its customers.
Technological knowledge: Provides insight into ways to create new knowledge.
Assessing the attractiveness of a new entry opportunity:
 Determining whether the entrepreneurs believe that they can make the proposed new
entry work level of the information (search and knowledge)
 window of opportunity; period of time when environment is favorable for them to
exploit a new level of entry
 willingness to make decision without perfect information
First Mover Advantages:
 Develop a cost advantage
 Face less competitive rivalry
 Can secure important channels
First mover disadvantages:
 Alternate technologies will emerge and leapfrog over current technologies
 Persistence and determination can inhibit the ability to adapt
 Difficulty in accurately assessing whether the new product or service provides value
Overcome customer uncertainty by:
 Informational advertising
 Highlighting product benefits over substitutes
 Creating a frame of reference for potential customers
Lead time: Grace period in which the first mover operates in the industry under conditions of
limited competition.
Lead time can be extended by:
 Building customer loyalties
 Building switching costs
 Securing access to important sources of supply and distribution
Market-scope strategies:
 Scope: Choice about which customer groups to serve and how to serve them
 Offers small product range to a small number of customers to satisfy a
particular need
 Focuses on:
 Producing customized products
 Localized business operations
 High level craftsmanship
 High-end of the market
 Opens the firm up to many different "fronts" of competition
Imitation strategies:
 Copying practices of other
 Help develop skills necessary to be successful in the industry
 Make the new entry look legitimate from day one
liabilities of newness:
 Negative implications arising from an organization's newness
 Arise from:
 Costs in learning new tasks
 Conflict arising from overlap or gaps in responsibilities
 Informal structures
Assets of Newness:
 Positive implications arising from an organization's newness
 Learning advantage
Reference:
https://quizlet.com/189848716/chapter-3-entrepreneurial-strategy-generating-and-
exploiting-new-entries-flash-cards/

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