1. Which of the following is an advantage to being a market follower?

a. Experience effects

b. Switching costs

c. Opportunity for skimming

d. Lower development costs

2. The starting point in the strategic market planning process is:

a. identification of opportunities.

b. definition of mission and goals.

c. identification of markets in which the firm will compete.

d. SWOT analysis.

3. ___________ is the foundation for innovation.

a. Propensity for risk

b. Experimentation

c. Creativity

d. Organizational architecture