Entrepreneurship and Innovation Review
Questions
Course Introduction
This course explores the fundamental principles and practices of entrepreneurship and innovation, guiding students through the process of identifying opportunities, developing creative solutions, and turning ideas into viable business ventures. Students will learn about the entrepreneurial mindset, business model development, market validation, funding sources, and growth strategies. The course also examines the role of innovation in driving organizational success and fostering competitive advantage in both startups and established enterprises. Through case studies, interactive workshops, and real-world projects, students will gain practical skills and knowledge to launch and sustain innovative entrepreneurial initiatives.
Recommended Textbook
Strategic Management Creating Competitive Advantages 9th Edition by Gregory G Dess Dr
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12 Chapters
1223 Verified Questions
1223 Flashcards
Source URL: https://quizplus.com/study-set/423
Page 2
Chapter 1: Strategic Management: Creating Competitive Advantages
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106 Verified Questions
106 Flashcards
Source URL: https://quizplus.com/quiz/7454
Sample Questions
Q1) Employee stakeholders are concerned with
A) taxes, warranties, and regulations.
B) wages, benefits, and job security.
C) good citizenship behavior.
D) dividends.
Answer: B
Q2) Stockholders as a stakeholder group are interested primarily in
A) payment of interest and repayment of principal.
B) value and warranties.
C) dividends and capital appreciation.
D) taxes and compliance with regulations.
Answer: C
Q3) Strategy formulation at the business level addresses best how to compete in a given business
A) to attain competitive advantage.
B) to reduce costs.
C) to decrease buyer power.
D) to thwart entry of new rivals.
Answer: A
Page 3
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Chapter 2: Analyzing the External Environment of the Firm:
Creating Competitive Advantages
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114 Verified Questions
114 Flashcards
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Sample Questions
Q1) Scenario planning is a useful technique for firms competing in industries characterized by ________ and ________.
A) predictability; stability
B) low profit margins; stability
C) unpredictability; change
D) high profit margins; stability
Answer: C
Q2) Scanning the general environment would identify information on
A) substitute goods.
B) customer and firm bargaining power.
C) the aging population and ethnic shifts.
D) competitive rivalry.
Answer: C
Q3) Which of the following is not an example of corporate competitive intelligence?
A) banks tracking home loans
B) airlines changing hundreds of fares daily in response to competitor tactics
C) consumers comparing product offers online
D) car manufacturers offering sales incentives based on rival offers
Answer: C
Page 4
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Chapter 3: Assessing the Internal Environment of the Firm
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109 Verified Questions
109 Flashcards
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Sample Questions
Q1) Facebook,Intuit,AB InBev,and others empower their recruiters to make offers on the spot when they interview college students,without knowing what specific position they will fill.These firms search for candidates with attributes such as being a self-starter and a problem-solver,and make quick offers to preempt the market.This is an example of which value chain support activity?
A) operations
B) technology development
C) human resource management
D) procurement
Answer: C
Q2) Human resources and reputation resources are examples of intangible resources. A)True
B)False
Answer: True
Q3) Which of the following is not an example of organizational capabilities?
A) outstanding customer service
B) reputation with customers for quality and reliability
C) innovativeness of products and services
D) ability to hire, motivate, and retain human capital
Answer: B
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Chapter 4: Recognizing a Firm's Intellectual Assets: Moving
Beyond a Firm's Tangible Resources
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112 Verified Questions
112 Flashcards
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Sample Questions
Q1) The management of intellectual property involves all of the following except A) copyrights and trademark.
B) contracts with confidentiality and non-compete clauses.
C) converting explicit knowledge to tacit knowledge. D) patents.
Q2) Why does employee turnover matter to a company? What are some of the reasons why employees leave and what might entice the desirable potential boomerang employee to return?
Q3) According to the resource-based view of the firm,competitive advantages are ________ for competitors to copy,if they are based on unique bundles of resources. A) easier B) faster C) harder
D) more reliable
Q4) One potential downside of building social capital in an organization is groupthink.This means everyone in the group thinks on his or her own and comes up with new ideas.
A)True
B)False
6
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Chapter 5: Business-level Strategy: Creating and Sustaining Competitive Advantages
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105 Verified Questions
105 Flashcards
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Sample Questions
Q1) Improving business processes by reengineering them,benchmarking specific activities against industry leaders,encouraging employee input to identify excess costs,increasing capacity utilization,and improving employee productivity lead to a significant overall gain.These are examples of which turnaround strategy used by successful companies?
A) asset and cost surgery
B) selective product and market pruning
C) piecemeal productivity improvements
D) global expansion
Q2) Outright sales or sale and leaseback free up considerable cash and improve returns.This is an example of which turnaround strategy used by successful companies?
A) asset and cost surgery
B) selective product and market pruning
C) piecemeal productivity improvements
D) global expansion
Q3) Few turnarounds require firms to analyze both the external and internal environments relevant to their firm.
A)True
B)False
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Chapter 6: Corporate-level Strategy: Creating Value Through Diversification
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) The potential advantages of strategic alliances and joint ventures include entering new markets as well as developing and diffusing new technologies.
A)True
B)False
Q2) In 2012,Microsoft admitted to a major ________ mistake when it wrote off essentially the entire 6.2 billion USD it paid for a digital advertising firm,aQuantive,that it purchased in 2007.
A) expansion
B) divestiture
C) acquisition
D) cost savings
Q3) Corporate-level strategy focuses on
A) gaining long-term revenue.
B) gaining short-term profits.
C) decreasing business locations.
D) managing investment bankers and their interests.
Q4) Many acquisitions ultimately result in divestiture.
A)True
B)False
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Chapter 7: International Strategy: Creating Value in Global Markets
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107 Verified Questions
107 Flashcards
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Sample Questions
Q1) Firms following a global strategy strive to offer ________ products and services as well as locate manufacturing,research and development,and marketing activities in a limited number of locations.
A) widely differentiated
B) more expensive local
C) internationally differentiated
D) standardized
Q2) Similarity of culture,laws,rules,and norms encourages A) regionalization.
B) globalization.
C) trans-nationalization.
D) ethnocentric expansion.
Q3) What are the four basic types of international strategies that a company may pursue? Explain how the selection of one of these strategies is largely dependent on the relative pressure on the firm to address cost reduction and adaptation to local markets.
Q4) What is a beachhead strategy and how does it contribute to a company's decision to internationalize?
Q5) Explain the role of factor endowments in the rise of the software industry in India.
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Chapter 8: Entrepreneurial Strategy and Competitive Dynamics
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94 Verified Questions
94 Flashcards
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Sample Questions
Q1) Choosing which new entry strategy is best depends on competitive financial and marketplace considerations.The greatest opportunities most likely will be in existing markets,rather than in new markets.
A)True
B)False
Q2) The business-to-business cleaning supply company,Ecolab,encouraged a leading competitor,Diversity,to adopt a strategy to go after low-volume,high-margin customers.What Ecolab knew that Diversity did not is that the high servicing costs involved with the segment makes it unprofitable.Ecolab bid high enough to lose the contracts to Diversity but low enough to ensure that Diversity lost money.According to the Stalk and Lachenauer book,this is an example of the strategy to A) plagiarize with pride.
B) deceive the competition.
C) raise competitor costs.
D) unleash massive and overwhelming force.
Q3) Discuss the phases of activity involved in the opportunity recognition process that lead to viable new venture opportunities.Explain how this is more than identifying ideas.
Q4) Explain what a pioneering new entry means and when it is appropriate to use it.
Page 10
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Chapter 9: Strategic Control and Corporate Governance
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91 Verified Questions
91 Flashcards
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Sample Questions
Q1) The power of shareholders has intensified in recent years because of the
A) decreasing influence of large institutional investors.
B) increasing influence of large institutional investors.
C) decline in the number of interested institutional investors.
D) increasing influence of small individual investors.
Q2) Expropriation of minority shareholders means that minority shareholders
A) must sell their shares upon demand.
B) cannot own shares in foreign firms.
C) do not receive dividends.
D) are adversely affected by the actions of controlling shareholders.
Q3) For businesses facing complex and turbulent business environments,which of the following is true?
A) Goals and objectives that are uncertain prevent opportunism.
B) Traditional strategic controls are usually inappropriate.
C) Complacency about predetermined milestones can prevent adaptability.
D) Detailed plans are needed to maintain order.
Q4) Informational controls involve the balance and alignment of the culture,rewards,and boundaries of a firm.
A)True
B)False
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Chapter 10: Creating Effective Organizational Designs
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86 Verified Questions
86 Flashcards
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Sample Questions
Q1) When an organization with a simple structure increases its sales revenue and volume of outputs,it is most likely to develop a ________ structure.
A) divisional
B) functional
C) product-market
D) geographic
Q2) The O'Reilly and Tushman study on ambidextrous organizational designs found that there was little support for the argument that organizational structure,management practices employed and performance of both the breakthrough initiative and the traditional business are related.
A)True
B)False
Q3) Ambidextrous organizational designs are useful for firms that wish to create modest,incremental innovations at the same time as dramatic,breakthrough innovation.This is done by maintaining adaptability and alignment of values and coordination across organizational activities.
A)True
B)False
Q4) Discuss the advantages and disadvantages of a simple organizational structure.
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Chapter 11: Strategic Leadership: Creating a Learning
Organization and an Ethical Organization
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104 Verified Questions
104 Flashcards
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Sample Questions
Q1) The tendency of many individuals to invest further in decisions providing positive performance feedback is referred to as escalation.
A)True
B)False
Q2) A strong ethical orientation can have ________ on employee commitment and motivation to excel.
A) mitigating results
B) a positive effect
C) a negative impact
D) an expensive outcome
Q3) Which component of emotional intelligence (EI)enables a manager to have a deep understanding of the existence and importance of cultural and ethnic differences?
A) self-awareness
B) empathy
C) social skills
D) self-regulation
Q4) What is the difference between individual ethics and organizational ethics?
Q5) What are the five key elements of a learning organization and why are they important?
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Chapter 12: Managing Innovation and Fostering Corporate Entrepreneurship
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93 Verified Questions
93 Flashcards
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Sample Questions
Q1) Only about 50 percent of corporate venturing efforts reach profitability within six years of their launch.
A)True
B)False
Q2) According to researchers from Drexel University and Rutgers University as presented in the Journal of Management,in industries that rely heavily on intellectual capital,such as technology,life sciences,or the arts,the loss of talented employees may have an unexpected benefit for the organization.While turnover of star scientists did disrupt innovation related to existing lines of research in the companies,it also increased the rate of innovation in previously unexplored areas.Companies adapt to the loss of talent by exploring products,brands,and methods they may not have otherwise considered.Which of the following statements is not a key takeaway from this research?
A) The loss of talented employees disrupts innovation related to established products.
B) The loss of talented employees allows fresh perspectives and ideas to emerge.
C) Companies adapt to star turnover by innovating in formerly unexplored areas.
D) Employee turnover broadly hurts an organization.
Q3) Define the five dimensions of an entrepreneurial orientation and why are they important?
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