Entrepreneurship Exam Questions
Course Introduction
Entrepreneurship explores the process of identifying opportunities, developing innovative solutions, and launching new ventures. The course covers key concepts such as business model development, funding strategies, market analysis, and risk management. Students will learn how to evaluate ideas, create business plans, and navigate the challenges of starting and growing a business. Real-world case studies, interactive exercises, and practical assignments help build essential skills for aspiring entrepreneurs, including creativity, resilience, and leadership.
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Strategic Management Concepts and Cases 1st Edition by Jeffrey H. Dyer
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Chapter 1: What Is Business Strategy
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Q1) _____ can be best defined as the reason a firm wins with customers or the value proposition it offers to customers,such as a low cost advantage or differentiation advantage.
A) Switching costs
B) Unique value
C) Complementary products
D) SWOT analysis
Answer: B
Q2) Which of the following statements about risks is true?
A) Investing in a utility company that supplies power to customers, who have few alternative sources of power, can be very risky.
B) Investors take up risks every time when they are not sure if their investments will be a gain or a loss.
C) Investing in a stable firm is generally considered very risky even if it has a long history of profitability.
D) Investors face vey less risk when they put their money into start-up companies that try to launch products based on new technologies.
Answer: B
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Chapter 2: Analysis of the External Environment: Opportunities and Threats
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Q1) Royalz Inc.is an automobile company that requires a lot of raw material to manufacture its cars.Royalz Inc.buys these raw materials from other companies that sell car parts as products.From which of the following does Royalz Inc.source its inputs?
A) Producers
B) Customers
C) Suppliers
D) Employees
Answer: C
Q2) The airline industry is a profitable industry.The firms in this industry create barriers to entry through patents and regulations in order to reduce the threat of new entrants.It also minimizes the threat of substitutes while keeping rivalry to a minimum.The airline industry can be best categorized as a(n):
A) attractive industry.
B) unattractive industry.
C) fragmented industry.
D) concentrated industry.
Answer: A
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Chapter 3: Internal Analysis: Strengths, Weaknesses, and Competitive Advantage
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Q1) The procedures,processes,or routines for delivering value to customers,employees,suppliers,or investors most accurately define the term _____.
A) competitive parities
B) operating capabilities
C) dynamic capabilities
D) network externalities
Answer: B
Q2) Define capabilities and briefly describe the two types of capabilities. Answer: Capabilities are the procedures,processes,and routines firms employ in their activities.Capabilities represent how firms do things that is,the processes they use.Operating capabilities refer to procedures,processes,or routines for delivering value to customers,employees,suppliers,or investors.Competitive advantage relies on a strong set of operating capabilities.A firm's advantage becomes stronger if it develops dynamic capabilities.These are processes that are designed to continuously expand existing resources or to improve or modify operating capabilities.Dynamic capabilities are practiced and refined over time and through repetition.
Q3) What is an intangible resource?
Answer: It is an economically valuable asset that does not have a physical presence.
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Chapter 4: Cost Advantage
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Q1) Lavender Inc.,a computer manufacturing company,sells its products at costs that are lesser than its competitors as it wishes to gain profits in order to cover more of the competitive market.The company follows this method as it has high unit volumes.The scenario best illustrates the _____.
A) acquisition strategy
B) cost-management strategy
C) pricing strategy
D) investment strategy
Q2) What is true about a minimum efficient scale?
A) It shows the optimal quantity for a company to produce.
B) It can be most efficiently maintained in large industries by increasing the production.
C) It proves that the costs per unit decrease with increases in volume till they reach and then maintain the minimal level.
D) It can be achieved by large industries during economic downturns because they can easily spread their fixed costs when demand declines.
Q3) When do economies of scope come into existence?
Q4) Define the cost advantage strategy and its characteristics.
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Chapter 5: Differentiation Advantage
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Q1) Floyd Inc.,a manufacturer of washing machines,encourages customers to choose their brand through extensive marketing.Features of Floyd's products are compared with those of other brands,and customers are made to see the benefits they get from purchasing Floyd's products.Which step of the consumption chain does this scenario depict?
A) The eighth step: what do customers need help with when they use your product?
B) The ninth step: what if customers aren't satisfied and need a return or exchange?
C) The third step: how do consumers make their final selections?
D) The fourth step: how do customers order and purchase your product?
Q2) Kiara states that,as a customer,the pen she had recently purchased was a very convenient product.In terms of product differentiation,which of the following is Kiara most likely to denote?
A) The pen lasted longer than pens by other brands.
B) The pen came in different colors and shapes.
C) The pen was made with high-quality plastic.
D) The pen was easier to purchase than other products.
Q3) Network effect occurs when some products or services are more convenient to use because there is a _____ of other users.
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Chapter 6: Corporate Strategy
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Sample Questions
Q1) How does diversification help exploit existing customer-facing resources?
Q2) The movement into an adjacent,or unrelated,market that is not along a firm's own value chain defines the term _____.
A) horizontal diversification
B) vertical specialization
C) forward integration
D) backward integration
Q3) Which of the following statements is true of a dominant vertical business?
A) It earns less than 70 percent of its revenue from its main line of business.
B) It earns more than 95 percent of revenue from its main line of business.
C) It earns 30 percent of its revenue from business lines across different value chains.
D) It earns 30 percent of its revenue from businesses located along the value chain.
Q4) Movement into adjacent markets by a firm along its own value chain can be best termed _____.
A) vertical integration
B) horizontal specialization
C) horizontal diversification
D) unrelated diversification
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Chapter 7: Vertical Integration and Outsourcing
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Q1) Which of the following statements is a characteristic of subcontractors?
A) They are responsible for bringing in key functions to regulate a company.
B) They have to assign and coordinate various projects of a company.
C) They have 10 percent share in the profits accrued by a company.
D) They create made-to-order contributions for a company.
Q2) A production house called Script Creations Inc.initiated a strategy for making its next movie.It invited a mass of people to create short documentaries on a social theme.As per the terms and conditions,Script Creations would select top three short stories to create an overall complete movie.This initiation by Script Creations Inc.is an example of
A) crowdsourcing
B) insourcing
C) offshoring
D) benchmarking
Q3) A supplier that is contracted to create and provide a customized input to a local firm is called a(n)_____.
A) acquirer
B) coordinator
C) subcontractor
D) advocate
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Chapter 8: Strategic Alliances
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Q1) _____ occurs when one partner tries to exploit the alliance-specific investments made by another partner.
A) Hold-up
B) Misrepresentation
C) Bondage
D) Battery
Q2) Identify the firm that is using an arm's-length relationship to establish a strategic alliance.
A) Ochre Inc. manufactures all the components required for production within the firm.
B) Sapphire Inc. acquires the production facility of Brick Corp. to enter a foreign market.
C) Jade Corp. sends out a bid to suppliers for raw materials required for production.
D) Leo Corp. forms a twenty-year contract with a wholesaler to sell its goods.
Q3) With respect to categories of issues,_____ issues deal with how decisions will be made,how profits will be split,and how disputes will be resolved.
Q4) What are the different types of nonequity alliances?
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Chapter 9: International Strategy
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Sample Questions
Q1) Write a note on cultural distance.
Q2) The stages a product or service goes through during its lifespan refers to a(n)_____.
Q3) Jade Inc.,an automobile company,manages the costs of localization by mass producing standard core components such as the engine.However,it makes these components in such a way that they can be adapted to modified external components that are customized to specific local markets.This ensures a certain extent of economies of scale.Which of the following is exemplified in this case?
A) Focus adaptations
B) Externalize adaptations
C) Design adaptability
D) Market adaptability
Q4) A multinational footwear company believes in capitalizing on differences in the cost of stocks by acquiring the stocks where they are less expensive.In this scenario,which of the following arbitrage strategies is adopted by the company?
A) An economic arbitrage
B) A cultural arbitrage
C) An administrative arbitrage
D) A capital arbitrage
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Chapter 10: Innovative Strategies That Change the Nature of Competition
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Q1) Nathan,a designer at Zeal Inc.,comes up with a new idea.While Nathan considers turning it into a piece of art,Ricky,his colleague,suggests converting the idea into a product that generates revenue.Ricky's suggestion to convert the idea into a revenue-generating product refers to a(n)_____.
A) innovation
B) revolution
C) invention
D) variation
Q2) An organization launched a new product in the market.It offered a free trial of the basic model to gain widespread initial use,after which users were offered a nonfree premium version of the same product.Which of the following strategies is used by the company in this case?
A) A blue ocean strategy
B) A cross-sell strategy
C) A third-party pay strategy
D) A bundling strategy
Q3) Creating new demand in an uncontested market space is called the _____.
Q4) A(n)_____ describes the creation of a unique or novel concept,method or process that is often turned into a tangible outcome.
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Chapter 11: Competitive Strategy
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Q1) A researcher wants to study an organization that strives at achieving the best outcome and ensures that the outcome is stable.In this case,the organization has developed the concept of _____.
A) D'Aveni's hypercompetition
B) infinitely repeated game
C) strategic canvas
D) Nash equilibrium
Q2) A research firm creates a graph to represent how companies compete with each other.The X-axis represents the competitive offerings and Y-axis represents performance.Which of the following is does the graph represent?
A) A strategy canvas
B) A structural analysis
C) A strategic group map
D) A workflow analysis
Q3) Which of the following statements is true about strategic groups?
A) They identify allies in business groups.
B) The firms within each group are unlikely to target the same customer segment.
C) The firms within each group compete in similar ways.
D) They exclude rivals who share a similar business model.
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Chapter 12: Implementing Strategy
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Q1) In the context of the 7 S model of organizational alignment,the _____ category describes key processes that span a firm's organizational structure.
Q2) Which of the following statements is true of shared values?
A) It refers to the priorities and virtues that members of an organization see as important.
B) It represents the most important S in the 7 S model.
C) It helps create alignment between goals, skills, and environmental needs.
D) It includes recruitment, hiring, training, promotion, and compensation.
Q3) Clinton Corp.,a global fashion brand,has shifted its focus primarily to the elements of style,skills,staffing,and shared values.Owing to the nature of these elements,the organization realizes that it will take a long time to influence and change the work environment.In the context of the 7 S model of organizational alignment,which of the following best exemplifies Clinton's approach?
A) Scorecard
B) Hard triangle
C) Guiding coalition
D) Soft square
Q4) What are the three phases of changes?
Q5) Write a note on the principle of line of sight.
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Chapter 13: Corporate Governance and Ethics
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Q1) TinyToys Inc.is a company that manufactures toys.Which of the following would be its secondary stakeholder?
A) Other local toy manufacturers
B) Companies that supply its raw materials
C) People who purchase its toys
D) People who work for the company
Q2) Which of the following statements is true of the agency problem facing the modern public corporation?
A) It arises when a corporation hires a private agency to conduct audits of its business practices.
B) It arises when a government agency is assigned with the task of identifying corrupt practices by a corporation.
C) It arises as a consequence of the separation of ownership and control in the corporation.
D) It arises as a consequence of the managers of the corporation focusing on enhancing shareholder value.
Q3) Define ethical behavior.
Q4) Who is a stakeholder of a business organization?
Q5) Briefly describe agency problems.How can they destroy value in an organization?
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Chapter 14: Strategy and Society
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Questions
Q1) Linz Inc.,a global automobile manufacturing company,exports its automobiles to distributors in seven countries.The manufacturer incurs expenses of $1,000 per car as export duties and diligently pays its duties within the stipulated time frame.In this scenario,Linz is seen fulfilling its _____.
A) philanthropic responsibility
B) legal responsibility
C) shared responsibility
D) ethical responsibility
Q2) _____ refers to a social entrepreneur who creates something new through the combination of diverse and different elements.
Q3) Which of the following social responsibilities implies that a firm has an obligation to give back in some way and contribute to strengthening the fabric of its local communities,as well as the larger society?
A) Legal responsibility
B) Philanthropic responsibility
C) Ethical responsibility
D) Economic responsibility
Q4) Discuss the role of a social entrepreneur in the creation of shared value.
Q5) Discuss the four fundamental social responsibilities of a business.
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