Entrepreneurship Strategy Study Guide Questions
Course Introduction
Entrepreneurship Strategy is a course designed to equip students with the analytical tools and practical frameworks necessary to launch, manage, and grow innovative ventures in dynamic markets. The course explores the processes of identifying promising business opportunities, securing resources, and developing sustainable competitive advantages. Through case studies, experiential exercises, and strategic planning, students learn to navigate the challenges faced by entrepreneurs, including market entry, growth scaling, competitive differentiation, and the creation of value in rapidly changing environments. Emphasis is placed on both new start-ups and entrepreneurial initiatives within existing organizations, preparing students to shape and execute strategies for business success.
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Strategic Management Creating Competitive Advantages 9th Edition by Gregory G Dess Dr
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12 Chapters
1223 Verified Questions
1223 Flashcards
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Chapter 1: Strategic Management: Creating Competitive Advantages
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106 Verified Questions
106 Flashcards
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Sample Questions
Q1) In the interview with Admiral William H.McRaven,he suggests that several duties,responsibilities and organizational relationships are similar between his military career activity and his role as chancellor.He says that he is a servant leader.Which of the following lessons is not one from his military career?
A) Change cannot be made without understanding the organizational environment.
B) A leader must establish relationships early by reaching out to stakeholders within and external to the organization.
C) Communication and collaboration need to be reinforced by the organizational culture.
D) Actions must be moral, legal, ethical, and judgmental.
Answer: D
Q2) Members of boards of directors are
A) appointed by the Securities and Exchange Commission.
B) elected by the shareholders as their representatives.
C) elected by the public.
D) only allowed to serve one term of four years.
Answer: B
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Chapter 2: Analyzing the External Environment of the Firm:
Creating Competitive Advantages
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114 Flashcards
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Sample Questions
Q1) New communication technology can impact seemingly unrelated industries such as the airline industry.This would be an example of a
A) threat of entry.
B) backward integration.
C) threat of substitute products.
D) forward integration.
Answer: C
Q2) 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
Q3) Environmental monitoring deals with tracking changes in environmental trends that are often uncovered during the environmental scanning process.
A)True
B)False
Answer: True
Page 4
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Chapter 3: Assessing the Internal Environment of the Firm
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109 Flashcards
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Sample Questions
Q1) A resource is valuable and rare but neither difficult to imitate nor without substitutes.This should enable the firm to attain
A) no competitive advantage.
B) a temporary competitive advantage.
C) competitive parity.
D) a sustainable competitive advantage.
Answer: B
Q2) Intangible resources are typically embedded in ________ routines and practices that have evolved and accumulated over time.
A) common
B) standard
C) unique
D) obvious
Answer: C
Q3) In value-chain analysis,value is measured by the market value of the total stock outstanding of the company.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Recognizing a Firm's Intellectual Assets: Moving
Beyond a Firm's Tangible Resources
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Sample Questions
Q1) A hiring agent offers a scientist approximately the same salary,facilities,equipment,and shared laboratory with 10 highly skilled and enthusiastic scientists.Part of the job is to collaborate with these peers and jointly develop promising drug compounds.This structure will create greater firm loyalty than one in which the hiring agent offers only monetary compensation.
A)True
B)False
Q2) Intellectual property rights are the tangible property owned by a firm.
A)True
B)False
Q3) Tacit knowledge
A) is the same as explicit knowledge.
B) can be accessed only with the consent of the employees.
C) is found mostly at the lower levels of the organization.
D) can be codified but not reproduced.
Q4) The importance of human capital has decreased in recent years.For this reason,many firms have placed greater attention on attracting talent but not on developing or retaining it.
A)True B)False
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Chapter 5: Business-level Strategy: Creating and Sustaining Competitive Advantages
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105 Flashcards
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Sample Questions
Q1) Piecemeal productivity improvements during a turnaround typically do not involve A) business process reengineering.
B) increased capacity utilization.
C) benchmarking.
D) expansion of company product market scope.
Q2) Andersen Windows lowered costs,enhanced quality and variety,and improved its response time to customers by
A) creating a new paper-based catalog.
B) creating an interactive computer version of its paper catalogs.
C) creating an integrated computer system of catalogs, products, orders, and manufacturing.
D) creating a manufacturing system for ordering parts.
Q3) The growth stage of the industry life cycle is characterized by A) in-kind competition (from the same type of product).
B) premium pricing.
C) a growing trend to compete on the basis of price.
D) retaliation by competitors whose customers are stolen.
Q4) What are the pitfalls of the overall cost leadership strategy? Provide an example for each pitfall and explain why it is a pitfall.
Page 7
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Chapter 6: Corporate-level Strategy: Creating Value Through Diversification
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Sample Questions
Q1) A disadvantage of mergers and acquisitions is that they can enable a firm to rapidly enter new product markets.
A)True
B)False
Q2) An acquisition that results in ________ commonly indicates that expectations were not met.
A) expansion
B) divestiture
C) cost savings
D) increased sales
Q3) ________ diversification is when a firm enters a different business that has little horizontal interaction with other businesses of a firm.
A) Horizontal
B) Synergistic
C) Related
D) Unrelated
Q4) Explain potential benefits that can be gained from vertical (or hierarchical)relationships when corporations use unrelated diversification to increase value.
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Chapter 7: International Strategy: Creating Value in Global Markets
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Sample Questions
Q1) Which of the factors below has not made the software services industry in India extremely competitive on a global scale?
A) large pool of skilled workers
B) large, growing market and sophisticated customers
C) tax and antitrust legislation that protects the dominant players in the industry
D) large network of public and private educational institutions
Q2) In considering the transnational strategy,Nestle evaluates the limits of decentralization.The closer they are to the consumer in activities such as branding and pricing,the more they tend to decentralize.The more they deal with production and logistics,the more they centralize decision-making.The production and logistics decisions involve ________ activities.
A) upstream
B) in its infrastructure
C) downstream
D) midstream
Q3) 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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Sample Questions
Q1) Running Press created a line of palm-sized mini books that were sold as point-of-sale impulse items.The company grew rapidly,even though it had a small fraction of the sales in the publishing industry.They used a pure overall cost leadership strategy to capture market share.
A)True
B)False
Q2) When a company chooses to use guerrilla marketing,it is using a ________ competitive action.
A) strategic
B) tactical
C) focused advantage
D) differentiated
Q3) A small firm may be unable to mount a serious attack due to lack of resources.As a result,it is more likely to react to ________ actions,such as incentive pricing or enhanced service offerings,because they are less costly to attack than large-scale strategic actions.
A) forbearance
B) co-opetition
C) tactical
D) strategic
Page 10
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Chapter 9: Strategic Control and Corporate Governance
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Sample Questions
Q1) In choosing sides concerning CEO duality,two schools of thought exist.Which of the following would not be a consideration for the Unity of Command school of thought?
A) One person holding both roles will be able to act more efficiently and effectively.
B) CEO duality provides smoother strategic decision making.
C) CEO duality creates unit across the board of directors and managers of a company.
D) CEO duality slows down decision making.
Q2) Zappos and Amazon focus on customer service.What purpose does this serve in terms of attaining behavioral control?
A) It uses culture to sustain their primary source of competitive advantage.
B) It uses rewards and incentives to sustain corporate culture.
C) It demonstrates to employees the importance of articulating explicit goals and objectives.
D) It gives management more control over employees.
Q3) When would single-loop control systems be most appropriate?
Q4) Explain why control systems are necessary for strategy implementation.
Q5) What is agency theory and what problems is it concerned with resolving?
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Chapter 10: Creating Effective Organizational Designs
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Sample Questions
Q1) A worldwide product division structure is used when global strategies require that each division be responsible for overall efficiency and performance.
A)True
B)False
Q2) BRCK began in 2014 and from the start designed its products in a developing country while manufacturing in a developed country.Its corporate headquarters are in Nairobi,Kenya,at a technology center that houses a small group of entrepreneurs.By 2016,the company was selling in 50 countries.BRCK is an example of a A) multidomestic organization.
B) worldwide matrix organization.
C) worldwide product division structure.
D) global start-up organization.
Q3) The most appropriate type of organizational structure to select is dependent upon the product or service the company provides.
A)True
B)False
Q4) Explain why firms that achieve both adaptability and alignment are considered ambidextrous organizations.
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Chapter 11: Strategic Leadership: Creating a Learning
Organization and an Ethical Organization
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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) The central key to empowerment in a learning organization is A) trained employees. B) effective leadership.
C) sufficient financial resources.
D) rigid structure.
Q3) For a firm to become a highly ethical organization,it must have several key elements: role models; corporate credos and codes of conduct; reward and evaluation systems; and policies and procedures.Explain briefly each of these elements.
Q4) Setting a direction is the leadership activity that involves developing a strategic vision of what the organization could become.
A)True
B)False
Q5) Explain how the five barriers to change that leaders often encounter can prevent a leader from transforming an organization.
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Chapter 12: Managing Innovation and Fostering Corporate Entrepreneurship
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Sample Questions
Q1) Product champions
A) are typically senior executives.
B) are usually inventors of some sort.
C) scavenge for resources and encourage others to back promising new ideas.
D) are strong supporters of the status quo.
Q2) Corporate ventures that use real options logic in decision making tend to keep total investment low in order to minimize the downside risk of a project.
A)True
B)False
Q3) One of the following is not a type of risks that executives must address.Which is it?
A) business risk taking
B) financial risk taking
C) personal risk taking
D) product-market risk taking
Q4) Incremental innovations
A) are usually highly disruptive.
B) usually represent technological transitions.
C) are usually small improvements in products and processes.
D) nearly always can be patented.
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