Management of Innovation and Change Test Bank
Course Introduction
Management of Innovation and Change explores the theories, strategies, and practical tools necessary for leading organizational innovation and effectively managing change. The course examines how organizations foster creative thinking, develop new products and processes, and respond to evolving markets and technologies. Students will analyze real-world cases, learning how to overcome resistance to change, create innovative cultures, and implement transformation successfully. Emphasis is placed on leadership skills, stakeholder engagement, and the integration of innovation within overall business strategy, preparing students to be proactive change agents in dynamic environments.
Recommended Textbook
Entrepreneurship Successfully Launching New Ventures 5th Edition by Bruce R. Barringer
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15 Chapters
1124 Verified Questions
1124 Flashcards
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Chapter 1: Introduction to Entrepreneurship
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4778
Sample Questions
Q1) Entrepreneurs are motivated primarily by money.
A)True
B)False
Answer: False
Q2) According to the opening feature on Pure Fix Cycles, one of the biggest challenges the startup now faces is an increasingly competitive marketplace.
A)True
B)False
Answer: True
Q3) The four main characteristics of successful entrepreneurs are: passion for the business, execution intelligence, product/customer focus, and tenacity despite failure.
A)True
B)False
Answer: True
Q4) Entrepreneurs are usually moderate, rather than high, risk-takers.
A)True
B)False
Answer: True
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Page 3
Chapter 2: Recognizing Opportunities and Generating Ideas
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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) GasBuddy and GasPriceWatch.com are companies started to help consumers save money on gas. Which environmental trend is most likely to have provided the impetus for the creation of these companies?
A) Regulatory changes
B) Political changes
C) Economic forces
D) Technological advances
E) Social forces
Answer: C
Q2) Alex has a number of casual acquaintances that he interacts with infrequently. The relationships that Alex has with these people are referred to as ________ relationships.
A) strong-tie
B) moderate-tie
C) lateral-tie
D) weak-tie
E) multiple-tie
Answer: D
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Page 4
Chapter 3: Feasibility Analysis
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4780
Sample Questions
Q1) Talking to industry experts, obtaining feedback from prospective customers, and administering surveys are examples of ________ research.
A) primary
B) secondary
C) derivative
D) principal
E) fundamental
Answer: A
Q2) Organizational feasibility analysis is conducted to determine whether a proposed business venture has sufficient management expertise, organizational competence, and resources to successfully launch its business.
A)True
B)False
Answer: True
Q3) The mechanics for filling out a First Screen worksheet are complicated.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Developing an Effective Business Model
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4781
Sample Questions
Q1) Southwest Airlines is an example of a ________ disruptive business model.
A) low-end
B) new-market
C) high-quality
D) new-product
E) new-channel
Q2) The Financials section of the Barringer/Ireland Business Model Template consists of three boxes. The boxes are titled ________.
A) economics of the business, startup-costs, and break-even
B) revenue streams, cost structure, and financing/funding
C) profit margins, revenue streams, and break-even
D) startup-costs, operating leverage, and financing/funding
E) fixed vs variables costs, financing/funding, and break-even
Q3) What is a business model? Why is it important? Provide an example to illustrate your answer.
Q4) Describe the Barringer/Ireland Business Model Template and discuss its purpose.
Q5) A company's product/market scope defines the products and markets on which it will concentrate.
A)True
B)False
Page 6
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Chapter 5: Industry and Competitor Analysis
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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) If a startup pioneers an industry or a new concept within an industry, the name recognition the startup establishes may create a formidable nontraditional barrier to entry referred to as a(n) ________.
A) unique business model
B) aggressive supremacy
C) competitive superiority
D) first-mover advantage
E) aggressive tactical advantage
Q2) The Savvy Entrepreneurial Firm feature in Chapter 5 focuses on three firms that are doing well in crowded industries as ________.
A) they have effectively differentiated themselves from their competitors and have captured a first-mover advantage
B) they have passionate leaders and run savvy promotional campaigns
C) they have captured a first-mover advantage and have unique business models
D) they create meaningful value for customers at a fair price and have differentiated themselves from their competitors
E) they are low-cost leaders and run savvy promotional campaigns
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Chapter 6: Writing a Business Plan
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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) A tagline is a phrase that a business uses to reinforce its position in the marketplace.
A)True
B)False
Q2) What section of the business plan deals with the day-to-day operations of a company?
A) Financial plan
B) Marketing plan
C) Operations plan
D) Industry analysis
E) Executive summary
Q3) Melanie Summer spoke to an investor who is interested in her business idea. Melanie offered to send the investor a copy of her full business plan, but the investor asked for a short overview of the business plan instead. What portion of her business plan should Melanie send the investor?
A) Marketing plan
B) Executive summary
C) Elevator pitch
D) Company description
E) Operations plan
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Page 8
Chapter 7: Preparing the Proper Ethical and Legal Foundation
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75 Flashcards
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Sample Questions
Q1) If the owners of a corporation don't file their annual paperwork, neglect to pay their annual fees, or commit fraud, a court could ignore the fact that a corporation has been established and the owners could be held personally liable for the actions of the corporation. This chain of events is referred to as ________.
A) vacating the corporate status
B) yielding the corporate privilege
C) surrendering the corporate shield
D) piercing the corporate veil
E) capitulating the corporate doctrine
Q2) The simplest and most common form of business entity is the ________.
A) sole proprietorship
B) general partnership
C) C Corporation
D) limited liability company
E) subchapter S corporation
Q3) Mediation is the process in which an impartial third party helps those involved in a dispute reach an agreement.
A)True
B)False
Page 9
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Chapter 8: Assessing a New Venture's Financial Strength and Viability
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4785
Sample Questions
Q1) The pro forma balance sheet provides a firm a sense of how its activities will affect its ability to meet its short-term liabilities and how its finances will evolve over time.
A)True
B)False
Q2) Which of the following was not identified as one of the four main financial objectives of a firm?
A) Stability
B) Efficiency
C) Timeliness
D) Liquidity
E) Profitability
Q3) ________ financial statements reflect past performance and are usually prepared on a quarterly and annual basis.
A) Chronological
B) Ad-hoc
C) Historical
D) Concurrent
E) Pro forma
Q4) What is ratio analysis? Why is it important?
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Chapter 9: Building a New-Venture Team
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74 Verified Questions
74 Flashcards
Source URL: https://quizplus.com/quiz/4786
Sample Questions
Q1) Which of the following statements is not true regarding the attributes of the founder(s) of a firm?
A) Evidence suggests that important entrepreneurial skills are enhanced through higher education.
B) Founders with prior entrepreneurial experience are more likely to avoid costly mistakes.
C) Founders with experience in the same industry as their new ventures will typically have "blinders" on and are typically not as effective as founders new to the industry.
D) Founders with broad social and professional networks have an advantage.
E) New ventures that are started by a team rather than an individual have an advantage.
Q2) Founding teams that have worked together before, as opposed to teams that are working together for the first time, have an edge.
A)True
B)False
Q3) Describe the term "liability of newness" and suggest several ways that a new venture can overcome this handicap.
Q4) What is SCORE? What is its role in helping a firm fill out its new venture team?
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Page 11
Chapter 10: Getting Financing or Funding
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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) The most notable SBA program available to small businesses is the ________.
A) SBA 1060 Guaranty
B) Code 604 Guaranty Program
C) 7(A) Guaranty Program
D) SBA 101 Program
E) Small Business 401 Program
Q2) The Savvy Entrepreneurial Firm feature in Chapter 10 focuses on the manner in which biotech firms and large drug companies work together to bring pharmaceutical products to market. According to feature, the most compelling partnerships are those that help entrepreneurial firms focus on what they do best, which is typically ________, and that allow them to tap their partners' complementary strengths and resources.
A) innovation
B) marketing
C) project management
D) fundraising
E) product distribution
Q3) What is a business angel? Describe the prototypical business angel. How much money do business angels typically invest in a single company?
Q4) What is an elevator speech? How did it get its name?
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Chapter 11: Unique Marketing Issues
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4788
Sample Questions
Q1) A brand is the set of attributes-positive or negative-that people associate with a company.
A)True
B)False
Q2) Which of the following statements is untrue regarding a firm's sales process?
A) A formal sales process helps a firm fine tune its approach to sales and build uniformity into the process.
B) Following a formal or structured process to generate and close sales benefits a firm.
C) A "sales process" is equally valuable whether a firm is selling directly to customers or through intermediaries.
D) A firm's sales process depicts the steps it goes through to identify its target market.
E) A formal sales process involves a number of identifiable steps.
Q3) Markets can be segmented in a number of ways, including by geography, demographic variables, psychographic variables, behavioral variables, and product type.
A)True
B)False
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13
Chapter 12: The Importance of Intellectual Property
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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) Patent ________ takes place when one party engages in the unauthorized use of another party's patent.
A) breach
B) encroachment
C) violation
D) infraction
E) infringement
Q2) An intellectual property audit is conducted to determine the intellectual property a company owns.
A)True
B)False
Q3) Trademark law falls under the Lanham Act, which passed in 1946.
A)True
B)False
Q4) What is a copyright? What is protected by a copyright?
Q5) Certification marks are similar to ordinary trademarks, but they are used to identify the services or intangible activities of a business rather than a business's physical product.
A)True
B)False
Page 14
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Chapter 13: Preparing for and Evaluating the Challenges of Growth
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75 Flashcards
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Sample Questions
Q1) Trevor Kimble owns a firm that sells products to the publishing industry. Trevor is currently evaluating a set of opportunities that he feels his firm is capable of pursuing. According to the textbook, Trevor is evaluating his firm's ________.
A) prolific potential
B) dynamic opportunity options
C) productive opportunity set
D) passionate opportunity set
E) creative field of potential
Q2) Which of the following was not identified in the textbook as one of the day-to-day challenges involved with growing a firm?
A) Cash flow management
B) Channel conflict
C) Capital constraints
D) Quality control
E) Price stability
Q3) According to Penrose, entrepreneurial services generate new market, product, and service ideas.
A)True
B)False
Page 15
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Chapter 14: Strategies for Firm Growth
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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) Shelby Collins owns a firm that designs and sells women's clothing. She is currently trying to grow her firm by developing new product lines. Shelby is pursuing a(n) ________ growth strategy.
A) in-house
B) center
C) domestic
D) external
E) internal
Q2) External growth strategies rely on establishing relationships with third parties, such as mergers, acquisitions, strategic alliances, joint ventures, licensing, and franchising.
A)True
B)False
Q3) Which mechanism for firm growth involves the creation and sale of new products or services?
A) Strategic alliances
B) New product development
C) Licensing
D) Franchising
E) Joint ventures
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Page 16
Chapter 15: Franchising
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4792
Sample Questions
Q1) Jim Pierce just purchased the rights to develop multiple School of Rock franchises in Germany. Jim just purchased a(n) ________ franchise arrangement.
A) concurrent
B) indirect
C) lateral
D) direct
E) subordinate
Q2) General Motors operates a ________ franchise system.
A) product format and trademark
B) product extension
C) product and trademark
D) business format
E) business format and trademark
Q3) The Franchise Disclosure Document contains ________ categories of information.
A) 8
B) 14
C) 23
D) 35
E) 44
Q4) List and explain three of the common misconceptions about franchising.
Page 17
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