Entrepreneurship and Innovation
Exam Practice Tests
Course Introduction
This course explores the fundamentals of entrepreneurship and innovation, examining the processes by which new ideas are developed, evaluated, and brought to market. Students will learn how to identify opportunities, assess risks, and design business models that foster creativity and sustainable growth. Through case studies, project work, and interactive discussions, the course emphasizes the skills and mindset necessary to launch new ventures and drive innovation within existing organizations. Topics include opportunity recognition, resource acquisition, financing strategies, organizational culture, and the impact of entrepreneurship on society and the global economy.
Recommended Textbook Strategic Management Creating Competitive Advantages 7th Edition by Gregory Dess
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12 Chapters
1171 Verified Questions
1171 Flashcards
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Page 2
Chapter 1: Strategic Management: Creating Competitiveadvantages
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80 Verified Questions
80 Flashcards
Source URL: https://quizplus.com/quiz/57145
Sample Questions
Q1) In contrast to the vision of an organization,its mission should:
A) be shorter in length
B) encompass both the purpose of the company as well as the basis of competition
C) encompass all the major rules and regulations of the corporate work force
D) be less detailed.
Answer: B
Q2) All of the following are ambidextrous behaviors EXCEPT:
A) taking initiative and being alert to opportunities beyond the confines of one's own job
B) being cooperative and seeking opportunities to combine one's efforts with others
C) intensely focusing on the responsibilities of one individual and maximizing the output of the department in the organization in which that individual works
D) being brokers, always looking to build internal linkages
Answer: C
Q3) Strategic objectives are more specific than vision statements.
A)True
B)False
Answer: True
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Page 3
Chapter 2: Analyzing the External Environment Ofthe Firm:
Creating Competitive Advantages
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99 Verified Questions
99 Flashcards
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Sample Questions
Q1) _____________ tracks the evolution of environmental trends,sequences of events,or streams of activities.
A) Environmental scanning
B) Environmental monitoring
C) Environmental surveying
D) Competitive intelligence
Answer: B
Q2) The strategic groups in the worldwide automobile industry have been very stable and unchanging in recent years.
A)True
B)False
Answer: False
Q3) A soft trend is a projection based on measureable facts,events,or objects.It is something that will happen.
A)True
B)False
Answer: False
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Page 4
Chapter 3: Assessing the Internal Environmentof the Firm
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97 Verified Questions
97 Flashcards
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Sample Questions
Q1) Managers should focus their attention on interrelationships among value-chain activities within the firm,NOT on relationships among activities within the firm and other organizations (such as suppliers and customers).
A)True
B)False
Answer: False
Q2) __________ are the competencies or skills that a firm employs to transform inputs into outputs.
A) Tangible resources
B) Organizational capabilities
C) Reputational resources
D) Intangible resources
Answer: B
Q3) Frito-Lay uses crowdsourcing to make its Super Bowl ads.This is an example of a primary activity in the value chain.
A)True
B)False
Answer: True
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Chapter 4: Recognizing a Firms Intellectual Assets: Moving
Beyond a Firms Tangibleresources
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90 Verified Questions
90 Flashcards
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Sample Questions
Q1) Firms must compete for top talent.When attracting and selecting employees,firms must strive to select the best fit for both the employee and the firm.In an effort to reduce wasted time and effort in interviewing too many candidates while assuring a good candidate pool,a firm should ____.
A) run employment ads in the newspaper
B) only let lower level employees interview job candidates
C) use a pre-interview quiz
D) refrain from hiring by referrals from present employees
Q2) Creativity and problem solving ability are considered to be part of ____________.
A) physical capital
B) human capital
C) social capital
D) emotional capital
Q3) The workforce in the United States will become increasingly diverse over the next few decades.What strategies should firms undergo to take full advantage of this emerging trend?
Q4) Address some of the challenges associated with protecting intellectual property.
Q5) Address some of the potential limitations (or downsides)of social capital.
Page 6
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Chapter 5: Business-Level Strategy: Creating
Andsustaining Competitive Advantages
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) An important potential pitfall of an integrated overall cost leadership and differentiation strategy is that firms may fail to implement either one and become stuck-in-the-middle.
A)True
B)False
Q2) During the decline stage of the industry life cycle,__________ refers to obtaining as much profit as possible and requires that costs be decreased quickly.
A) maintaining
B) exiting
C) harvesting
D) consolidating
Q3) The software maker,Intuit,successfully implemented a turnaround strategy by discontinuing product lines and focusing all resources on a few core profitable areas.
A)True
B)False
Q4) Focus,by itself,often constitutes a competitive advantage. A)True
B)False
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Chapter 6: Corporate-Level Strategy: Creatingvalue Through Diversification
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) An antitakeover tactic in which existing shareholders have the option to buy additional shares of stock at a discount to the current market price is called ______.
A) greenmail
B) a golden parachute
C) a poison pill
D) scorched earth
Q2) Creating value within business units can happen when the corporate office helps subsidiaries make wise choices in their own acquisitions,divestures,and new ventures.This is known as ________.
A) restructuring
B) parenting
C) leveraging core competencies
D) increasing market power
Q3) Portfolio management matrices are applied to what level of strategy?
A) departmental level
B) business level
C) international level
D) corporate level
Q4) Briefly explain the advantages and disadvantages of vertical integration.
Page 8
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Chapter 7: International Strategy: Creating Valuein Global Markets
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101 Verified Questions
101 Flashcards
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Sample Questions
Q1) When the U.S.currency appreciates against other currencies,it becomes more expensive for American companies that have branch operations overseas,when they declare foreign profits in the United States.
A)True
B)False
Q2) Which of the following is not a risk normally associated with Bottom of the Pyramid strategies?
A) A low-end version of a brand may detract from the overall brand attractiveness.
B) The new low-cost products they develop may cannibalize the sales of their core products.
C) Entrenched competitors can impact the ability of the new firm to enter the market successfully.
D) New products may be perceived as exploiting the privileged customer with substandard products.
Q3) An advantage of international expansion is that it can enable a firm to optimize the location of every activity in its value chain.
A)True B)False
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Chapter 8: Entrepreneurial Strategy and Competitive Dynamics
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) A firm is considering a large price cut on its leading product as a way to gain market share.One executive strongly disagrees with the price cut.He observes that they are in the same marketplace as their rivals and do not have any competitive advantages in their cost structure.If they cut prices,their competitors will likely do the same.The end result is that everyone will make less money.These arguments are an example of
A) a strategy of forbearance
B) a strategy of co-opetition
C) a hardball strategy whereby competitive actions are not undertaken without a clear advantage
D) a weakness strategy that leads a company into constant decline
Q2) Cutting prices or increasing marketing efforts are examples of tactical competitive actions.
A)True
B)False
Q3) Entrepreneurial firms are often in a strong position to use combination strategies,because they have the flexibility to approach situations uniquely.
A)True
B)False
Page 10
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Chapter 9: Strategic Control and Corporategovernance
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) Informational controls involve the balance and alignment of the culture,rewards,and boundaries of a firm.
A)True
B)False
Q2) In trying to assure that managerial actions lead to shareholder value maximization,a risk can come about if the market value of a firm becomes less than its book value.The risk is _____________.
A) it becomes an attractive takeover target
B) the firm will be delisted by the stock exchange
C) the Securities and Exchange Commission will not allow it to declare dividends until the market value once again exceeds the book value
D) the firm will be unable to service its debt
Q3) Informational control is primarily concerned with whether or not the organization is doing the right things.
A)True
B)False
Q4) For a reward system to be effective,it must be perceived as fair and equitable.
A)True
B)False
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Chapter 10: Creating Effective Organizational Designs
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) The strategic business unit (SBU)and holding company structure are variants of the functional form of structure.
A)True
B)False
Q2) Describe the virtual organizational form.How and why are organizations choosing to implement this approach to organizing? Provide examples of organizations that have used a virtual organizational structure.
Q3) Which of the following is not a disadvantage of a divisional type of organizational structure?
A) It can be very expensive compared to a functional organizational structure.
B) There is a strong tendency for divisions to focus on short-term performance.
C) There can be dysfunctional competition among divisions.
D) There is separation of strategic and operating control.
Q4) Which of the following is not a boundaryless organizational design?
A) virtual
B) modular
C) matrix
D) barrier-free
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Chapter 11: Strategic Leadership: Creating a Learning
Organization and an Ethical Organization
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) Self-regulated people are unable to create an environment of trust and fairness,where political behavior and infighting are sharply reduced and productivity tends to be high.
A)True
B)False
Q2) A strategic vision provides many benefits.Which of the following is not one of those benefits:
A) a clear future direction
B) a framework for their organization mission and goals
C) enhanced employee communication and commitment
D) diminished employee participation
Q3) Discuss the potential benefits of using company policies and procedures to encourage ethical behavior.
Q4) Leaders play an important role in sustaining organization culture,but they are powerless to change it.
A)True
B)False
Q5) Briefly discuss the three interdependent activities that are critical for effective leadership.
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Chapter 12: Managing Innovation and Fosteringcorporate Entrepreneurship
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100 Verified Questions
100 Flashcards
Source URL: https://quizplus.com/quiz/57134
Sample Questions
Q1) According to the text,_____________,which support fledgling startups are often used to pursue specific entrepreneurial ventures developed by _____________.
A) collaboration partners; strategic partners
B) business incubators; new venture groups
C) product champions; corporate venture capitalists
D) lower-level managers; upper-level managers
Q2) What are some of the pitfalls of real options analysis (ROA)?
Q3) Which of the following do corporate business incubators typically not provide?
A) physical space
B) mentoring
C) funding
D) student interns
Q4) What are product champions and why are they important to corporate entrepreneurship?
Q5) Disruptive innovations are those that overturn markets by providing an altogether new approach to meeting customer needs.
A)True
B)False
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