Entrepreneurship and Innovation
Final Exam Questions
Course Introduction
Entrepreneurship and Innovation explores the fundamental principles and practices involved in launching new ventures and fostering innovative thinking within organizations. The course covers the identification and evaluation of business opportunities, development of viable business models, and the strategic use of resources to create competitive advantages. Students will learn about the processes of ideation, market research, feasibility analysis, financing, and managing growth. Emphasis is placed on creativity, problem-solving, leadership, and the ethical dimensions of entrepreneurship. Through case studies, group projects, and real-world applications, students gain practical skills necessary to navigate the dynamic environment of startups and innovation-driven enterprises.
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Page 2
Chapter 1: Basic Concepts in Strategic Management
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Q1) The T in SWOT stands for A) trust.
B) technical.
C) terminal.
D) threats.
E) task.
Answer: D
Q2) While the strategic audit is not an all-inclusive list, it presents many of the critical questions needed for a detailed strategic analysis of any business.
A)True
B)False
Answer: True
Q3) The time horizon involved with regard to basic financial planning is usually A) one year.
B) one quarter.
C) more than five years.
D) less than one month.
E) more than three years.
Answer: A
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Page 3
Chapter 2: Corporate Governance
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Q1) What percentage of public corporations have periodic board meetings devoted primarily to the review of overall strategy?
A) 24%
B) 34%
C) 44%
D) 64%
E) 74%
Answer: E
Q2) The term "corporate governance" refers to the relationship among the board of directors, top management, and the shareholders in determining the direction and performance of the corporation.
A)True
B)False
Answer: True
Q3) Usually, the strategic planning staff is charged with supporting only top management in the strategic planning process.
A)True
B)False
Answer: False
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Page 4
Chapter 3: Ethics and Social Responsibility in Strategic Management
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Q1) The statement, "When in Rome, do as the Romans do," reflects the essence of cultural relativism.
A)True
B)False
Answer: True
Q2) A problem with the individual rights approach to ethics is the difficulty in defining fundamental rights.
A)True
B)False
Answer: True
Q3) "When in Rome, do as the Romans do" reflects which type of moral relativism?
A) naive relativism
B) role relativism
C) principled relativism
D) cultural relativism
E) social group relativism
Answer: D
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Page 5
Chapter 4: Environmental Scanning and Industry Analysis
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Q1) According to Michael Porter, the weaker each of the competitive forces, the more limited companies are in their ability to raise prices and earn greater profits.
A)True
B)False
Q2) Which barrier to entry uses cost advantages associated with large size?
A) rivalry among existing firms
B) switching costs
C) cost disadvantages independent of size
D) capital requirements
E) economies of scale
Q3) The technique recommended by the text to organize an analysis of external strategic factors is called
A) IFAS.
B) EFAS.
C) SFAS.
D) SWOT.
E) the issues priority matrix.
Q4) Describe the four strategic types of the Miles and Snow typology.
Q5) Distinguish between a fragmented and consolidated industry.
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Chapter 5: Internal Scanning and Organizational Analysis
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Sample Questions
Q1) The second step in value chain analysis is to
A) identify the legal ramifications and responsibilities of their product or service.
B) examine the linkages among the product's or service's value chain.
C) confirm that all variables have been included and taken into consideration.
D) ensure that quality management is adequately addressed.
E) examine the potential synergies among the corporation's product or business units.
Q2) Discuss the two characteristics that determine the sustainability of a firm's distinctive competency.
Q3) Describe Barney's VRIO framework.
Q4) Human resource departments have found that to reduce employee dissatisfaction and unionization efforts, they must
A) significantly increase their wage rates.
B) shorten the work week to allow for more leisure time.
C) offer a wider variety of benefits and attractive enticements.
D) guarantee their workers lifetime jobs.
E) consider the quality of work life in the design of jobs.
Q5) What is corporate culture and what are the two distinct attributes of culture?
Q6) Discuss the three basic organizational structures.
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Chapter 6: Strategy Formulation: Situation Analysis and Business Strategy
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Q1) The technique that illustrates how management can match the external opportunities and threats with its strengths and weaknesses to yield four sets of strategic alternatives is called a(n)
A) IFAS Table.
B) EFAS Table.
C) SFAS Table.
D) TOWS Matrix.
E) Issues Priority Matrix.
Q2) According to Barney, under which condition would tacit collusion most likely be successful?
A) There is a large number of identifiable competitors.
B) Costs are not similar among firms.
C) One firm tends to act as the price leader.
D) Sales are characterized by a high frequency of large orders.
E) There are low barriers to entry in the industry.
Q3) If a mission does not provide a common thread for a corporation's businesses, managers might be unclear about where the company is heading.
A)True
B)False
8
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Chapter 7: Strategy Formulation: Corporate Strategy
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Q1) The purchase of the supplier Carroll's Foods for its hog-growing facilities by Smithfield Foods, the world's largest pork processor, is an example of
A) forward integration.
B) horizontal integration.
C) backward integration.
D) transferred integration.
E) mass integration.
Q2) Which of the following is NOT one of the limitations of portfolio analysis?
A) It contains value-laden terminology that can lead to self-fulfilling prophecies.
B) It is not difficult: Easy to define product/market segments.
C) It relies too heavily on objective judgments.
D) It suggests the use of standard strategies which may be impractical or may miss potential opportunities.
E) It provides an illusion of scientific rigor.
Q3) Concentric diversification is growth into unrelated businesses.
A)True
B)False
Q4) Discuss the two basic growth strategies.
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9
Chapter 8: Strategy Formulation: Functional Strategy and Strategic Choice
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Q1) The key to outsourcing is to purchase from outside only those activities that are not key to the company's distinctive competencies.
A)True
B)False
Q2) Using a market development strategy, a company can capture a larger share of an existing market for current products or develop new markets for current products.
A)True
B)False
Q3) According to Porter, to achieve a differentiation competitive strategy by following the functional strategy of technological leadership, a business unit should
A) pioneer the lowest-cost product design.
B) innovate in other activities to increase buyer value.
C) avoid R&D costs through imitation.
D) create low-cost ways of performing value activities.
E) be the first firm down the learning curve.
Q4) Discuss W.Edward Deming's position on sole sourcing.
Q5) What is a corporate scenario? What are the three steps in their construction?
Page 10
Q6) What are the strategies to avoid proposed by the authors?
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Chapter 9: Strategy Implementation: Organizing for Action
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Q1) An organization which is composed of cells that can operate alone but that can interact with other cells to produce a more potent and competent business mechanism is referred to as a(n)
A) reengineered organization.
B) virtual organization.
C) modular organization.
D) network organization.
E) ongoing organization.
Q2) According to Goold and Campbell, which of the following is NOT one of the forms that synergy can take?
A) shared know-how
B) coordinated strategies
C) value chain creation
D) pooled negotiating power
E) economies of scale or scope
Q3) After programs have been developed, the budget process begins.
A)True
B)False
Q4) What is synergy? According to Goold and Campbell, what are the six forms it can take?
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Chapter 10: Strategy Implementation: Staffing and Directing
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Sample Questions
Q1) One of the big common mistakes by corporations sending executives on global assignments is NOT
A) raising their salaries.
B) educating executives about customs and values in other countries.
C) providing training for the regulatory environment.
D) providing excellent health care.
E) giving executives the opportunity to visit home.
Q2) According to the American Society of Training and Development, the average annual expenditure per employee on corporate training and development is
A) $0.
B) $362.
C) $748.
D) $1,182.
E) $2,361.
Q3) Training and development can be especially important for organizations implementing an overall low cost or differentiation strategy, but not for those in retrenchment.
A)True
B)False
Page 12
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Chapter 11: Evaluation and Control
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Q1) The end result of activity is known as
A) measurement.
B) gratuity.
C) performance.
D) return on equity.
E) achievement.
Q2) Benchmarking involves openly learning how others do something better than one's own company so that one not only can imitate, but perhaps even improve on their current techniques.
A)True
B)False
Q3) Activity-based costing is a method of accounting which is very useful in making outsourcing decisions by doing
A) total quality management.
B) value-chain analysis.
C) reengineering.
D) MBO.
E) benchmarking.
Q4) What is the balanced scorecard? What are the four areas to be addressed?
Q5) Discuss the benchmarking process.
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Chapter 12: Suggestions for Case Analysis
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Q1) Which financial indicator measures the number of one day's worth of inventory that a company has on hand at any given time?
A) days of cash
B) days of inventory
C) average collection period
D) fixed asset turnover
E) inventory turnover
Q2) Which financial indicator shows the current market's evaluation of a stock, based on its earnings?
A) debt to asset ratio
B) price/earnings ratio
C) coverage of fixed charges
D) debt to equity ratio
E) times interest earned
Q3) List Schilit's short checklist of items to examine for red flags.
Q4) What ratios are recommended for financial ratio analysis?
Q5) What are constant dollars and why are they important?
Q6) A Z-value below 10 indicates significant credit problems.
A)True
B)False
Page 14
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