Entrepreneurship and Innovation
Final Test Solutions
Course Introduction
This course explores the fundamentals of entrepreneurship and the critical role of innovation in business creation and growth. Students will learn how to identify opportunities, develop viable business ideas, and craft effective business models. The curriculum covers essential topics such as market research, financing new ventures, managing risk, and the process of turning innovations into successful enterprises. Through case studies, practical assignments, and guest lectures by experienced entrepreneurs, participants will gain the knowledge and skills necessary to launch and manage innovative ventures in dynamic markets.
Recommended Textbook
Strategic Management and Business Policy Globalization Innovation and Sustainablility 14th Edition
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12 Chapters
1254 Verified Questions
1254 Flashcards
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Page 2
Chapter 1: Basic Concepts in Strategic Management
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106 Verified Questions
106 Flashcards
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Sample Questions
Q1) The organization's corporate mission statement
A) should have a different mission statement for each subsidiary division.
B) should be less formally stated to allow for growth.
C) should set the organization apart from its competitors.
D) should state what the organization would like to become.
E) should describe the organization's SWOT.
Answer: C
Q2) The theory that proposes organizations can and do adapt to changing conditions by imitating other successful organizations is known as
A) population ecology.
B) institution theory.
C) citizenship theory.
D) strategic theory.
E) sample theory.
Answer: B
Q3) A budget is a statement of a corporation's programs in terms of dollars. A)True
B)False
Answer: True
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Page 3
Chapter 2: Corporate Governance
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Sample Questions
Q1) Which of the following statements is true regarding the board of directors?
A) The board is charged by law to act with due care.
B) If a director or the board as a whole fails to act with due care and, as a result, the corporation is in some way harmed, the careless director or directors can be held personally liable for the harm done.
C) Director liability insurance is often needed to attract people to become members of boards.
D) Directors must be aware of the needs of various constituent groups to balance all their interests.
E) all of the above
Answer: E
Q2) All of the following are true of the dual chair/CEO position EXCEPT
A) it is being increasingly criticized because of the potential for conflict of interest.
B) it endangers the ability to properly oversee top management.
C) it is separated by law in Germany, the Netherlands, and Finland.
D) it is more popular in American corporations than firms in the United Kingdom.
E) firms with a dual chair/CEO role have significantly better stock performance.
Answer: E
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Page 4
Chapter 3: Ethics and Social Responsibility in Strategic Management
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97 Verified Questions
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Sample Questions
Q1) Carroll's four responsibilities listed in order of priority are
A) legal, economic, ethical, and discretionary.
B) legal, ethical, discretionary, and economic.
C) economic, legal, ethical, and discretionary.
D) economic, ethical, discretionary, and legal.
E) ethical, economic, legal, and discretionary.
Answer: C
Q2) The approach to ethical behavior which proposes that decision makers be equitable, fair, and impartial in the distribution of costs and benefits to individuals and groups is called
A) individual rights approach.
B) mercantilism approach.
C) utilitarian approach.
D) justice approach.
E) moral imperialism approach.
Answer: D
Q3) Ethical responsibilities are voluntary obligations a corporation assumes.
A)True
B)False
Answer: False
Page 5
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Chapter 4: Environmental Scanning and Industry Analysis
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116 Verified Questions
116 Flashcards
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Sample Questions
Q1) A.C.Nielsen is an example of an outside organization providing a firm with competitive intelligence.
A)True
B)False
Q2) A relationship that illustrates the term "complementor" is
A) Microsoft and Intel.
B) General Motors and Ford.
C) Hewlett Packard and Compaq.
D) Gateway and Dell.
E) America Online and CompuServe.
Q3) What are the two factors that tend to determine whether an industry will be primarily multidomestic or primarily global?
Q4) Multidomestic industries are specific to each country or group of countries.
A)True
B)False
Q5) The growing health consciousness is an example of a political-legal force.
A)True
B)False
Q6) Define competitive intelligence.
Q7) Describe the four strategic types of the Miles and Snow typology.
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Chapter 5: Internal Scanning and Organizational Analysis
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109 Verified Questions
109 Flashcards
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Sample Questions
Q1) ________ is more valuable because it can provide companies with a sustainable competitive advantage that is harder for competitors to imitate.
A) Tacit knowledge
B) Explicit knowledge
C) Imitable knowledge
D) Transferable knowledge
E) Durable knowledge
Q2) It is generally accepted that process R&D normally dominates the early stages of a product's life cycle, whereas product R&D becomes especially important in the later stages.
A)True
B)False
Q3) 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.
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Page 7
Chapter 6: Strategy Formulation: Situation Analysis and Business Strategy
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104 Verified Questions
104 Flashcards
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Sample Questions
Q1) The particular capabilities and resources a firm possesses and the superior way in which they are used is called
A) differentiating capabilities.
B) distinctive competencies.
C) situational proficiency.
D) core competencies.
E) distinctive characteristics.
Q2) In licensing arrangements
A) the licensee can gain technical expertise.
B) companies can be aided in entering new countries directly.
C) the licensee might become a competitor to the licensing firm.
D) companies should never license their distinctive competencies.
E) all of the above
Q3) Most entrepreneurial ventures follow
A) differentiation strategies.
B) focus strategies.
C) no strategies.
D) cost leadership strategies.
E) all of the above
Q4) What are Porter's four generic strategies?
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Chapter 7: Strategy Formulation: Corporate Strategy
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103 Verified Questions
103 Flashcards
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Sample Questions
Q1) An example of a company that did not blindly follow the prescriptions of a portfolio model was
A) Apple.
B) Nike.
C) General Mills.
D) Dell.
E) IBM.
Q2) Which strategy involves giving up management of the firm to the courts in return for some settlement of the corporation's obligations?
A) liquidation
B) bankruptcy
C) diversification
D) divestment
E) consolidation
Q3) Stability strategies can be very useful in the short run, but they can be dangerous if followed for too long.
A)True
B)False
Q4) What is portfolio analysis?
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Chapter 8: Strategy Formulation: Functional Strategy and Strategic Choice
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105 Verified Questions
105 Flashcards
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Sample Questions
Q1) Which of the following reflects the impact of industry backgrounds on strategic choices?
A) Executives from other industries tend to make riskier decisions.
B) Executives with strong ties within an industry tend to choose strategies commonly used in that industry.
C) Executives from other industries tend to downsize as a first choice.
D) Executives with strong ties within an industry tend to make riskier decisions.
E) Executives from other industries tend to emphasize ROI.
Q2) When Intel opened four small-scale research facilities adjacent to universities to promote the cross-pollination of ideas, they were using which approach to R&D?
A) open innovation
B) differentiation
C) technology scouts
D) continuous improvement
E) technological leadership
Q3) What are the strategies to avoid proposed by the authors?
Q4) What is a functional strategy?
Q5) Give an example of a technological leader.
Page 10
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Chapter 9: Strategy Implementation: Organizing for Action
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108 Verified Questions
108 Flashcards
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Sample Questions
Q1) When the return on investment for each division of a corporation is greater than what the return would be if each division were an independent business, that corporation is said to have achieved
A) synergy.
B) a leveraged buyout.
C) its hurdle rate.
D) the status of a true conglomerate.
E) Stage III.
Q2) Which structure is described as a "non-structure" by its virtual elimination of inhouse business functions?
A) strategic business units
B) functional structure
C) network structure
D) divisional structure
E) matrix structure
Q3) Standard operating procedures typically detail the various activities that must be carried out to complete a corporation's programs.
A)True
B)False
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Page 11
Chapter 10: Strategy Implementation: Staffing and Directing
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107 Verified Questions
107 Flashcards
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Sample Questions
Q1) What are Hofstede's dimensions of national culture?
Q2) Which of the following is NOT one of TQM's objectives?
A) greater flexibility in adjusting to customers' shifting requirements
B) lower cost through quality improvement and elimination of non-value-adding work
C) increased alignment of employee goals with management's objectives
D) quicker, less variable response in processes to customer needs
E) better, less variable quality of the product and service
Q3) Which of the following is NOT a guideline proposed for successful downsizing?
A) Contract out work that others can do cheaper.
B) Plan for long-run efficiencies.
C) Make across-the-board cuts.
D) Communicate the reasons for actions.
E) Invest in the remaining employees.
Q4) A dynamic industry expert is someone with an analytical mind who is highly knowledgeable in other industries and can manage diverse product lines.
A)True
B)False
Q5) List the guidelines proposed for successful downsizing.
Q6) What are the four general methods of managing two different cultures?
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Chapter 11: Evaluation and Control
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Sample Questions
Q1) Which one of the following is NOT a part of the evaluation and control of performance?
A) Establish corporate strategies.
B) Determine what to measure.
C) Establish standards for performance.
D) Measure actual performance.
E) Take corrective actions.
Q2) One of the key reasons for the success of Walmart has been management's use of the company's sophisticated information system to control purchasing decisions.
A)True
B)False
Q3) All of the following are examples of behavior controls EXCEPT
A) monitoring employees' phone calls.
B) monitoring employees' PCs.
C) monitoring employees' Internet usage.
D) using ISO 14000 Standards Series.
E) sales quotas.
Q4) Distinguish between behavior and output controls.Provide examples of each.
Q5) Discuss the benchmarking process.
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Chapter 12: Suggestions for Case Analysis
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Sample Questions
Q1) A typical financial analysis of a firm would include a study of the operating statements for five or so years.
A)True
B)False
Q2) The calculation of ratios from financial data is referred to as
A) SWOT analysis.
B) ratio analysis.
C) receivables analysis.
D) integration analysis.
E) diversification analysis.
Q3) Converting categories on financial statements from dollar terms to percentages results in
A) inflation-adjusted statements.
B) diverse rates of returns.
C) common-size statements.
D) constant dollar denominations.
E) equivalency comparison.
Q4) In performing a basic financial analysis, what five steps should be taken?
Q5) What are constant dollars and why are they important?
Q6) What ratios are recommended for financial ratio analysis?
Page 14
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