Entrepreneurship and Innovation
Mock Exam
Course Introduction
Entrepreneurship and Innovation explores the principles, strategies, and challenges involved in launching new ventures and driving innovation within existing organizations. This course examines the entrepreneurial mindset, opportunity recognition, business model development, and resource acquisition. Students will learn how to assess market needs, build effective teams, secure funding, and manage growth in dynamic environments. Through case studies, simulations, and practical projects, participants will develop the skills necessary to transform creative ideas into viable businesses and foster innovation in a variety of contexts.
Recommended Textbook
Essentials of Strategic Management 3rd Edition by Charles
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9 Chapters
712 Verified Questions
712 Flashcards
Source URL: https://quizplus.com/study-set/1334
Page 2
W. L. Hill
Chapter 1: The Strategy-Making Process
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80 Verified Questions
80 Flashcards
Source URL: https://quizplus.com/quiz/26630
Sample Questions
Q1) Managers compare and contrast the various alternative possible strategies against each other with respect to their ability to achieve a competitive advantage.
A)True
B)False
Answer: True
Q2) A mission statement has five main components.
A)True
B)False
Answer: False
Q3) A company is said to have a competitive advantage over its rivals when its profitability is greater than the average profitability for all firms in its industry.
A)True
B)False
Answer: True
Q4) The CEO is a company's principal general manager.
A)True
B)False
Answer: True
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Page 3
Chapter 2: The Mission, Governance, and Business Ethics
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83 Verified Questions
83 Flashcards
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Sample Questions
Q1) The most common examples of unethical behavior include all of the following except______________.
A) information manipulation
B) self-dealing
C) annual reports
D) anti-competitive behavior
E) the maintenance of substandard working conditions
Answer: C
Q2) Organizational culture is the set of values, norms, and standards that control how employees work to achieve an organization's mission and goals.
A)True
B)False
Answer: True
Q3) If a company fails to take stakeholder claims into account, stakeholders may withdraw their support.
A)True
B)False
Answer: True
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4
Chapter 3: External Analysis: the Identification of Opportunities and Threats
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80 Verified Questions
80 Flashcards
Source URL: https://quizplus.com/quiz/26632
Sample Questions
Q1) Exit barriers are the economic, strategic, and emotional factors that prevent companies from leaving an industry.
A)True
B)False
Answer: True
Q2) Due to a recent relaxation in pollution standards, Ford Motors is withdrawing its electric-powered cars from sales in the U.S. market. Ford is responding to a change in which of the following macroenvironmental forces?
A) Economic
B) Demographic
C) Strategic
D) Social
E) Political and legal
Answer: E
Q3) A fragmented industry consists of a small number of large companies, none of which is in a position to determine industry prices.
A)True
B)False
Answer: False
Page 5
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Chapter 4: Building Competitive Advantage
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80 Verified Questions
80 Flashcards
Source URL: https://quizplus.com/quiz/26633
Sample Questions
Q1) Employee productivity is usually measured by output per employee and capital productivity by output per unit of invested capital.
A)True
B)False
Q2) Product and process innovation are perhaps the most important building blocks of competitive advantage.
A)True
B)False
Q3) In the value chain, support activities are those involved in the physical creation of the product, its marketing and delivery to buyers, and its after-sales service.
A)True
B)False
Q4) Explain how tangible and intangible resources and capabilities can lead to distinctive competencies. Give specific examples.
Q5) Discuss the relationships between competitive advantage, distinctive competencies, resources, and capabilities.
Q6) Identify and discuss the four building blocks of competitive advantage.
Q7) Comment on this statement: "No competitive advantage lasts forever."
Page 6
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Chapter 5: Business-Level Strategy and Competitive Positioning
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78 Verified Questions
78 Flashcards
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Sample Questions
Q1) Which of the following refers to the process by which companies increase or decrease product prices to convey their competitive intention to other companies and so influence the way they price their products?
A) Cost cutting
B) Price signaling
C) Preemption
D) Non-price competition
E) Horizontal mergers
Q2) A Japanese automaker begins selling its compact cars in Southeast Asia. This firm is pursuing a strategy of
A) market penetration.
B) market signaling
C) product proliferation.
D) market development
E) product development.
Q3) Achieving a low-cost position may require the company to develop skills in flexible manufacturing and adopt efficient materials-management techniques.
A)True
B)False
Page 7
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Chapter 6: Strategy in the Global Environment
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74 Verified Questions
74 Flashcards
Source URL: https://quizplus.com/quiz/26635
Sample Questions
Q1) Pursuing an international strategy includes all of the following except
A) centralize product development at home.
B) establish manufacturing functions in each major country.
C) international licensing
D) establish marketing functions in each major country.
E) All of the above
Q2) Which of the following factors increases pressures for local responsiveness?
A) Differences in customer tastes and preferences
B) Persistent excess capacity
C) Low-cost competitors
D) Powerful buyers
E) High international trade barriers
Q3) All of the following are consistent for a company pursuing a transnational strategy except
A) achieve low costs.
B) differentiate the product offering across geographic markets.
C) increasing profitability.
D) foster a flow of skills.
E) focus on leveraging subsidiary skills.
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Chapter 7: Corporate-Level Strategy and Long-Run Profitability
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80 Verified Questions
80 Flashcards
Source URL: https://quizplus.com/quiz/26636
Sample Questions
Q1) Economies of scope arise when two or more of a diversified company's business units are able to share resources.
A)True
B)False
Q2) Managers who pursue _______________ have decided the best way to increase company profits is to purchase the resources and assets of industry competitors.
A) horizontal integration
B) vertical integration.
C) strategic alliances
D) franchising.
E) diversification.
Q3) Companies invest in specialized assets because these assets allow them to ______________ of value creation and/or to better differentiate their products from those of competitors.
A) increase the costs
B) keep the cost level
C) lower the costs
D) double the costs
E) none of the above
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Chapter 8: Strategic Change: Implementing Strategies to
Build and Develop a Company
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76 Verified Questions
76 Flashcards
Source URL: https://quizplus.com/quiz/26637
Sample Questions
Q1) Even if it lacks the competencies required to compete in a new business, a company may pursue an internal venturing strategy if the industry it is entering is a(n) ________________ industry.
A) mature
B) declining
C) stagnant
D) growing
E) emerging
Q2) The parties to an alliance may be actual or potential competitors.
A)True
B)False
Q3) Which of the following is not a safeguard against opportunism by alliance partners?
A) Designing the alliance to "wall off" sensitive technologies
B) Realizing the goals of the alliance
C) Partners swapping important proprietary skills and technology
D) Contractual arrangements that limit partner exploitation
E) Obtaining credible commitments
Q4) Describe what is meant by the terms "restructuring" and "reengineering," and discuss when and why they would be used.
Page 10
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Chapter 9: Implementing Strategy Through Organizational Design
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81 Verified Questions
81 Flashcards
Source URL: https://quizplus.com/quiz/26638
Sample Questions
Q1) The costs of operating a multi-divisional structure are high compared to the functional structure.
A)True
B)False
Q2) Strategic control systems
A) enable a company to evaluate whether it is successfully implementing its strategy.
B) help managers determine which generic strategy to pursue.
C) are used only at the business level.
D) allow firms to control the external environment.
E) are most effective for firms pursuing cost leadership.
Q3) Tall structures lead to information distortion when data are being sent either up or down the hierarchy.
A)True
B)False
Q4) Effective organizational design can simultaneously allow a company to obtain a competitive advantage and create value.
A)True
B)False
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