Entrepreneurship and Innovation Practice Exam
Course Introduction
This course explores the foundational principles and practices of entrepreneurship and innovation, focusing on how new ventures are conceived, developed, and launched in dynamic market environments. Students will examine the processes of identifying and evaluating opportunities, securing resources, developing innovative business models, and understanding the role of creativity in problem-solving. Through case studies, interactive projects, and real-world examples, learners will gain practical insights into entrepreneurial thinking, risk management, and strategies for fostering innovation within organizations, equipping them with the skills necessary to succeed as entrepreneurs or innovative leaders in various sectors.
Recommended Textbook
Strategic Management Creating Competitive Advantages 8th Edition by Gregory Dess
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12 Chapters
1723 Verified Questions
1723 Flashcards
Source URL: https://quizplus.com/study-set/2713 Page 2
Chapter 1: Strategic Management: Creating Competitive Advantages
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174 Verified Questions
174 Flashcards
Source URL: https://quizplus.com/quiz/54121
Sample Questions
Q1) A mission statement encompasses both the purpose of the organization as well as its basis of competition, and the basis of its competitive advantage.
A)True
B)False
Answer: True
Q2) The Higgs Index enables companies to compare environmental performance outcomes in order to improve their environmental impact and is an example of how rivals work together to resolve complex problems.
A)True
B)False
Answer: True
Q3) Strategies should be formulated that enhance foremost the ____________ capacity of a firm.
A)innovative
B)learning
C)implementation
D)business-level
Answer: A
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Analyzing the External Environment of the Firm:
Creating Competitive Advantages
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173 Verified Questions
173 Flashcards
Source URL: https://quizplus.com/quiz/54120
Sample Questions
Q1) Which of the following websites is not an example of one used routinely for corporate competitive intelligence gathering?
A)Slideshare
B)Quora
C)Duolingo
D)YouTube Answer: C
Q2) Referring to the textbook Exhibit 2.7 The World Automobile Industry: Strategic Groups, which strategic group is the largest in terms of breadth of product line?
A)Ferrari, Lamborghini, Porsche
B)Toyota, Ford, General Motors, Chrysler, Honda, Nissan
C)Chery, Geely, Tata Motors
D)Mercedes, BMW
Answer: B
Q3) The impact of a demographic trend varies across industries.
A)True
B)False Answer: True
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Chapter 3: Assessing the Internal Environment of the Firm
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174 Verified Questions
174 Flashcards
Source URL: https://quizplus.com/quiz/54119
Sample Questions
Q1) The balanced scorecard enables managers to evaluate their business from only two perspectives: customer and financial.
A)True
B)False
Answer: False
Q2) _____________ are typically embedded in unique routines and practices that have evolved and accumulated over time such as effective work teams.
A)Tangible resources
B)Intangible resources
C)Reputational resources
D)Organizational capabilities
Answer: B
Q3) The three key types of resources that are central to the resource-based view of the firm are
A)tangible resources, intangible resources, and organizational structure.
B)culture, tangible resources, intangible resources.
C)tangible resources, intangible resources, and organizational capabilities.
D)tangible resources, intangible resources, and top management.
Answer: C
To view all questions and flashcards with answers, click on the resource link above.
Page 5
Chapter 4: Recognizing a Firms Intellectual Assets: Moving
Beyond a Firms Tangible Resources
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173 Verified Questions
173 Flashcards
Source URL: https://quizplus.com/quiz/54118
Sample Questions
Q1) Another example of social relationships causing human capital mobility is the _______ of talent from an organization to form __________.
A)stability; bail-outs
B)emigration; bail-outs
C)relocation; new business units
D)emigration; start-up ventures
Q2) In firms where knowledge and the management of knowledge workers are relatively important contributors to developing products, and services and physical resources are less critical, the ratio of market-to-book value tends to be much lower.
A)True
B)False
Q3) The most effective method of improving retention of top talent at a firm is to intensify its hiring efforts.
A)True
B)False
Q4) Knowledge-based resources tend to be more explicit in nature.
A)True
B)False
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Chapter 5: Business-Level Strategy: Creating and Sustaining Competitive Advantages
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163 Verified Questions
163 Flashcards
Source URL: https://quizplus.com/quiz/54117
Sample Questions
Q1) Which of the following is not a potential pitfall of a focus strategy?
A)Erosion of cost advantages can arise within the narrow segment.
B)Product/service offerings that are highly focused are subject to competition from new entrants.
C)Focusers can become too focused to satisfy buyer needs.
D)All rivals share a common input or raw material.
Q2) By separating the value of the actual flight from the services associated with flying, airlines have greatly expanded the __________ associated with flying.
A)costs
B)services
C)profit pool
D)difficulties
Q3) A market that mainly competes on the basis of price and has stagnant growth is characteristic of what life cycle stage?
A)introduction
B)growth
C)maturity
D)decline
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Chapter 6: Corporate-Level Strategy: Creating Value Through Diversification
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114 Verified Questions
114 Flashcards
Source URL: https://quizplus.com/quiz/54116
Sample Questions
Q1) Corporate-level strategy focuses on
A)gaining long-term revenue.
B)gaining short-term profits.
C)decreasing business locations.
D)managing investment bankers and their interests.
Q2) All diversification moves, including those involving mergers and acquisitions, erode performance.
A)True
B)False
Q3) If a multinational firm fails to effectively integrate their acquisitions, this can result in A)cost savings.
B)divestiture.
C)expansion.
D)further acquisition.
Q4) At times, the only other people who may have benefited from a merger-acquisition were the shareholders of the acquired firms or the investment bankers advising the acquiring firm.
A)True
B)False
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Chapter 7: International Strategy: Creating Value in Global Markets
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140 Verified Questions
140 Flashcards
Source URL: https://quizplus.com/quiz/54115
Sample Questions
Q1) Multinational firms are constantly faced with the dilemma of choosing between _______ and __________.
A)local adaptation; local integration
B)local adaptation; global integration
C)global adaptation; local integration
D)global adaptation; global integration
Q2) According to the Euromoney magazine 2014 annual Country Risk Rating, which one of the following countries has the highest economic risk?
A)South Korea
B)China
C)Colombia
D)Argentina
Q3) International expansion can extend the life cycle of a product that is in its maturity stage in the company home country.
A)True
B)False
Q4) Typically, joint ventures involve less control and risk than franchising.
A)True
B)False
Page 9
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Chapter 8: Entrepreneurial Strategy and Competitive Dynamics
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115 Verified Questions
115 Flashcards
Source URL: https://quizplus.com/quiz/54114
Sample Questions
Q1) New entry into markets, whether by start-ups or by incumbent firms, rarely threatens existing competitors.
A)True
B)False
Q2) Competitors with similar offers find that a new entrant is threatening because
A)nearly all market need is already being met.
B)the new entrant might increase prices.
C)the new entrant offers the same product.
D)the new entrant is a pioneer.
Q3) According to the textbook, which of the following is NOT a common new entry strategy?
A)imitative new entry
B)adaptive new entry
C)pioneering new entry
D)proactive new entry
Q4) Market commonality is the extent to which rivals draw from the same types of resources.
A)True
B)False
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Chapter 9: Strategic Control and Corporate Governance
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116 Verified Questions
116 Flashcards
Source URL: https://quizplus.com/quiz/54113
Sample Questions
Q1) In emerging economies and continental Europe, firms often can be characterized by all of the following except
A)concentrated ownership.
B)low family ownership and control.
C)business group structures.
D)weak legal protection for minority shareholders.
Q2) Top managers at ABC Company meet every Friday to review daily operational reports and year to date data. This is an example of
A)behavioral control.
B)informational control.
C)strategy formulation.
D)strategy implementation.
Q3) Sales quotas, operating budgets, and production schedules are examples of traditional controls.
A)True
B)False
Q4) The business media is a significant external control mechanism.
A)True
B)False
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Chapter 10: Creating Effective Organizational Designs
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121 Verified Questions
121 Flashcards
Source URL: https://quizplus.com/quiz/54112
Sample Questions
Q1) 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.
Q2) The most appropriate type of organizational structure to select is dependent upon the product or service the company provides.
A)True
B)False
Q3) Which of the following is an advantage of a divisional type of organizational structure?
A)efficient use of managerial and technical talent
B)an enhanced ability to respond quickly to changes in the external environment
C)high degree of emphasis on long-term performance
D)uniformity in image and quality across divisions
Q4) Managing virtual structures requires new and difficult-to-acquire managerial skills.
A)True
B)False
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Chapter 11: Strategic Leadership: Creating a Learning
Organization and an Ethical Organization
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139 Verified Questions
139 Flashcards
Source URL: https://quizplus.com/quiz/54111
Sample Questions
Q1) Research suggests that not all leadership development programs are equally effective. Which of the following is not a common trait shared in all successful development programs?
A)The programs are designed to fit the company overall strategy.
B)The programs combine real-world experiences with classroom activities.
C)The programs identify organizational biases and ways to overcome them.
D)Managers and trainers only assess the impact of the training immediately upon completion.
Q2) Coercive power is the
A)power exercised by use of fear of punishment for errors of omission or commission by employees.
B)power of persuasion exercised by a charismatic leader to get compliance from reluctant subordinates.
C)type that arises from manager access, control, and distribution of information that is not freely available to everyone in an organization.
D)ability of the leader or manager to confer rewards for positive behaviors or outcomes.
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13
Chapter 12: Managing Innovation and Fostering Corporate Entrepreneurship
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121 Verified Questions
121 Flashcards
Source URL: https://quizplus.com/quiz/54110
Sample Questions
Q1) The costly Motorola global satellite telecom project known as Iridium provides a useful illustration of the _________. Even though problems with the project existed during the lengthy development process, Motorola refused to pull the plug. Only after investing 5 billion USD and years of effort was the project abandoned.
A)overdependence on the exit champion
B)lack of a product champion
C)overdependence on the product champion
D)lack of an exit champion
Q2) Business incubators are designed to support fledgling entrepreneurial ventures until they can operate as stand-alone businesses.
A)True
B)False
Q3) Radical innovations are evolutionary applications of novel ideas within existing paradigms.
A)True
B)False
Q4) Product champions are the employees who identify new product ideas or services. A)True
B)False
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