Entrepreneurship and Innovation
Solved Exam Questions
Course Introduction
This course provides students with a comprehensive understanding of entrepreneurship and the innovation process within modern organizations and startups. Topics include idea generation, opportunity evaluation, business model development, resource acquisition, and the challenges of launching and scaling new ventures. Students will analyze real-world case studies, explore the traits and mindset of successful entrepreneurs, and learn practical tools to foster creativity and manage risk. By the end of the course, students will be equipped to develop innovative business concepts and strategies for dynamic and competitive markets.
Recommended Textbook
Strategic Management and Business Policy 13th Edition by Thomas L. Wheelen
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12 Chapters
1260 Verified Questions
1260 Flashcards
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Page 2
Chapter 1: Basic Concepts in Strategic Management
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109 Verified Questions
109 Flashcards
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Sample Questions
Q1) A goal differs from an objective because it
A)is open-ended.
B)is quantified.
C)specifies measurable results.
D)is clearly specified.
E)provides a time horizon.
Answer: A
Q2) According to organizational learning theory, an organization uses knowledge to improve the fit between itself and its environment.
A)True
B)False
Answer: True
Q3) A strategy maximizes competitive advantage and minimizes competitive disadvantage.
A)True
B)False
Answer: True
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Page 3
Chapter 2: Corporate Governance
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97 Verified Questions
97 Flashcards
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Sample Questions
Q1) While 97% of large U.S.corporations now use nominating committees to identify potential directors, this practice is not as common in Europe.
A)True
B)False
Answer: True
Q2) In turbulent environments, the best type of planning is
A)top-down strategic planning.
B)bottom-up strategic planning.
C)horizontal strategic planning
D)concurrent strategic planning.
E)composite strategic planning.
Answer: A
Q3) The combined chair/CEO position is being increasingly criticized because of the potential for conflict of interest.
A)True
B)False
Answer: True
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Chapter 3: Ethics and Social Responsibility in Strategic Management
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97 Verified Questions
97 Flashcards
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Sample Questions
Q1) "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
Q2) Primary stakeholders have a direct connection with the corporation and have sufficient bargaining to directly affect corporate activities.
A)True
B)False
Answer: True
Q3) According to Carroll, legal responsibilities are defined by governments in laws that management is expected to obey.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Environmental Scanning and Industry Analysis
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116 Verified Questions
116 Flashcards
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Sample Questions
Q1) Statistical modeling is a quantitative forecasting technique that attempts to discover causal or at least explanatory factors that link two or more time series together.
A)True
B)False
Q2) The corporation's task environment
A)encompasses the physical working areas of the organization.
B)includes those elements or groups within an organization's industry.
C)is an advisory committee to top-management.
D)is an accounting of the many jobs within an organization.
E)is the job requirement specification listing necessary skills and abilities.
Q3) The need to invest huge financial resources in manufacturing facilities in order to produce large commercial airplanes creates a significant barrier to entry to any competitor for Boeing and Airbus.
A)True
B)False
Q4) A corporation uses environmental scanning to avoid strategic surprise.
A)True
B)False
Q5) Describe Porter's approach to industry analysis.
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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) Distinguish between continuous and intermittent systems providing examples of each.
Q2) The marketing mix refers to the particular combination of key variables under the corporation's control that can be used to affect demand and to gain competitive advantage.
A)True
B)False
Q3) Define a value chain and the significance of the center of gravity.
Q4) Historically, competitive leadership in a market changes hands as one technology nears the end of its S-curve.
A)True
B)False
Q5) What is R & D intensity?
Q6) A company's center of gravity is usually the point at which the company started. A)True
B)False
Q7) An example of an intermittent manufacturing system is an auto body repair shop. A)True
B)False
Q8) Discuss the three basic organizational structures.
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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) According to Porter, the term that applies to the breadth of a company's or business unit's target market is called
A)competitive scope.
B)differentiation.
C)concentration.
D)diversification.
E)lower cost.
Q2) When AMD went after Intel's microprocessor business by developing low priced chips to go after the customers Intel didn't mind losing, it was using a frontal attack.
A)True
B)False
Q3) Business strategy focuses on improving the competitive position of a company's or business unit's products or services within the specific industry or market segment that the company or business unit serves.
A)True
B)False
Q4) Discuss the difference between a fragmented and a consolidated industry.
Q5) What are the types of alliances that business can engage in?
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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) In terms of diversification strategies, research suggests that the relationship between relatedness and performance is curvilinear in the shape of an inverted U-shaped curve.
A)True
B)False
Q2) Products that typically bring in far more money than is needed for maintenance of their market share are called
A)cash cows.
B)lost leaders.
C)dogs.
D)question marks.
E)stars.
Q3) Discuss the two basic growth strategies.
Q4) With conglomerate diversification, the focus is on A)product-market synergy.
B)financial considerations.
C)employee satisfaction.
D)similar product offerings.
E)market demand.
Q5) What are the three key issues that corporate strategy deals with?
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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) The key to outsourcing is to purchase from the outside only those activities that A)are not key to the company's distinctive competence.
B)are very expensive.
C)provide the company competitive advantage.
D)are provided by an important supplier.
E)are not very expensive.
Q2) When the Kellogg Company changed to a push strategy, they spent more money on consumer advertising designed to build brand awareness so that shoppers will ask for the products.
A)True
B)False
Q3) The attractiveness of a strategic alternative is seldom affected by its perceived compatibility with the key stakeholders in a corporation's task environment.
A)True
B)False
Q4) Distinguish between a market development and a product development strategy.
Q5) What does a financial strategy examine?
Page 10
Q6) Discuss W.Edward Deming's position on sole sourcing.
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Chapter 9: Strategy Implementation: Organizing for Action
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Sample Questions
Q1) Once in place, procedures seldom have to be updated.
A)True
B)False
Q2) Strategy formulation is the sum total of the activities and choices required for the execution of a strategic plan.
A)True
B)False
Q3) According to the job characteristics model, how might a manager redesign work to make workers more responsible and accountable for the performance of the job?
A)combine tasks
B)form natural work units
C)establish client relationships
D)vertically load
E)open feedback channels
Q4) What is synergy? According to Goold and Campbell, what are the six forms it can take?
Q5) Stage IV of a corporation could involve a pressure-cooker crisis.
A)True
B)False
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Chapter 10: Strategy Implementation: Staffing and Directing
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107 Verified Questions
107 Flashcards
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Sample Questions
Q1) Implementation involves leading through coaching people to use their abilities and skills most effectively and efficiently to achieve organizational objectives.
A)True
B)False
Q2) What are the four general methods of managing two different cultures?
Q3) One objective of TQM is better, less variable quality of the product and service.
A)True
B)False
Q4) According to Hofstede, which cultural dimension describes the extent to which a society emphasizes the importance of hard work, education, and persistence as well as the importance of thrift?
A)uncertainty avoidance
B)masculinity-femininity
C)individualism-collectivism
D)power distance
E)long-term orientation
Q5) What is an executive type? What is their significance to strategy?
Page 12
Q6) List the guidelines proposed for successful downsizing.
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Chapter 11: Evaluation and Control
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105 Verified Questions
105 Flashcards
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Sample Questions
Q1) The union of all of a company's major business activities from order processing to production within a single family of software modules is known as
A)enterprise resource planning.
B)enterprise strategic planning.
C)information system planning.
D)united resource planning.
E)united strategic planning.
Q2) The present value of the anticipated future stream of cash flows from the business plus the value of the company if liquidated is referred to as
A)return on assets.
B)ROVA.
C)shareholder value.
D)earnings per share.
E)ROI.
Q3) The use of timely, quantifiable standards guarantees good performance.
A)True
B)False
Q4) Discuss the benchmarking process.
Q5) What is ERP? What are the three reasons why ERP could fail?
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Chapter 12: Suggestions for Case Analysis
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99 Flashcards
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Sample Questions
Q1) Which financial ratio measures the utilization of all of the company's assets?
A)days of inventory
B)asset turnover
C)inventory turnover
D)fixed asset turnover
E)average collection period
Q2) Which of the following is NOT true of case analysis?
A)Case discussion focuses on critical analysis.
B)A solution is satisfactory if it resolves important problems and if it is likely to be implemented successfully.
C)Case analysis helps build analytic and decision-making skills.
D)A solution is satisfactory if it reflects what the company actually did.
E)Case discussion focuses on logical development of thought.
Q3) What are constant dollars and why are they important?
Q4) When conducting a financial analysis, select and discuss those financial ratios that have an impact on the company's problems.
A)True
B)False
Q5) What are constant dollars and why are they important?
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