Entrepreneurship and Innovation Study Guide Questions
Course Introduction
This course explores the fundamental principles and practices of entrepreneurship and innovation, equipping students with the tools to identify, evaluate, and pursue new business opportunities. Through case studies, interactive activities, and real-world examples, students will learn how to develop business models, create value propositions, understand customer segments, and navigate the challenges of launching and managing innovative ventures. Emphasis is placed on creativity, problem-solving, and the strategic use of resources in dynamic and uncertain environments, preparing students to become entrepreneurial leaders in a rapidly evolving global marketplace.
Recommended Textbook Strategic Management Concepts and Cases Competitiveness 12th Edition by Michael
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13 Chapters
1670 Verified Questions
1670 Flashcards
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A. Hitt
Chapter 1: Strategic Management and Strategic Competitiveness
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133 Verified Questions
133 Flashcards
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Sample Questions
Q1) The Princeton Alliance Church states in its website that "PAC exists to help you live life to the fullest by knowing God, developing community and bringing hope." This pronouncement is most precisely a statement of organizational:
A) values.
B) structure.
C) vision.
D) culture.
Answer: C
Q2) The industrial organization (I/O) model argues that:
A) the key factor in success is choosing the correct industry in which to compete.
B) the firm's internal resources and capabilities represent the foundation for development of a value-creating strategy.
C) the key to earning above-average returns is strategic flexibility.
D) the internal structure of the organization must match the industry in which it competes for it to earn above-average returns on investment.
Answer: A
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Chapter 2: The External Environment: Opportunities,
Threats, Industry Competition, and Competitor Analysis
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138 Verified Questions
138 Flashcards
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Sample Questions
Q1) DWK Foods has developed a line of cookies and candies sweetened exclusively with organic honey. Although DWK is selling some of the products over the Internet, in order to gain economies of scale the products must be sold in retail outlets as well. The main barrier to entry DWK is likely to encounter here is:
A) government licensing and permits.
B) access to distribution channels.
C) consumers' switching costs.
D) cost disadvantages independent of scale.
Answer: B
Q2) Strategic groups are firms in different industries following the same or similar strategies.
A)True
B)False
Answer: False
Q3) Firms can directly control the elements of the seven segments of the general environment.
A)True
B)False
Answer: False
Page 4
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Advantages
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133 Verified Questions
133 Flashcards
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Sample Questions
Q1) Several months ago, a restaurant developed a new appetizer that is a hit with customers. Many customers go to the restaurant just for the appetizer, and it was at the center of a recent highly positive review by a food critic. Preparation involves common ingredients and average culinary skills but requires a very high oven temperature, which significantly increases utility costs. Several competing restaurants have since added their own version of the appetizer to their menu. Which criterion for assessing capabilities/core competencies is met?
A) The restaurant has the capability to develop something that is valuable.
B) The restaurant has the capability to develop something that is rare.
C) The restaurant has the capability to develop something that is costly to imitate.
D) All of these criteria are met.
Answer: A
Q2) Firms should never outsource a primary activity because of the danger of the activity being imitated by rivals.
A)True
B)False
Answer: False
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Chapter 4: Business-Level Strategy
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131 Verified Questions
131 Flashcards
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Sample Questions
Q1) A flexible manufacturing system is a computer-controlled process used to produce a variety of products in moderate, flexible quantities with minimal manual intervention.
A)True
B)False
Q2) Companies without core competencies in their value chain activities and support functions are still able to successfully implement either a cost leadership or a differentiation strategy, although they cannot implement an integrated cost leadership/differentiation strategy.
A)True
B)False
Q3) Hyundai allows customers to return their cars if they lose their job within 12 months of purchase. Which of the following aspects of managing customer relationships is Hyundai engaged in?
A) Who: Determining the Customers to Serve
B) What: Determining Which Customer Needs to Satisfy
C) How: Determining Core Competencies Necessary to satisfy Customer Needs
D) When: Determining When to Satisfy Customer Needs
Q4) Describe the additional risks undertaken by firms pursuing a focus strategy.
Q5) What are the risks of an integrated cost leadership/differentiation strategy?
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Chapter 5: Competitive Rivalry and Competitive Dynamics
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107 Verified Questions
107 Flashcards
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Sample Questions
Q1) Firms with high market commonality and highly similar resources are direct and mutually acknowledged competitors.
A)True B)False
Q2) Boeing's decision to commit the resources required to build the super-efficient 787 midsized jetliner is an example of a tactical action.
A)True
B)False
Q3) Lawsuits over patent and copyright infringements are more common and intense in:
A) fast-cycle markets because the market is innovation-driven.
B) standard-cycle markets because the firm's brand name is such an important competitive advantage.
C) slow-cycle markets, because of the ability to shelter the company from imitation of its competitive advantage.
D) standard-cycle markets because innovation is rare, and so gives the innovating firm a significant competitive advantage.
Q4) Define slow-cycle, fast-cycle, and standard cycle markets.
Q5) Define awareness, motivation, and ability in reference to competitive behavior.
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Chapter 6: Corporate-Level Strategy
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140 Verified Questions
140 Flashcards
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Sample Questions
Q1) Many manufacturing firms are reducing vertical integration and moving to independent supplier networks.
A)True
B)False
Q2) Hutchison Whampoa Limited (HWL) has businesses in ports and related services, telecommunications, property and hotels, retail and manufacturing, and energy and infrastructure. HWL makes no efforts to share activities or transfer core competencies among the businesses. HWL is following a strategy of__________diversification.
A) dominant business
B) related constrained
C) related linked
D) unrelated
Q3) Describe how diversified firms can use activity sharing and transfer of core competencies to create value.
Q4) Low firm performance is associated with increased diversification.
A)True
B)False
Q5) Differentiate between corporate-level and business-level strategies and give examples of each.
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Chapter 7: Merger and Acquisition Strategies
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131 Verified Questions
131 Flashcards
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Sample Questions
Q1) Unrelated diversified firms become overdiversified with a smaller number of business units than do firms using a related diversification strategy.
A)True
B)False
Q2) What is an LBO and what have been the results of such activities?
Q3) Research suggests that horizontal acquisitions of firms with dissimilar characteristics result in higher performance levels.
A)True
B)False
Q4) Private synergies are unique to the acquired and acquiring firms and could not be developed by combining either firm's assets with another company.
A)True
B)False
Q5) Horizontal, vertical, and related acquisitions to build market power:
A) are likely to undergo regulatory review and analysis by financial markets. B) are rarely permitted to occur across international borders.
C) typically involve a firm purchasing one of its suppliers or distributors.
D) concentrate on capturing value at more than one stage in the value chain.
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Chapter 8: International Strategy
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129 Verified Questions
129 Flashcards
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Sample Questions
Q1) The increased pressures for global integration of operations have been driven mostly by:
A) new low-cost entrants.
B) increasing demand for similar products.
C) increased levels of joint ventures.
D) the rise of governmental regulation.
Q2) Exporting and licensing are the most appropriate ways for smaller firms to first enter international markets.
A)True
B)False
Q3) Multinational firms have many opportunities to learn from their experiences in international markets, but they must have a strong R&D system to absorb the knowledge.
A)True
B)False
Q4) Location advantages are influenced by costs of production, access to natural resources and critical supplies, as well as the needs of customers, but not culture.
A)True
B)False
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Chapter 9: Cooperative Strategy
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123 Verified Questions
123 Flashcards
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Sample Questions
Q1) For the purpose of diversification, a corporate-level cooperative strategy may be preferable to a merger or acquisition for all the following reasons EXCEPT:
A) a host nation may forbid a merger or acquisition.
B) opportunistic behaviors are less likely.
C) cooperative strategies require fewer resources.
D) cooperative strategies allow greater flexibility in diversifying the firm's portfolio.
Q2) Amylin Pharmaceuticals has an alliance with Eli Lilly & Co. to produce diabetes drugs. Lilly, however, recently signed an alliance agreement with another company to also produce diabetes drugs. As a result, Amylin sued Lilly for breach of the alliance agreement. Which of the following risks of cooperative strategies discussed in the chapter is most likely occurring here?
A) Having a true perception of the partner's trustworthiness
B) Failing to make available to its partners the resources and capabilities that it committed to the cooperative strategy
C) The partner misrepresenting competencies it can bring to the partnership
D) Opportunistic behavior
Q3) Identify and define the different types of strategic alliances.
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Page 11
Chapter 10: Corporate Governance
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142 Verified Questions
142 Flashcards
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Sample Questions
Q1) The interests of multinational corporations' shareholders may be best served when there is:
A) a uniform compensation plan for all corporate executives, United States and foreign alike.
B) executive compensation that is primarily based on long-term performance.
C) elevation of foreign executive compensation to U.S. levels.
D) a variety of compensation plans for executives of foreign subsidiaries.
Q2) Corporate governance is important to nations because:
A) shareholders want large stock returns.
B) firms seek to invest in nations with national governance standards that are acceptable to them.
C) company Boards have lobbied for strong governance.
D) the United States requires that other nations adopt its governance practices.
Q3) Generally, the Board of Directors can be classified as insiders, unrelated insiders, outsiders, and unrelated outsiders.
A)True
B)False
Q4) How does corporate governance foster ethical strategic decisions and how important is this to top-level executives?
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Chapter 11: Organizational Structure and Controls
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136 Verified Questions
136 Flashcards
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Sample Questions
Q1) Walmart's effective strategy/structure configuration is:
A) cost leadership/functional.
B) differentiation/functional.
C) related constrained/multidivisional.
D) related linked/multidivisional.
Q2) Which of the following is NOT a variation of the multidivisional structure?
A) Competitive form
B) Regional form
C) Cooperative form
D) Strategic business unit form
Q3) If firms band together in a large number of vertical complementary strategic alliances, there is a danger that the government will suspect them of illegal collusive activities.
A)True
B)False
Q4) To properly execute strategic controls in firms using related diversification, the executives must have a deep understanding of each unit's business-level strategy.
A)True
B)False
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Chapter 12: Strategic Leadership
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118 Verified Questions
118 Flashcards
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Sample Questions
Q1) Criteria such as asset utilization improvements and changes in employee turnover rates are part of the internal business processes perspective of the balanced scorecard.
A)True
B)False
Q2) In the balanced scorecard framework, ____ controls are used to assess the organization's success in creating a climate that supports change and innovation.
A) learning and growth
B) financial
C) operational
D) innovational
Q3) In addition to determining new strategic initiatives, top-level managers also develop the appropriate organizational structure and reward systems of a firm.
A)True
B)False
Q4) The balanced scorecard focuses on both financial and non-financial controls.
A)True
B)False
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Chapter 13: Strategic Entrepreneurship
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109 Verified Questions
109 Flashcards
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Sample Questions
Q1) Evidence demonstrates that large firms with well-funded R&D operations are more effective at innovation than are smaller firms.
A)True
B)False
Q2) The risks of international entrepreneurship include all the following EXCEPT:
A) unstable foreign currencies.
B) problems with market efficiencies.
C) limitations on market size.
D) strong "buy-domestic" programs.
Q3) Panera Bread has innovated to improve the quality of its distribution system, to improve the quality of its bread dough, and to introduce new menu items. These are examples of:
A) incremental innovation.
B) invention.
C) imitation.
D) the use of social capital.
Q4) Discuss the potential benefits and disadvantages of innovation through cooperative strategies.
Q5) What is the importance of international entrepreneurship?
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