Entrepreneurship and Innovation Test
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Course Introduction
This course explores the fundamental concepts and practices of entrepreneurship and innovation, focusing on the process of identifying opportunities, developing creative solutions, and launching new ventures. Students will learn about entrepreneurial mindsets, business model development, market validation, funding strategies, and the management of innovation within both startups and established organizations. Emphasis is placed on both theory and practical application, enabling students to develop entrepreneurial skills, assess risks, and foster innovative thinking needed for success in dynamic business environments.
Recommended Textbook
Strategic Management and Competitive Advantage 6th Edition by Jay B. Barney
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12 Chapters
1185 Verified Questions
1185 Flashcards
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Page 2
Chapter 1: What Is Strategy and the Strategic Management Process
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) A sustained competitive advantage is virtually permanent.
A)True
B)False Answer: False
Q2) By conducting an external analysis,a firm identifies the critical threats and opportunities in the industry's competitive environment.
A)True
B)False Answer: True
Q3) A firm's ________ is its long-term purpose that defines both what it aspires to be in the long run and what it wants to avoid in the meantime.
A)mission
B)strategy
C)objective
D)goal
Answer: A
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Page 3
Chapter 2: Evaluating a Firms External Environment
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99 Verified Questions
99 Flashcards
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Sample Questions
Q1) Within the five forces framework,the five most common threats facing firms from their competitive environment include each of the following except A)substitutes.
B)complementors.
C)suppliers.
D)buyers.
Answer: B
Q2) First movers that invest only in technology usually obtain sustained competitive advantages,even if they do not tie up strategically valuable resources in an industry before their full value is widely understood.
A)True
B)False
Answer: False
Q3) In a perfectly competitive industry,a large number of firms have products and services that are similar to each other and it is not very costly for firms to enter into or exit these markets.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Evaluating a Firms Internal Capabilities
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98 Verified Questions
98 Flashcards
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Sample Questions
Q1) For Southwest Airlines,competitive advantage falls into two big categories: financial decisions made by Southwest and Southwest's approach to managing people.
A)True
B)False
Answer: False
Q2) Studying a firm's value chain forces us to think about firm resources in an aggregated way.
A)True
B)False
Answer: False
Q3) The set of business activities in which a firm engages to develop,produce,and market its products or services is known as its A)value chain.
B)physical resources.
C)organizational resources.
D)human resources.
Answer: A
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Chapter 4: Cost Leadership
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Sample Questions
Q1) If cost-leadership strategies can be implemented by numerous firms in an industry,or if no firms face a cost disadvantage in imitating a cost-leadership strategy,then being a cost leader does not generate a sustained competitive advantage for a firm.
A)True
B)False
Q2) Firms pursuing a cost-leadership strategy are typically characterized by A)loose cost control systems.
B)a de-emphasis on quantitative cost goals and costs.
C)infrequent cost control reports.
D)close supervision of labor,raw materials,inventory,and other costs.
Q3) Identify the types of control systems that are appropriate for firms pursuing a cost-leadership strategy.
Q4) There are physical limitations to the size of some manufacturing processes and when this size is exceeded,diseconomies of scale are experienced.
A)True
B)False
Q5) Identify six sources of cost advantages for firms.
Q6) Discuss the difference between the learning curve and economies of scale.
Page 6
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Chapter 5: Product Differentiation
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Sample Questions
Q1) Timing-based product differentiation relies solely on being a first mover.
A)True
B)False
Q2) Recent research suggests that ________ firms must have competitive levels of cost to survive.
A)low-cost
B)all
C)domestic
D)product-differentiation
Q3) The price premium that customers are willing to pay for the superior quality and perceived prestige of Coach's products over the prices of similar products are known as A)marginal prices.
B)hedonic prices.
C)heroic prices.
D)elastic prices.
Q4) The physical location of a firm cannot be a source of product differentiation.
A)True
B)False
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Chapter 6: Flexibility and Real Options
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Sample Questions
Q1) In 2019,if Lisa Monroe decides that the market uncertainty for Seymour Semiconductors persists while the technological uncertainty has reduced considerably,she should move the company to using ________ options.
A)staged
B)positioning
C)stepping-stone
D)scouting
Q2) A stepping-stone option is recommended when both market and technical uncertainty are low.
A)True
B)False
Q3) Using present value analysis does not work under conditions of uncertainty.
A)True
B)False
Q4) To see if valuing an investment as a real option creates any extra value for the firm,it is necessary to establish a benchmark.
A)True
B)False
Q5) What are real options?
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Chapter 7: Collusion
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Sample Questions
Q1) How does industry social structure explain collusion among Major League Baseball franchises in the 1980s?
Q2) A "price leader" is the firm that sells at the lowest price in the industry.
A)True
B)False
Q3) Which of the following is NOT a way to create economic profits via collusion?
A)Colluding to increase the bargaining power of buyers.
B)Colluding to reduce the threat of new competitors.
C)Colluding to reduce the threat of current competitors.
D)Colluding to reduce supplier leverage threats.
Q4) Generally,long-run profits for firms that cheat on purely collusive agreements in various ways fall somewhere between the perfect competition,zero-economic-profit solution and the perfect cooperation,shared-monopoly-profit solution.
A)True
B)False
Q5) It is well established in economic theory that imperfectly competitive markets are consistent with social welfare.
A)True
B)False
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Chapter 8: Vertical Integration
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Sample Questions
Q1) Flexibility is always valuable.
A)True
B)False
Q2) Which organizational structure is used to implement a vertical integration strategy?
A)matrix
B)functional
C)multidivisional
D)product-divisional
Q3) The major substitute for vertical integration is
A)vertical disintegration.
B)strategic alliances.
C)a product-differentiation strategy.
D)a low-cost strategy.
Q4) Decisions about whether or not to vertically integrate often determine whether or not a firm is operating in a single business or industry or multiple businesses or industries.
A)True
B)False
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Chapter 9: Corporate Diversification
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Sample Questions
Q1) Shared activities can increase the expenses for a diversified firm's business.
A)True
B)False
Q2) Substitutes for exploiting economies of scope in diversification include
A)growing and developing independent businesses within a diversified firm and vertical integration.
B)vertical integration and strategic alliances.
C)growing and developing independent businesses within a diversified firm and strategic alliances.
D)strategic alliances and multipoint competition.
Q3) Research over the years has demonstrated conclusively that the primary determinant of the compensation of top managers in a firm is
A)not the size of the firm,usually measured in sales,but the economic performance of the firm.
B)both the economic performance of the firm as well as the size of the firm,usually measured in sales.
C)not the economic performance of the firm but the size of the firm,usually measured in sales.
D)neither the economic performance of the firm nor the size of the firm.
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Page 11
Chapter 10: Organizing to Implement Corporate Diversification
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Sample Questions
Q1) Which of the following is not an alternative transfer-pricing scheme?
A)exchange autonomy
B)mandated full cost
C)solo pricing
D)mandated market based
Q2) If SpandoCorp's board of directors wanted to ensure that changes in the CEO's compensation would be closely linked to changes in the firm's performance,it should
A)use a compensation package that includes only a salary for the CEO.
B)use a compensation package that includes a salary and a cash bonus for the CEO.
C)use a compensation package the includes a salary,a cash bonus and stock options that represent only a relatively small percentage of the CEO's total compensation package.
D)use a compensation package that includes a salary and stock options that represent a relatively substantial percentage of the CEO's total compensation package.
Q3) The divisions in an M-form organization are true profit-and-loss centers.
A)True
B)False
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Page 12
Chapter 11: Strategic Alliances
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Sample Questions
Q1) The existence of moral hazard in a strategic alliance proves that at least one of the parties is either malicious or dishonest.
A)True
B)False
Q2) A ________ is a form of nonequity alliance that exists when one firm allows another to use its brand name to sell its products.
A)supply agreement
B)distribution agreement
C)licensing agreement
D)joint venture
Q3) Research on international joint ventures suggests that the existence of transaction-specific investments in their relationships makes these agreements relatively immune to holdup problems.
A)True
B)False
Q4) Describe five tools that firms can use to reduce the threat of cheating in strategic alliances.
Q5) What is the connection between strategic alliances and real options?
Q6) Discuss when strategic alliances may be costly to directly duplicate.
Page 13
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Chapter 12: Mergers and Acquisitions
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Sample Questions
Q1) Supermajority voting rules are an example of a
A)poison pill.
B)white knight.
C)golden parachute.
D)shark repellent.
Q2) One of the keys for a bidding firm to earn superior performance in an acquisition strategy is to make sure that multiple bidders are pursuing the same target.
A)True
B)False
Q3) Describe and discuss five reasons why bidding firms might still engage in acquisitions even if,on average,they do not create value for a bidding firm's stockholders.
Q4) In a ________ merger,firms acquire complementary products through their merger and acquisition activities.
A)vertical
B)market extension
C)product extension
D)horizontal
Q5) How are poison pills different from shark repellents?
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