Entrepreneurship and Strategic Management Review
Questions
Course Introduction
Entrepreneurship and Strategic Management explores the foundational principles of starting, growing, and sustaining new ventures, as well as the strategic decision-making processes essential for long-term success. The course examines entrepreneurial opportunity recognition, resource allocation, innovation, and risk management, alongside key concepts of strategic analysis, business model development, and competitive positioning. Through case studies, real-world applications, and critical discussions, students will develop practical skills for leading organizations, adapting to dynamic markets, and creating value in both startup and established business environments.
Recommended Textbook Concepts in Strategic Management and Business Policy 15th Edition by Thomas
L. Wheelen
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Chapter 1: Basic Concepts in Strategic Management
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112 Flashcards
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Sample Questions
Q1) Corporate strategy occurs at the business unit or product level.
A)True
B)False Answer: False
Q2) As more industries become global,strategic management is becoming less important in positioning a company for long-term competitive advantage.
A)True
B)False Answer: False
Q3) General Electric led the transition from strategic planning to strategic management during the 1980s.
A)True
B)False Answer: True
Q4) A strategy maximizes competitive advantage and minimizes competitive disadvantage.
A)True
B)False Answer: True
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Chapter 2: Corporate Governance
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99 Flashcards
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Sample Questions
Q1) All of the following reflect survey findings of the reasons for which individuals serve on a board EXCEPT
A) notoriety/prestige.
B) interested in the business.
C) make a difference.
D) willing to always agree with executive decisions.
E) stay active in the business community.
Answer: D
Q2) The U.S.Clayton Act and the Banking Act of 1933
A) promote interlocking directorates by U.S. companies to foster better communications and working relationships.
B) prohibit acts or contracts tending to create a monopoly.
C) prevent unfair practices in interstate commerce.
D) promote racial parity on the board of directors.
E) prohibit interlocking directorates by U.S. companies competing in the same industry.
Answer: E
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Chapter 3: Social Responsibility and Ethics in Strategic Management
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103 Flashcards
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Sample Questions
Q1) Providing daycare centers to employees is an example of which of Archie Carroll's responsibilities?
A) economic
B) legal
C) justice
D) ethical
E) discretionary
Answer: E
Q2) A code of ethics is a useful way to promote ethical behavior.
A)True
B)False
Answer: True
Q3) Blindly following orders reflects which type of moral relativism?
A) naive relativism
B) role relativism
C) principled relativism
D) cultural relativism
E) social group relativism
Answer: B
Page 5
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Chapter 4: Environmental Scanning and Industry Analysis
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Sample Questions
Q1) In dynamic environments,the CEO's focus is on forces in the societal environment.
A)True
B)False
Q2) When the pressure for coordination is strong and the pressure for local responsiveness is weak for multi-national corporations within a particular industry,the industry will tend to become
A) global.
B) consolidated.
C) multi-domestic.
D) risky.
E) indigenous.
Q3) According to Miles and Snow,reactors are companies with a limited product line that focus on improving the efficiency of their existing operations.
A)True
B)False
Q4) One of the possible barriers to entry is product differentiation.
A)True
B)False
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Chapter 5: Organizational Analysis and Competitive Advantage
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110 Flashcards
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Sample Questions
Q1) The business model used by Spirit Airlines in offering a low-priced fare to the mass market is the
A) efficiency model.
B) advertising model.
C) customer solutions model.
D) entrepreneurial model.
E) profit pyramid model.
Q2) Knowledge that can be easily articulated and communicated is known as
A) tacit knowledge.
B) explicit knowledge.
C) imitable knowledge.
D) transferable knowledge.
E) durable knowledge.
Q3) The rate at which others can duplicate a firm's underlying resources,capabilities,or core competencies is called
A) replicability.
B) transparency.
C) imitability.
D) durability.
E) transferability.
Page 7
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Chapter 6: Strategy Formulation: Business Strategy
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Sample Questions
Q1) According to D'Aveni's book,Hypercompetition,which of the following statements is true?
A) Except for a few stable industries, strategy initiatives do not provide sustainable competitive advantage.
B) Hypercompetition is rare.
C) It is enough to gain competitive advantage by being the lowest cost competitor.
D) The theory of hypercompetition is not supported by any research.
E) The American home appliance industry was immune to hypercompetition.
Q2) If it is to be successful,Porter advises that a division possess strong marketing abilities,product engineering,a creative flair,strong capability in basic research and a corporate reputation for quality or technological leadership,for which one of the following generic competitive strategies?
A) focus
B) differentiation
C) overall cost leadership
D) vertical growth
E) concentration
Q3) What are cooperative strategies?
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Chapter 7: Strategy Formulation: Corporate Strategy
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108 Flashcards
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Sample Questions
Q1) When a firm internally makes 100% of its key supplies and completely controls its distributors,this is known as
A) full integration.
B) taper integration.
C) mass integration.
D) economical integration.
E) strategic integration.
Q2) ________ seeks to perpetuate a firm while ________ terminates the firm.
A) Bankruptcy; liquidation
B) Captive company; bankruptcy
C) Bankruptcy; contraction
D) Rebirth; bankruptcy
E) Liquidation; sell off
Q3) The strategy which takes place in three basic phases of contraction,consolidation,and rebirth is
A) merger.
B) liquidation.
C) integration.
D) divestment.
E) turnaround.
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Chapter 8: Strategy Formulation: Functional Strategy and Strategic Choice
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Sample Questions
Q1) Equity financing is preferred for unrelated diversification while debt financing is preferred for related diversification.
A)True
B)False
Q2) The key to outsourcing is to purchase from outside only those activities that are not key to the company's distinctive competencies.
A)True
B)False
Q3) The evaluation of alternative strategies and selection of the best alternative is referred to as
A) alternative generation.
B) strategic implementation.
C) strategic choice.
D) strategic selection.
E) evaluation.
Q4) Church & Dwight uses the line extension strategy when they put the Arm & Hammer name on various new food products.
A)True
B)False
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Chapter 9: Strategy Implementation: Global Strategy
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Sample Questions
Q1) The percentage of U.S.-based expatriate managers who fail to adjust to a host country's social and business environment is
A) 6% or less.
B) between 20% and 45%.
C) between 50% and 70%.
D) between 60% and 75%.
E) greater than 90%.
Q2) A study of 79 MNCs revealed that international transfer pricing from one country unit to another is primarily used not to evaluate performance but to minimize taxes.
A)True
B)False
Q3) Employees who are sent on international assignments by their firms are known as A) commuters.
B) expatriates.
C) stealth employees.
D) telecommuters.
E) executives.
Q4) Discuss some of the recommendations to improve the entire expatriation process.
Q5) Discuss the five stages of international development.
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Chapter 10: Strategy Implementation: Organizing and Structure
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Sample Questions
Q1) What term refers to the study of individual tasks in an attempt to make them more relevant to the company and to the employee(s)?
A) position matching
B) functional duties
C) job design
D) task conversion
E) responsibility shift
Q2) Poor implementation is often blamed for strategic failure.
A)True
B)False
Q3) Pioneered in the automobile industry,the matrix structure was developed to combine the flexibility of the functional structure with the stability of the product form.
A)True
B)False
Q4) The first stage of corporate development is the simple structure.
A)True
B)False
Q5) What is synergy? According to Goold and Campbell,what are the six forms it can take?
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Chapter 11: Strategy Implementation: Staffing and Directing
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Sample Questions
Q1) Assessment centers have been able to accurately predict subsequent A) job satisfaction.
B) job performance and career success.
C) organizational commitment.
D) organizational attachment.
E) management longevity.
Q2) Executive succession is the process of replacing a key top manager.
A)True
B)False
Q3) Separation involves the disintegration of one company's culture resulting from unwanted and extreme pressure from the other to impose its culture and practices.
A)True
B)False
Q4) Corporate culture has a strong tendency to resist change because its very reason for existence often rests on preserving stable relationships and patterns of behavior. A)True
B)False
Q5) What are the four general methods of managing two different cultures?
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Chapter 12: Evaluation and Control
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Sample Questions
Q1) When GE offered its CEO 250,000 performance share units tied to performance targets achieved over five years,it was using which method of matching rewards to the accomplishment of strategic objectives?
A) strategic-funds method
B) segmentation method
C) long-term evaluation method
D) individual evaluation method
E) weighted-factor method
Q2) The ISO 9000 Standards Series,developed by the International Standards Association of Geneva,Switzerland,is an example of a behavior control.
A)True
B)False
Q3) ROI stands for return on incentives.
A)True
B)False
Q4) The evaluation and control process ensures that the company is achieving what it set out to accomplish.
A)True
B)False
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Chapter 13: Suggestions for Case Analysis
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Sample Questions
Q1) Ratios are only useful for large firms where their ratios may be compared with industry averages.
A)True
B)False
Q2) A typical financial analysis of a firm would include a study of the operating statements for five or so years.
A)True
B)False
Q3) All of the following are true of annual reports EXCEPT
A) 80% of portfolio managers use annual reports when making decisions.
B) annual reports contain income statements and balance sheets.
C) annual reports contain cash flow statements.
D) annual reports contain all the information found in the 10-K form.
E) annual reports contain notes to the financial statements indicating why certain actions were taken.
Q4) A company's annual report from the year of the case can be helpful,but the SEC 10-K form is not beneficial for those conducting a case analysis.
A)True B)False
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