Entrepreneurship and Strategy
Chapter Exam Questions
Course Introduction
Entrepreneurship and Strategy examines the foundational concepts and practical frameworks necessary to launch, grow, and sustain innovative ventures in dynamic markets. This course integrates entrepreneurial thinking with strategic analysis, guiding students through the process of opportunity recognition, resource acquisition, business model development, and competitive positioning. Students will explore real-world case studies, develop business plans, and analyze the strategic decisions entrepreneurs face from inception to scaling. Emphasis is placed on the interplay between innovation, differentiation, and long-term vision, equipping students with the skills to navigate uncertainty and drive sustainable competitive advantage in both startup and corporate environments.
Recommended Textbook
Strategic Management Creating Competitive Advantages 9th Edition by Gregory G
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Dess Dr
Chapter 1: Strategic Management: Creating Competitive Advantages
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Q1) Trade-off decisions between effectiveness and efficiency are important in the practice of strategic management.
A)True
B)False
Answer: True
Q2) New value creation is a major engine for economic growth and is the main focus of ________ strategy.
A) portfolio
B) corporate-level
C) business-level
D) entrepreneurial
Answer: D
Q3) Netflix inculcates a strategic management perspective by
A) emphasizing transparency.
B) creating an environment of non-sharing.
C) obliging a top-down management style.
D) training only high potential employees.
Answer: A
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Chapter 2: Analyzing the External Environment of the Firm:
Creating Competitive Advantages
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Q1) Incumbent firms may enjoy increased bargaining power because the Internet
A) focuses marketing efforts on end users.
B) has reduced the number of wholesalers and distributors.
C) increases channel conflict.
D) diminishes the power of many distribution channel intermediaries.
Answer: D
Q2) ________ tracks the evolution of environmental trends,sequences of events,or streams of activities.
A) Environmental scanning
B) Environmental monitoring
C) Environmental surveying
D) Competitive intelligence
Answer: B
Q3) The strategic groups concept is valuable for assessing the implications of industry ________ for the strategic group as a whole.
A) trends
B) positions
C) experience
D) wealth
Answer: A
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Chapter 3: Assessing the Internal Environment of the Firm
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Q1) Making comparisons between a firm and its most direct rivals is useful because firms within the same strategic industry group have ________ strategies.
A) different
B) the same
C) similar
D) relative
Answer: C
Q2) Ashley Furniture controls all steps of its distribution systems,developing specific competencies that are difficult to match.They are using ________ to build sustainable advantage.
A) path dependency
B) social complexity
C) physical uniqueness
D) tangible resources
Answer: A
Q3) Value-chain analysis can only be applied to manufacturing operations.
A)True
B)False
Answer: False
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Chapter 4: Recognizing a Firm's Intellectual Assets: Moving
Beyond a Firm's Tangible Resources
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Q1) Employers must provide ________ to attract and retain young workers because otherwise they will be at a competitive ________.
A) training; status-quo
B) rewards; advantage
C) incentives; disadvantage
D) education; advantage
Q2) Attracting and retaining human capital is a challenge for many firms today.Firms experiencing high turnover should A) focus on increased recruiting.
B) decrease money spent on human capital.
C) adopt effective retention strategies.
D) make their work environment less stimulating.
Q3) The best protection for intellectual property in the long run is likely to be the development of A) new products.
B) stronger patents.
C) dynamic capabilities.
D) international patents.
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Chapter 5: Business-level Strategy: Creating and Sustaining Competitive Advantages
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Q1) A firm can achieve differentiation through all the following means except
A) improving brand image.
B) offering lower prices to frequent customers.
C) better customer service.
D) adding additional product features.
Q2) 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.
Q3) Primary value chain activities that involve the effective layout of receiving dock operations (inbound logistics)and support value chain activities that include expertise in process engineering (technology development)characterize which generic strategy?
A) differentiation
B) differentiation focus
C) stuck-in-the-middle
D) overall cost leadership
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Chapter 6: Corporate-level Strategy: Creating Value Through Diversification
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Q1) In managing the corporate portfolio,the BCG matrix would suggest that
A) dogs should be invested in to increase market share and become cash cows.
B) stars are in low growth markets and can provide excess cash to fund other opportunities.
C) cash cows require substantial cash outlays to maintain market share.
D) question marks can represent future stars if their market share is increased.
Q2) Portfolio management frameworks,such as the BCG matrix,share which of the following characteristics?
A) Businesses are plotted on a 3-dimensional grid.
B) Grid dimensions are based on external environments and internal capabilities-market positions.
C) Position in the matrix suggests a need for sharing synergies.
D) They are most helpful in helping businesses develop types of competitive advantage.
Q3) In the BCG Growth Share Matrix,the suggested strategy for stars is to
A) milk them to finance other businesses.
B) invest large sums to gain a good market share.
C) maintain position and after the market growth slows use the business to provide cash flow.
D) not invest in them and to shift cash flow to other businesses.
Page 8
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Chapter 7: International Strategy: Creating Value in Global Markets
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Q1) Which of the following is not a risk normally associated with bottom-of-the-pyramid strategies?
A) A low-end version of a brand may detract from the overall brand attractiveness.
B) The new low-cost products they develop may cannibalize the sales of their core products.
C) Entrenched competitors can impact the ability of the new firm to enter the market successfully.
D) New products may be perceived as exploiting the privileged customer with substandard products.
Q2) Firms following a global strategy strive to offer ________ products and services as well as locate manufacturing,research and development,and marketing activities in a limited number of locations.
A) widely differentiated
B) more expensive local
C) internationally differentiated
D) standardized
Q3) What is international strategy? Discuss the risks and challenges associated with an international strategy.
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Chapter 8: Entrepreneurial Strategy and Competitive Dynamics
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Q1) Which of the following is not one of the characteristics of an entrepreneurial opportunity?
A) affordable
B) attractive
C) achievable
D) value creating
Q2) Jeannine Fradelizio noticed that at parties she hosted,guests would set down their wine glasses and forget which one was their glass.She designed the Wine Glass Writer to solve this problem.She used the process of
A) differentiation.
B) entrepreneurial resources.
C) opportunity recognition.
D) focus strategy.
Q3) Explain what a pioneering new entry means and when it is appropriate to use it.
Q4) Small businesses create the majority of new jobs in the U.S.economy.
A)True
B)False
Q5) Forbearance is a particularly aggressive type of competitive attack.
A)True
B)False
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Chapter 9: Strategic Control and Corporate Governance
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Q1) Most organizations with strong cultures and a sound system of rewards and incentives can eventually internalize boundaries rather than use explicit rules and regulations.Which of the following is not a technique for moving in that direction?
A) Hire people who identify with the dominant values of the organization.
B) Develop managerial role models.
C) Minimize training and indoctrination.
D) Align reward systems with organizational goals and objectives.
Q2) When subcultures emerge that have shared values opposite from the dominant culture of an organization
A) organizational cohesiveness increases.
B) information is shared rather than hoarded.
C) individuals begin working at cross purposes.
D) individuals gain insights into overarching goals and objectives.
Q3) The traditional approach to strategic control is sequential.Which of the following is not one of the steps in the sequence?
A) Action plans are submitted by lower level managers.
B) Performance is measured against the predetermined goal.
C) Strategies are implemented.
D) Strategies are formulated and top management sets goals.
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Chapter 10: Creating Effective Organizational Designs
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Q1) Which of the following is not a primary factor that a large firm with international operations should consider when choosing the appropriate structure for its organization?
A) the extent of international expansion
B) the type of strategy (global, multidomestic, or transnational)
C) the degree of product diversity
D) the degree of market diversity
Q2) Firms that place too strong a priority on either adaptability or alignment can expect short term gains only.
A)True
B)False
Q3) What is a barrier-free organization? Discuss the importance for a barrier-free organization of creating permeable internal boundaries and developing effective relationships with external constituencies.
Q4) One of the challenges of an ambidexterity in a firm is that it must ensure that it remains proactive in expanding or modifying its product-market scope to anticipate and satisfy market conditions.
A)True
B)False
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Chapter 11: Strategic Leadership: Creating a Learning
Organization and an Ethical Organization
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Q1) The ethical compass of an organization,in the integrity-based ethics approach to management,consists of the expected ________ and ________.
A) obligations; rules
B) behaviors; penalties
C) responsibilities; aspirations
D) legalities; penalties
Q2) Which of the following are used to evaluate whether a manager is acting in an ethical manner?
A) bonuses and penalties
B) job descriptions
C) assessment and penalties
D) reward and evaluation systems
Q3) For a firm to become a highly ethical organization,it must have several key elements: role models; corporate credos and codes of conduct; reward and evaluation systems; and policies and procedures.Explain briefly each of these elements.
Q4) There can be a high-integrity organization without high-integrity individuals.
A)True
B)False
Q5) What is the difference between individual ethics and organizational ethics?
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Chapter 12: Managing Innovation and Fostering Corporate Entrepreneurship
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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) A(n)________ manager's role is to question the viability of corporate venture projects.
A) product champion
B) exit champion
C) rising star
D) mentor
Q3) Exit champions are often reluctant to gather hard data about a venture because it might kill the project.
A)True
B)False
Q4) Explain why the seeds versus weeds dilemma is important.
Page 14
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