Entrepreneurship and Strategy
Exam Preparation Guide
Course Introduction
This course explores the intersection of entrepreneurship and strategic management, focusing on how new ventures are conceived, developed, and sustained in dynamic markets. Students will examine the processes of opportunity identification, resource acquisition, and business model innovation, as well as strategies for gaining competitive advantage and scaling new enterprises. Through case studies, theoretical frameworks, and practical applications, the course equips aspiring entrepreneurs and business leaders with the tools to create, evaluate, and execute strategies that foster entrepreneurial success in both startup and established organizational contexts.
Recommended Textbook
Concepts in Strategic Management and Business Policy 14th Edition by Thomas L. Wheelen
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12 Chapters
1254 Verified Questions
1254 Flashcards
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Page 2
Chapter 1: Basic Concepts in Strategic Management
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106 Verified Questions
106 Flashcards
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Sample Questions
Q1) A difference between basic financial planning and forecast-based planning is
A) the time horizon is shorter in forecast-based planning.
B) forecast-based planning incorporates internal and external information.
C) basic financial planning utilizes consultants with sophisticated techniques.
D) basic financial planning utilizes scenarios and contingency strategies.
E) basic financial planning relies heavily on input from lower levels in the organization.
Answer: B
Q2) Define globalization and identify the role of strategic management in globalization.
Answer: Globalization is the internationalization of markets and corporations. It has changed the way that modern corporations do business. As more industries become global, strategic management is becoming an increasingly important way to keep track of international developments and position the company for long-term competitive advantage.
Q3) Strategic flexibility is the ability to shift from one dominant strategy to another.
A)True
B)False
Answer: True
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3
Chapter 2: Corporate Governance
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97 Verified Questions
97 Flashcards
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Sample Questions
Q1) The combined chair/CEO position is being increasingly criticized because of the potential for conflict of interest.
A)True
B)False
Answer: True
Q2) Outside directors are defined as
A) those individuals who scan the external environment.
B) individuals on the board who are not employed by the board's corporation.
C) those individuals with public relations responsibilities.
D) board members who are also officers or executives employed by the corporation.
E) individuals who organize and coordinate politically focused activities.
Answer: B
Q3) A benefit of the increased disclosure requirements of the Sarbanes-Oxley Act has been more reliable corporate financial statements.
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) The justice approach to ethics proposes that actions and plans should be judged by their consequences.
A)True
B)False
Answer: False
Q2) Employees who report illegal or unethical behavior on the part of others are known as
A) stakeholders.
B) whistleblowers.
C) moral relativists.
D) retaliators.
E) outside directors.
Answer: B
Q3) All of the following are considered secondary stakeholders EXCEPT
A) governments.
B) suppliers.
C) competitors.
D) trade associations.
E) activists.
Answer: B
Page 5
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Chapter 4: Environmental Scanning and Industry Analysis
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116 Verified Questions
116 Flashcards
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Sample Questions
Q1) Which of the following is NOT descriptive of external environmental scanning?
A) used as a tool to ensure a corporation's long-term health
B) used to monitor, evaluate, and disseminate information relevant to the organizational development of strategy
C) used to identify major stockholders
D) used as a tool for corporations to avoid strategic surprise
E) used to determine a firm's competitive advantage
Q2) A company with significant assets and activities in multiple countries is known as a(n)
A) multinational corporation.
B) repatriated corporation.
C) transferable corporation.
D) duplicate corporation.
E) emancipated corporation.
Q3) Strategic myopia is the willingness to reject unfamiliar as well as negative information.
A)True
B)False
Q4) List eight current sociocultural trends in the United States that are transforming North America and the world.
Page 6
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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) eBay and Amazon.com have successfully used the efficiency model by acting as an intermediary to connect multiple sellers to multiple buyers.
A)True
B)False
Q2) What is corporate culture and what are the two distinct attributes of culture?
Q3) A graph showing time plotted against the dollar sales of a product as it moves from introduction through growth and maturity to decline is called the
A) marketing position.
B) product life cycle.
C) market segmentation.
D) marketing mix.
E) marketing leverage.
Q4) The product life cycle enables a marketing manager to examine the marketing mix of a particular product or group of products in terms of its position in its life cycle.
A)True
B)False
Q5) Define a value chain and the significance of the center of gravity.
Q6) Describe Barney's VRIO framework.
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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) Business strategy focuses on
A) ensuring that the company maintains the existing market share that it has historically enjoyed.
B) improving the competitive position of a corporation's products or services within the industry or market segment served.
C) providing adequate shareholders' return on investment.
D) preventing the competition from gaining a competitive edge by undermining their marketing plan.
E) recovering the competitive lead by using all available resources that the company can provide.
Q2) Which of the following is NOT one of the risks of the focus strategy?
A) The target segment's structure erodes.
B) The segment's differences from other segments narrow.
C) The advantages of a broad line increase.
D) Focusers exit the industry.
E) Demand disappears for the product in the target segment.
Q3) Niches can grow and change over time.
A)True
B)False
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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) A disadvantage of vertical integration is that it
A) creates exit barriers.
B) improves coordination of activities.
C) decreases demand for the firm's products and services.
D) creates entry barriers.
E) avoids time consuming tasks.
Q2) According to the BCG Growth Share Matrix, those products with low market share in an unattractive industry that do NOT have the potential to bring in much cash are called
A) cash cows.
B) lost leaders.
C) dogs.
D) question marks.
E) stars.
Q3) Stability strategies can be very useful in the short run, but they can be dangerous if followed for too long.
A)True
B)False
Q4) Discuss the two basic growth strategies.
Q5) Discuss the more popular stability strategies.
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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) If there is little fit between a strategic alternative under consideration and the corporate culture, which of the following is one of management's options to consider?
A) Take a chance on ignoring the culture by implementing the strategic alternative.
B) Manage around the culture and change the implementation plan.
C) Try to change the culture to fit the strategy.
D) Change the strategy to fit the culture.
E) all of the above
Q2) A company which has invested so heavily in a particular strategy that it will not consider a change in this strategy even if it is not successful, would be an example of which strategy to avoid?
A) follow the leader
B) hit another home run
C) arms race
D) do everything
E) losing hand
Q3) Give an example of a technological leader.
Q4) What is outsourcing? What are the seven major outsourcing errors that should be avoided?
10
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Chapter 9: Strategy Implementation: Organizing for Action
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108 Verified Questions
108 Flashcards
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Sample Questions
Q1) When the drive of the entrepreneur is no longer enough to keep the Stage I company from floundering, this type of crisis is called
A) a crisis of autonomy.
B) a crisis of confidence.
C) a crisis of clarity.
D) a crisis of differentiation.
E) a crisis of leadership.
Q2) An external block preventing a corporation from moving from one stage to another is
A) unfavorable economic conditions.
B) strategic myopia.
C) organizational inflexibility.
D) lack of operating efficiency.
E) lack of managerial resources.
Q3) After programs have been developed, the budget process begins.
A)True
B)False
Q4) How can a corporation's life cycle be extended?
Q5) Discuss the five stages of international development.
Q6) Discuss Chandler's conclusion concerning strategy.
Page 11
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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) Staffing requirements are likely to follow a change in strategy.
A)True
B)False
Q2) When managing corporate culture, the first question management must ask is
A) what the change in strategy means to the corporate culture.
B) whether a change in culture is needed.
C) whether an attempt to change the culture is worth the likely costs.
D) whether it is possible to manage around the culture.
E) whether stakeholders will be impacted.
Q3) Which of the following is NOT one of TQM's objectives?
A) greater flexibility in adjusting to customers' shifting requirements
B) lower cost through quality improvement and elimination of non-value-adding work
C) increased alignment of employee goals with management's objectives
D) quicker, less variable response in processes to customer needs
E) better, less variable quality of the product and service
Q4) IHOP's CEO, Julia Stewart, built a reputation as a turnaround specialist.
A)True
B)False
Q5) List the guidelines proposed for successful downsizing.
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Chapter 11: Evaluation and Control
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105 Flashcards
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Sample Questions
Q1) One advantage of using ROI is that it is a single comprehensive figure that includes all revenues, costs, and expenses.
A)True
B)False
Q2) One of the obstacles to effective control is the difficulty in developing appropriate measures of important activities and outputs.
A)True
B)False
Q3) If marketing attains its goal at the expense of rising production costs for the manufacturing department, the end result of marketing's achievements and manufacturing's cost increases reflects
A) behavior substitution.
B) suboptimization.
C) resource allocation.
D) resource optimization.
E) strategy optimization.
Q4) What is the most commonly used measure of corporate performance (in terms of profits)? Discuss the limitations of using this measure.
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Page 13
Chapter 12: Suggestions for Case Analysis
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Sample Questions
Q1) 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.
Q2) 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.
Q3) A company's annual report from the year of the case can be helpful, but the 10-K form is not beneficial for those conducting a case analysis.
A)True
B)False
Q4) In performing a basic financial analysis, what five steps should be taken?
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