Entrepreneurship and Strategy Exam
Review
Course Introduction
This course explores the foundational principles of entrepreneurship and strategic management, addressing how new ventures are created, developed, and sustained in competitive environments. Students will examine the entrepreneurial process from opportunity recognition and business model development to resource acquisition and growth strategies. Through case studies and practical projects, the course integrates concepts of innovation, market analysis, competitive positioning, and strategic decision-making, equipping students with analytical tools and frameworks necessary to formulate, implement, and evaluate strategies for both startups and established organizations seeking entrepreneurial growth.
Recommended Textbook
Strategic Management An Integrated Approach 10th Edition by Charles W. L. Hill
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13 Chapters
995 Verified Questions
995 Flashcards
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Page 2
Chapter 1: Strategic Leadership: Managing the
Strategy-Making Process for Competitive Advantage
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79 Verified Questions
79 Flashcards
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Sample Questions
Q1) Which of the following dimension(s)is (are)encompassed by a company's business model?
A) Selecting customers
B) Defining and differentiating its product offerings
C) Determining how it will produce goods and services
D) Determining how it will grow the business over time
E) All of these.
Answer: E
Q2) The feedback loop in the model of the strategic management process indicates that the process is ongoing; it never ends.
A)True
B)False
Answer: True
Q3) When considering emergent strategies,it is important for a firm's managers to
A) ensure that the chosen strategies are the result of deliberate plans.
B) ignore strategies that are not the result of a formal planning process.
C) evaluate each one carefully, using only those that show the most promise.
D) substitute emergent strategies for formal plans whenever possible.
E) develop the emergent strategies themselves.
Answer: C
Page 3
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Chapter 2: External Analysis: The Identification of Opportunities and Threats
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82 Verified Questions
82 Flashcards
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Sample Questions
Q1) Eventually most industries enter a decline stage where A) growth becomes negative.
B) rivalry among established companies usually decreases.
C) competitive pressures abate.
D) excess capacity declines.
E) demand continues to hold steady.
Answer: A
Q2) An industry can be defined as a group of
A) companies offering products or services that are close substitutes for each other.
B) twenty or more companies offering products or services that are close substitutes for each other.
C) companies.
D) companies that offer dissimilar products or services.
E) companies that offer products or services to dissimilar customers.
Answer: A
Q3) Intense rivalry lowers prices and raises costs.
A)True
B)False
Answer: True
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Chapter 3: Internal Analysis: Distinctive Competencies, Competitive
Advantage, and Profitability
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83 Verified Questions
83 Flashcards
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Sample Questions
Q1) The term value chain refers to the idea that a company is
A) one of a series of companies that comprise an industry segment.
B) the producer of a series of products that are linked together.
C) a chain of activities for transforming inputs into outputs that customers value.
D) one of a series of economic functions.
E) all of the above.
Answer: C
Q2) The intellectual property of an organization is a(n)
A) tangible resource.
B) tangible competence.
C) tangible capability.
D) intangible capability.
E) intangible resource.
Answer: E
Q3) If a company's profitability is higher than the industry average,it has a competitive advantage.
A)True
B)False
Answer: True
Page 5
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Chapter 4: Building Competitive Advantage Through Functional-Level Strategy
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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) Pay for performance tends to
A) increase per-unit costs.
B) decrease employee output.
C) increase employee output.
D) have little effect on employee output.
E) be used only for individual workers, not for teams.
Q2) The Six Sigma name refers to the Greek letter meaning standard deviation from the mean.
A)True
B)False
Q3) Flexible manufacturing technologies allow companies to
A) mass-produce a standardized output at a low delivered cost.
B) avoid plant-level diseconomies of scale.
C) produce small batches of high-quality customized products at a high cost.
D) ride down the experience curve more rapidly than competitors.
E) produce small batches of customized products at a relatively low cost.
Q4) The law of economies of scale suggests that unit costs continue to fall indefinitely as output volume increases.
A)True B)False
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Chapter 5: Building Competitive Advantage Through Business-Level Strategy
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76 Verified Questions
76 Flashcards
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Sample Questions
Q1) Compared to a differentiator,the cost leader has the advantage over its rivals of A) making higher profit margins.
B) being better able to withstand the negative influence of powerful suppliers and buyers.
C) having inimitable production methods.
D) enjoying higher brand loyalty.
E) being preferred by investors.
Q2) Within the funiture market,Jacob and Edward are both consumers who want to buy furniture for its looks rather than its functionality.Jacob and Edward are both members of the same customer group.
A)True
B)False
Q3) The problem facing differentiators,such as L.L.Bean,is how to protect the distinctiveness of their products from imitators who are constantly searching for ways to steal away customers by offering similar products at lower prices.
A)True
B)False
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Page 7
Chapter 6: Business-Level Strategy and the Industry Environment
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86 Verified Questions
86 Flashcards
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Sample Questions
Q1) Product proliferation occurs in which stage of the product life cycle?
A) Embryonic
B) Growth
C) Shakeout
D) Maintenance
E) Maturity
Q2) Firms sometimes pursue a chaining strategy to
A) obtain the advantages of cost leadership.
B) create product diversity.
C) retain current market share.
D) spread overhead costs.
E) establish a number of unrelated business units.
Q3) Both innovators and early adopters enter the market while the industry is in its embryonic stage.
A)True
B)False
Q4) The early adopters refers to the customers who purchase a new technology or product only when it is clear it will be around for a long time.
A)True
B)False
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Chapter 7: Strategy and Technology
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69 Verified Questions
69 Flashcards
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Sample Questions
Q1) The layout of the keys on a computer keyboard is an example of a technical standard.
A)True
B)False
Q2) Aggressive marketing to jump-start demand for a product often involves all of these except:
A) substantial upfront marketing.
B) point-of-sale promotion techniques.
C) high introductory prices.
D) use of free sampling.
E) all of these are utilized in aggressive marketing to jump-start demand for a product.
Q3) Digitalization has made it more difficult to protect some intellectual property rights.
A)True
B)False
Q4) Describe the advantages and disadvantages of being a first mover or a follower in a high-tech industry.In your opinion,which strategy is preferable,and why?
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Chapter 8: Strategy in the Global Environment
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Sample Questions
Q1) Which entry mode gives a multinational the tightest control over foreign operations?
A) Exporting from the home country and letting a foreign agent organize local marketing
B) Licensing
C) Franchising
D) Entering into a joint venture with a foreign company to set up overseas operations
E) Setting up a wholly owned subsidiary
Q2) When a company expands its sales volume through international expansion,it can realize cost savings from economies of scale through all of the following except
A) spreading fixed costs over its global sales volume.
B) utilizing its production facilities more intensely.
C) increased bargaining power with its suppliers.
D) learning effects associated with higher volume.
E) improved responsiveness.
Q3) What are the potential benefits and risks of global strategic alliances? What actions can a firm take to minimize the risks and maximize the benefits?
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10
Chapter 9: Corporate-Level Strategy: Horizontal Integration,
Vertical Integration, and Strategic Outsourcing
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72 Verified Questions
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Sample Questions
Q1) Under a competitive bidding strategy,independent component suppliers compete with each other to be the company that will be chosen to supply
A) a particular part for a particular manufacturer.
B) all of the parts for a particular manufacturer.
C) a particular part for all manufacturers in the industry.
D) all parts for all manufacturers in the industry.
E) none of these choices.
Q2) Under which of the following circumstances is vertical integration hazardous?
A) When the technology involved in different stages of production is changing rapidly
B) When vertical integration involves moving downstream into retailing
C) When the value added by successive stages of production is declining
D) When the industries involved are undergoing rapid expansion
E) When the company's competitors are also following a strategy of vertical integration
Q3) Strategic alliances and outsourcing are two alternatives to vertical integration.What are the advantages and disadvantages of each compared to vertical integration? What can managers do to eliminate or reduce the risks?
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11
Chapter 10: Corporate-Level Strategy: Related and
Unrelated Diversification
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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) Diversification may dissipate value if it is wrongly based on
A) realizing economies of scope.
B) pooling risks.
C) transferring competencies.
D) acquisitions and restructuring.
E) leveraging existing competencies.
Q2) Which diversification strategy is based on the idea that the company creates value by applying the distinctive competencies it developed in one line of business to another business activity?
A) A technology acquisition strategy
B) Related diversification
C) A restructuring strategy
D) Total diversification
E) A taper diversification strategy
Q3) What are the two general types of diversification and when would one be preferred over the other?
Q4) Under what conditions should a firm that is facing the need to diversify consider the use of an internal new venture strategy,an acquisition strategy,or a joint venture strategy?
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Chapter 11: Corporate Performance, Governance, and Business Ethics
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73 Verified Questions
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Sample Questions
Q1) An effective governance arrangement exists when the CEO is also the chair of the board of directors.
A)True
B)False
Q2) Ethical decisions are those that are made in accordance with accepted principles of right and wrong.
A)True
B)False
Q3) Confronted with agency problems,which of the following is(are)challenge(s)for principals?
A) Shape the behavior of agents so that they act in accordance with the goals set by principals
B) Reduce the information asymmetry between agents and principals
C) Develop mechanisms for removing agents who do not act in accordance with the goals of principals
D) Develop mechanisms for removing agents who mislead principals
E) All of these are challenges for principals
Q4) Identify and discuss the governance mechanisms that help align the incentives of stockholders and managers and help monitor and control management.
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Chapter 12: Implementing Strategy in Companies That
Compete in a Single Industry
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Sample Questions
Q1) A hospital examines its processes closely and then changes them radically to become more patient-centered.Among the changes are new ways of doing tasks and new groupings of workers.This is an example of
A) restructuring.
B) reengineering.
C) total quality management (TQM).
D) benchmarking.
E) downsizing.
Q2) The need for integrating mechanisms is greater when a company's structure is more complex.
A)True
B)False
Q3) The process of deciding how a company should create,use,and combine organizational structure,control systems,and culture to pursue a business model successfully is referred to as A) organizational structuring.
B) corporate systems design.
C) organizational design.
D) departmentalization.
E) structural landscaping.
Page 14
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Chapter 13: Implementing Strategy in Companies That
Compete Across Industries and Countries
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81 Verified Questions
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Sample Questions
Q1) The easiest and cheapest type of diversification strategy for a company to manage is
A) related diversification.
B) unrelated diversification.
C) vertical integration.
D) horizontal diversification.
E) none of these.
Q2) To expand its global sales,U.S.-based Miller Brewing Company purchased a firm that processes grains in Brazil.Miller plans to manage the new business by allowing it to continue as before,with little integration into the rest of the firm.Based on this information,which entry mode is Miller using in Brazil?
A) Acquisition
B) Internal new venture
C) Joint venture
D) Divestiture
E) Merger
Q3) Few integrating mechanisms are needed when a company uses a global-area structure.
A)True
B)False
Page 15
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