Entrepreneurship and Strategy
Question Bank
Course Introduction
Entrepreneurship and Strategy explores the foundational principles and advanced concepts involved in launching and growing new ventures. The course examines the entrepreneurial process, from identifying opportunities and developing business models to securing resources and managing startup growth. Students learn to analyze competitive landscapes, create strategic plans, and adapt to changing markets while managing risk and uncertainty. Through case studies, simulations, and hands-on projects, this course emphasizes the integration of innovative thinking with strategic decision-making, preparing learners to effectively navigate the complexities of entrepreneurship in both new and established organizations.
Recommended Textbook
Crafting and Executing Strategy Concepts and Cases 22nd Edition by Thompson Jr Available Study
12 Chapters
Verified Questions 1434 Flashcards
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Chapter 1: What Is Strategy and Why Is It Important?
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Sample Questions
Q1) An established manufacturer and marketer of apparel and equipment for competitive sports is fast losing market share to companies that not only offer similar products, but also are upgrading their research and development capabilities to produce better products. List a few general actions and approaches that would help the established company revive its position.
Answer: The organization might employ various approaches to revive its positions: actions to, strengthen market standing and competitiveness by acquiring or merging with other companies; actions, to strengthen competitiveness via strategic alliances and collaborative partnerships; actions, to upgrade, build, or acquire competitively important resources and capabilities; actions to gain sales and market share via more performance features, more appealing design, better quality or customer service, wider product selection; or other such actions.
Q2) Why is sustainable competitive advantage so important to a winning business strategy?
Answer: Strategies that fail to achieve a durable competitive advantage over rivals are unlikely to produce superior performance for more than a brief period of time. Winning strategies enable a company to achieve a competitive advantage over key rivals that is long-lasting. The bigger and more durable the competitive advantage, the more powerful it is.
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Chapter 2: Charting a Companys Direction
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116 Verified Questions
116 Flashcards
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Sample Questions
Q1) Compare and contrast the strategy-making hierarchy at Patagonia, a privately owned manufacturer and marketer of sustainable outdoor clothing, with the strategy-making hierarchy at Nike, a publicly traded multinational corporation engaged in the design, development, manufacturing, and worldwide marketing and sales of diversified footwear, apparel, equipment, accessories, and services.
Answer: In single-business companies, the uppermost level of the strategy-making hierarchy is the business strategy, so a single-business company has three levels of strategy: business strategy, functional-area strategies, and operating strategies. Proprietorships, partnerships, and owner-managed enterprises like Patagonia may have only one or two strategy-making levels since it takes only a few key people to craft and oversee the firm's strategy.
The larger and more diverse the operations of an enterprise, as illustrated by Nike, the more points of strategic initiative it has and the more levels of management that have a significant strategy-making role, adding increased complexity to decision making.
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Chapter 3: Evaluating a Companys External Environment
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137 Flashcards
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Sample Questions
Q1) A competitive environment where there is weak to moderate rivalry among sellers, high entry barriers, weak competition from substitute products, and little bargaining leverage on the part of both suppliers and customers
A)lacks powerful driving forces.
B)gives each industry competitor the best potential for building sustainable competitive advantage over rival firms.
C)makes it challenging for industry members to compete successfully unless they can strongly differentiate their products.
D)is conducive to industry members earning attractive profits.
E)requires that industry members have low costs in order to be competitively successful.
Answer: D
Q2) The payoff of good scouting reports on rivals is an improved ability to
A)anticipate what moves rivals are likely to make next.
B)determine which rivals are in the best strategic group.
C)figure out how many key success factors a rival has.
D)determine whether a rival is gaining or losing market share.
E)determine whether a rival has the best strategy and is the industry leader.
Answer: A
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Chapter 4: Evaluating a Companys Resources, Capabilities, and Competitiveness
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127 Verified Questions
127 Flashcards
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Sample Questions
Q1) A company's competitive strength scores pinpoint its strengths and weaknesses against rivals and
A)suggest the company use its strengths to exploit its own competitive liabilities.
B)point directly to the kinds of offensive/defensive actions it can use to exploit its competitive strengths and reduce its competitive liabilities.
C)point directly to the company to use its weaknesses as offensive moves to challenge rivals' weaknesses.
D)suggest receptivity for astute companies to drive their operating practices if the strength scores are very low.
E)point directly to accepting the competitive strength scores on face value.
Q2) Describe a company (real or fictional)that is at a cost disadvantage compared to its rivals. What strategic moves should this company undertake to restore cost parity?
Q3) Why is it important for company managers to develop a worry list of strategic issues and problems that they need to address and resolve? What should they consider to develop this list?
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Chapter 5: The Five Generic Competitive Strategies
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119 Verified Questions
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Sample Questions
Q1) According to the value-price-cost framework, deploying a differentiation strategy involves costs that might well exceed those of the average competitor, but with a successful differentiation strategy, that disadvantage is more than made up for by
A)a rise in the perceived value of the differentiated good, giving the differentiator a clear competitive advantage over the average rival.
B)a rise in the price of the differentiated good, giving the differentiator a clear value advantage over the average rival.
C)no change in the price of the differentiated good, giving the differentiator a clear value advantage over the average rival.
D)no change in the perceived value of the differentiated good, giving the differentiator a clear competitive advantage over the average rival.
E)a drop in the price of the differentiated good, giving the differentiator a clear competitive advantage over the average rival.
Q2) What are the distinctive features of a focused low-cost strategy? How does it differ from a low-cost leadership strategy?
Q3) What are the keys to sustaining a focused low-cost strategy?
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Page 7
Chapter 6: Strengthening a Companys Competitive Position
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Sample Questions
Q1) A formal agreement, or ________, is between two or more separate companies in which they agree to work cooperatively toward some common objective.
A)joint venture
B)vertical integration
C)strategic alliance
D)forward integration
E)outsourcing
Q2) Choose the intended outcome that did not happen with Expedia's merger and acquisition of HomeAway, Inc.
A)Expedia's geographic coverage expanded.
B)Expedia was provided with quick access to new technologies or complementary resources and capabilities.
C)Expedia was able to lead the convergence of the travel and vacation rental industries, whose boundaries are being blurred by changing technologies and new market opportunities.
D)Expedia's business extended into new product categories.
E)Expedia suppressed its rival company Orbitz's breakthroughs in management or technology.
Q3) Identify and briefly explain five types of offensive strategies.
Page 8
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Chapter 7: Strategies for Competing in International Markets
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132 Verified Questions
132 Flashcards
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Sample Questions
Q1) The big problem a franchisor faces is
A)allowing franchisees to achieve scale economies.
B)maintaining quality control due to a lack of commitment to consistency and standardization.
C)eliminating the costs and risks associated with establishing a foreign business location.
D)sharing foreign facilities and marketing strategies with local businesses.
E)achieving higher product quality and better product performance than with an export strategy.
Q2) The world economy is globalizing at an accelerated pace because
A)countries previously open to foreign companies have closed their markets.
B)countries that previously had market or mixed economies now embrace planned economies.
C)information technology is exacerbating the importance of geographic distance.
D)growth-minded companies are racing to build stronger competitive positions in the markets of more countries.
E)countries opposed to market or mixed economies have erected more stringent trade barriers.
Q3) List and discuss three strategy options for competing in emerging markets.
Page 9
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Chapter 8: Corporate Strategy
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122 Verified Questions
122 Flashcards
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Sample Questions
Q1) Michelle Buck, CEO of the Hershey Company has hired you as a consultant to assess her diversified company's business units for cross-business competitive advantage potential. Your assessment would not normally involve ascertaining the extent to which Hershey's business units
A)have value chain match-ups that offer opportunities to combine the performance of related value chain activities and reduce costs.
B)have value chain match-ups that offer opportunities to transfer skills or technology or intellectual capital from one business to another.
C)are making maximum use of the parent company's competitive advantages.
D)have value chain match-ups that offer opportunities to create new competitive capabilities or to leverage existing resources.
E)present opportunities to share use of a well-respected brand name.
Q2) Under what circumstances might a diversified firm choose to divest one or more of its businesses?
Q3) What is the industry attractiveness test? How is it used to evaluate a diversified company's business lineup? Why is it relevant?
Q4) Discuss the pros and cons of a strategy of unrelated diversification.
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Chapter 9: Ethics, Corporate Social Responsibility,
Environmental Sustainability, and Strategy
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115 Verified Questions
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Sample Questions
Q1) From the ethical relativism perspective, which action is most likely to be considered morally valid?
A)bribing a government official to allow you to transfer gambling winnings to a tax haven
B)performing genital mutilations on non-consenting female teens
C)employing as laborers children under the age of nine
D)agreeing to a country's policy of prohibiting the education of females
E)bribing a government official in an underdeveloped country to obtain a permit to build a hospital
Q2) How do ethical principles apply to businesses?
A)They chiefly deal with the actions and behaviors required to operate companies in a socially responsible manner.
B)They chiefly deal with the rules each company's top management and board of directors make about "what is right" and "what is wrong."
C)They are not materially different from ethical principles in general.
D)They are generally less stringent than the ethical principles for society at large.
E)They are generally more stringent than the ethical principles for society at large.
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Page 11
Chapter 10: Building an Organization Capable of Good
Strategy Execution
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Sample Questions
Q1) The overriding aim in building a management team should be to
A)ensure oversight of every step of the value chain.
B)assemble a critical mass of talented managers who can function as agents of change, work well together as a team, and produce organizational results that are dramatically better than what one or two star managers acting individually can achieve.
C)choose managers experienced in gathering competitive intelligence.
D)select people who have similar management styles, leadership approaches, business philosophies, and personalities.
E)choose managers who are competent in executing a strategy to keep a company's costs lower than rivals and become the industry's low-cost leader.
Q2) Steps to update a company's capabilities to match changing market conditions and customer expectations take place often include
A)staffing the organization.
B)recruiting and retaining talented employees.
C)acquiring, developing, and strengthening key resources and capabilities.
D)organizing value chain activities and business processes.
E)structuring the organization and work effort.
Q3) What business case could you make to Costco to empower its employees?
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Chapter 11: Managing Internal Operations
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Sample Questions
Q1) To obtain maximum benefits from benchmarking, best practices, reengineering, TQM, and Six Sigma programs aimed at facilitating better strategy execution, managers need to
A)start with a clear idea of what specific outcomes really matter, such as a Six Sigma defect rate or superior customer satisfaction, and then build a total quality culture that is genuinely committed to achieving these outcomes.
B)have annual contests to see which part of the company is making the greatest strides in approaching operating excellence.
C)strive for 100 percent control over the variability in how each and every value chain activity is performed.
D)have at least 50 percent of company personnel earn "green belts" in Six Sigma techniques.
E)build core competencies in TQM, Six Sigma, benchmarking, best practices adoption, and business process reengineering.
Q2) Natalie and Vinnie own the Russian River Brewing Company, a craft brewer and taproom in Northern California. What actions could the partners take to realize full value from TQM or Six Sigma initiatives and promote a culture of operating excellence?
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Page 13
Chapter 12: Corporate Culture and Leadership
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112 Verified Questions
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Sample Questions
Q1) The single most visible factor that distinguishes successful culture-change efforts from failed attempts is
A)forceful management actions to empower employees to adopt new operating practices.
B)competent leadership at the top.
C)de-layering the management hierarchy.
D)developing a new value statement that inspires company personnel to put forth their best efforts to achieve performance targets.
E)convincing employees that top management is genuinely committed to high ethical standards and the exercise of corporate social responsibility.
Q2) Companies with multinational operations and/or newly acquired businesses typically have
A)strong cultures.
B)multiple cultures (or subcultures)rather than a single culture.
C)weak cultures.
D)adaptive cultures.
E)low-performance cultures.
Q3) What are the distinctive features of high-performance corporate cultures?
Q4) Explain how managerial leadership can foster a high-performance culture.
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