Entrepreneurship
and Strategy Review Questions
Course Introduction
Entrepreneurship and Strategy examines the processes by which new ventures are conceived, launched, and grown, with a focus on strategic decision-making in dynamic environments. The course explores core entrepreneurial concepts, including opportunity recognition, business model innovation, resource mobilization, and competitive advantage. Students analyze case studies and real-world scenarios to understand the interplay between entrepreneurial action and long-term strategic planning. Emphasis is placed on how entrepreneurs formulate and implement strategies to navigate challenges, adapt to changing markets, and create sustainable value in both startup and corporate settings.
Recommended Textbook
Crafting and Executing Strategy Concepts and Cases 18th Edition by Arthur Thompson
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12 Chapters
1133 Verified Questions
1133 Flashcards
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Chapter 1: What Is Strategy and Why Is It Important
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60 Verified Questions
60 Flashcards
Source URL: https://quizplus.com/quiz/54905
Sample Questions
Q1) A company's business model
A) zeros in on how and why the business will generate revenues sufficient to cover costs and produce attractive profits and return on investment.
B) is management's storyline for how the strategy will result in achieving the targeted strategic objectives.
C) details the ethical and socially responsible nature of the company's strategy.
D) explains how it intends to achieve high profit margins.
E) sets forth the actions and approaches that it will employ to achieve market leadership.
Answer: A
Q2) Why does a company's strategy tend to evolve over time?
Answer: Answer will vary
Q3) What is the connection between a company's strategy and its quest for sustainable competitive advantage?
Answer: Answer will vary
Q4) Is it more accurate to think of strategy as being "proactive" or as being "reactive?" Why?
Answer: Answer will vary
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3
Chapter 2: Charting a Companys Direction: Vision and Mission, Objectives,
and Strategy
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) The payoffs of a clear vision statement do not include
A) reducing the risks of rudderless decision-making.
B) helping the organization prepare for the future.
C) greater ability to avoid strategic inflection points.
D) helping to crystallize top management's own view about the firm's long-term direction.
E) providing a tool for winning the support of organizational members for internal changes that will help make the vision a reality.
Answer: C
Q2) Which one of the following is not an accurate attribute of an organization's strategic vision?
A) Providing a panoramic view of "where we are going"
B) Outlining how the company intends to implement and execute its business model
C) Pointing an organization in a particular direction and charting a strategic path for it to follow
D) Helping mold an organization's character and identity
E) Describing the company's future product-market-customer-technology focus
Answer: B
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Chapter 3: Evaluating a Companys External Environment
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128 Verified Questions
128 Flashcards
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Sample Questions
Q1) Competitive jockeying and market maneuvering among industry rivals
A) determines whether the industry's strategic group map will be static or dynamic.
B) centers around collaborative efforts to overcome the bargaining power of powerful suppliers and powerful buyers.
C) is usually an industry's strongest driving force.
D) is usually one of the two or three weakest competitive forces because of the close familiarity that rivals have for one another's likely next moves.
E) is ever-changing as fresh offensive and defensive moves are initiated and as rivals emphasize first one mix of competitive weapons and tactics and then another.
Answer: E
Q2) Identify and briefly explain any three factors that lead to weak bargaining power on the part of suppliers.
Answer: Answer will vary
Q3) Identify and briefly explain any three factors that lead to strong bargaining power on the part of suppliers.
Answer: Answer will vary
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5
Chapter 4: Evaluating a Companys Resources, Capabilities, and Competitiveness
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131 Verified Questions
131 Flashcards
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Sample Questions
Q1) Which of the following is not an example of a company's dynamic capability?
A) capacity to improve existing resources and capabilities.
B) upgrades to R&D resources to drive product innovation.
C) capacity to add new resources and capabilities to the competitive asset portfolio.
D) ability to replace degraded resources with acquired capabilities.
E) All of these.
Q2) What are the three parameters of conducting a SWOT analysis?
Q3) The external market opportunities which are most relevant to a company are the ones that
A) increase market share.
B) reinforce its overall business strategy.
C) match up well with the firm's financial resources and competitive capabilities, offer the best growth and profitability, and present the most potential for competitive advantage.
D) correct its internal weaknesses and resource deficiencies.
E) help defend against the external threats to its well-being.
Q4) Identify the six questions that form the framework of evaluating a company's resources and competitive position.
Q5) Explain why a weighted competitive strength assessment is important.
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Chapter 5: The Five Generic Competitive Strategies: Which
One to Employ
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86 Verified Questions
86 Flashcards
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Sample Questions
Q1) What are the distinctive features of a focused low-cost strategy? How does it differ from a low-cost leadership strategy?
Q2) The target market of a best-cost provider is
A) value-conscious buyers.
B) brand-conscious buyers.
C) price-sensitive buyers.
D) middle-income buyers.
E) young adults (in the 18-35 age group).
Q3) What market conditions and circumstances make a low-cost provider strategy attractive? What are the pitfalls in pursuing a low-cost provider strategy-what can go wrong?
Q4) Easy-to-copy differentiating features
A) cannot produce sustainable competitive advantage.
B) seldom are perceived by buyers as having much value.
C) tend to give buyers a high degree of power in bargaining for a lower price.
D) should never be incorporated in a company's product offering if its differentiation strategy is to succeed.
E) lead to vigorous price competition.
Page 7
Q5) What are the keys to sustaining a focused low-cost strategy?
Q6) What are the pros and cons of a broad differentiation strategy?
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Page 8
Chapter 6: Strengthening a Companys Competitive
Position: Strategic Moves, timing, and Scope of Operation
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79 Verified Questions
79 Flashcards
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Sample Questions
Q1) Which of the following signals can be given to challengers to warn that strong retaliation is likely?
A) Publicly announcing management's commitment to maintain market share.
B) Publicly committing to a company policy of matching competitors' terms or pricing.
C) Maintaining a war chest of cash and marketable securities.
D) Making a strong counter response to the moves of weak competitors.
E) All of these.
Q2) What does the scope of the firm refer to?
A) The range of activities the firm performs externally.
B) To gain competitive advantage based on where it locates its various value chain activities.
C) The firm's capability to employ vertical integration strategies.
D) The range of activities the firm performs internally and the breadth of its product offerings.
E) To prevent foreign competition affecting the market.
Q3) What are the strategic disadvantages of a backward vertical integration strategy?
Q4) What does a company racing for global market leadership need strategic alliances for?
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Chapter 7: Strategies for Competing in International Markets
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103 Verified Questions
103 Flashcards
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Sample Questions
Q1) Which of the following statements concerning the effects of fluctuating exchange rates on companies competing in foreign markets is not accurate?
A) Fluctuating exchange rates pose significant risks to a company's competitiveness in foreign markets.
B) The advantages of manufacturing goods in a particular country are largely unaffected by fluctuating exchange rates.
C) Exporters win when the currency of the country from which the goods are being exported grows weaker relative to the currencies of the countries that the goods are being exported to.
D) The advantages of manufacturing goods in a particular country can be undermined when that country's currency grows stronger relative to the currencies of the countries where the output is being sold.
E) Domestic companies under pressure from lower-cost imports are benefited when their government's currency grows weaker in relation to the currencies of the countries where the imported goods are being made.
Q2) Discuss in some detail the difference between a multidomestic strategy and a global strategy and give the pros and cons of each.
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Page 10
Chapter 8: Corporate Strategy: Diversification and the
Multibusiness Company
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129 Verified Questions
129 Flashcards
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Sample Questions
Q1) Assessments of how a diversified company's subsidiaries compare in competitive strength should be based on such factors as
A) vulnerability to seasonal and cyclical downturns, vulnerability to driving forces, and vulnerability to fluctuating interest rates and exchange rates.
B) relative market share, ability to match or beat rivals on key product attributes, brand image and reputation, costs relative to competitors, and ability to benefit from strategic fits with sister businesses.
C) the appeal of its strategy, relative number of competitive capabilities, the number of products in each businesses product line, which businesses have the highest/lowest market shares, and which businesses earn the highest/lowest profits before taxes.
D) the ability to hurdle barriers to entry, value chain attractiveness, and business risk.
E) cost reduction potential, customer satisfaction potential, and comparisons of annual cash flows from operations.
Q2) What is meant by the term strategic fit? What are the advantages of pursuing strategic fit in choosing which industries to diversify into?
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Page 11
Chapter 9: Ethics, Corporate Social Responsibility,
Environmental Sustainability, and Strategy
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72 Verified Questions
72 Flashcards
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Sample Questions
Q1) Notions of right and wrong,fair and unfair,moral and immoral,ethical and unethical
A) vary enormously from religion to religion and country to country across the world.
B) are present in all societies, organizations, and individuals; some of the most important concepts (for example, being truthful) of what is right and what is wrong resonate with people of most cultures, and are thus universal.
C) ultimately depend on the circumstances-nothing is really black or white when it comes to ethical standards.
D) are governed mainly by the thinking and writings of religious clerics at the School of Morally Correct Thinking and Behavior in Geneva, Switzerland.
E) ultimately depend on a person's own values and beliefs.
Q2) Identify the five main types of actions which a company can choose from in crafting a social responsibility strategy.
Q3) Identify and briefly describe any three of the four approaches to managing a company's ethical conduct.
Q4) What is the case for why business strategies should be ethical?
Q5) What is the difference between ethics and business ethics?
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Chapter 10: Building an Organization Capable of Good
Strategy Execution: People, Capabilities, and Structure
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80 Verified Questions
80 Flashcards
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Sample Questions
Q1) Building organizational bridges with external allies is aided by
A) appointing "relationship managers" and giving them responsibility for making particular strategic partnerships or alliances generate the intended benefits.
B) agreeing with allies to meet frequently and make all decisions pertaining to the alliance on the basis of mutual agreement and consensus.
C) getting each strategic ally to agree to appoint someone as head of the collaborative effort and to give that person the authority to enforce tight coordination of joint activities.
D) forming a 50-50 joint venture with each strategic partner and then assigning people to the joint venture who have the authority and responsibility to enforce tight coordination.
E) entering into a written agreement detailing the roles and responsibilities of the company and the ally/partner, setting forth the results that are expected, establishing deadlines for achieving these results, and designating the people who are to be responsible for making the collaborative effort work successfully.
Q2) Identify and discuss the basic tenets,the chief advantages,and the chief disadvantages of decentralized organizational structures.
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Page 13
Chapter 11: Managing Internal Operations: Actions That
Promote Good Strategy Execution
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71 Verified Questions
71 Flashcards
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Sample Questions
Q1) Discuss how the Six Sigma process of define,measure,analyze,improve,and control (DMAIC)works.What is the logic underlying the DMAIC process?
Q2) A "best practice"
A) is a technique for performing an activity or business process that at least one company has demonstrated works particularly well in terms of delivering some highly positive operating outcome.
B) refers to the best-known procedure for performing a specific task or activity so as to achieve the lowest possible costs.
C) refers to performing activities in a manner that conforms to established industry standards.
D) refers to a company's core competence.
E) refers to performing a particular value chain activity in "world-class" fashion (one unmatched by any other company in the world).
Q3) What action steps can managers take to build a total quality culture and instill a strong commitment to continuously improving how strategy is being executed?
Q4) What is the difference between Six Sigma DMAIC programs and Six Sigma DMADV programs?
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Chapter 12: Corporate Culture and Leadership: Keys to Good Strategy Execution
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94 Verified Questions
94 Flashcards
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Sample Questions
Q1) What are the benefits of a tight culture-strategy matchup?
Q2) What are the distinctive features of adaptive corporate cultures?
Q3) Which of the following is not a factor in contributing to the emergence and sustainability of a strong culture?
A) Continuity of leadership, small group size, stable group membership, geographic concentration, and considerable organizational success
B) A founder or strong leader who establishes values, principles, and practices that are consistent and sensible in light of customer needs, competitive conditions, and strategic requirements
C) A sincere, long-standing company commitment to operating the business according to established traditions, thereby creating an internal environment that supports decision making and strategies based on cultural norms
D) Centralized decision-making, strict enforcement of company policies, and a strong commitment to being the market share leader
E) A genuine concern for the well-being of the organization's three biggest constituencies-customers, employees, and shareholders
Q4) Explain the role of leadership in changing a problem corporate culture.
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