Entrepreneurship and Strategy
Solved Exam Questions
Course Introduction
Entrepreneurship and Strategy explores the fundamental principles and practices behind launching and growing innovative ventures in competitive environments. This course examines the entrepreneurial process from opportunity recognition and business modeling to resource acquisition and strategic planning. It delves into how entrepreneurs craft strategies to achieve sustainable growth, adapt to changing markets, and create value in both new and existing organizations. Students will engage with real-world case studies, develop entrepreneurial mindsets, and utilize strategic tools to address challenges in decision-making, scaling businesses, and fostering innovation.
Recommended Textbook
Strategic Management Concepts and Cases 1st Edition by Jeffrey H. Dyer
Available Study Resources on Quizplus
14 Chapters
699 Verified Questions
699 Flashcards
Source URL: https://quizplus.com/study-set/2411
Page 2
Chapter 1: What Is Business Strategy
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/47900
Sample Questions
Q1) Which of the following is the main purpose of a strategic management process?
A) Ensuring that all employees have managers and supervisors to lead their teams
B) Creating an organization that functions systematically according to its vision, mission, and goals
C) Creating a high-level plan that can be implemented without fierce competition and undue risk
D) Specifying a high-level plan that an organization will employ to achieve competitive advantage
Answer: D
Q2) Ria,an entrepreneur,shares the company's profits as well as losses.She usually receives highest priority from the company.In this scenario,Ria is a _____.
A) distributor
B) customer
C) shareholder
D) stakeholder
Answer: C
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Analysis of the External Environment: Opportunities and Threats
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/47901
Sample Questions
Q1) Which of the following statements is true about customer needs?
A) Companies that meet the need for communication by manufacturing mobile handsets or mobile ham radios are considered part of the same industry.
B) Understanding them can be very helpful in defining the boundaries of an industry.
C) They should be addressed only when many customers have similar needs that require attention.
D) Two firms cannot be considered part of the same industry even if their products do the same job for customers.
Answer: B
Q2) Which of the following statements is true about rivalry?
A) It is an expensive method that treats other companies amicably.
B) It helps increase losses for an organization to a large extent.
C) It is a force that is best avoided in an industry to increase profits.
D) It is an important driving force to increase profitability.
Answer: D
Q3) How is buying power related to switching costs?
Answer: If customers,or buyers,can easily switch firms,then buyers have increased power.
To view all questions and flashcards with answers, click on the resource link above.
Page 4
Chapter 3: Internal Analysis: Strengths, Weaknesses, and Competitive Advantage
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/47902
Sample Questions
Q1) What is an intangible resource?
Answer: It is an economically valuable asset that does not have a physical presence.
Q2) Annabey Inc.,a small candy manufacturing company established in 1937,now has several large units that sell unique flavors of candies and assorted chocolates.When the company started out in 1937,it initially experienced slow growth as it was selling brand new products in the market,but later on,their sales picked up at a drastic speed when customers decided to try their products.The CEO of Annabey credits its growth to all the customers who love their candies and chocolates.Which of the following factors of inimitability is best reflected in this scenario?
A) Positive network externality
B) Time compression diseconomy
C) Virtuous circle
D) Complexity
Answer: A
Q3) The characteristics that make a resource or capability difficult to imitate is known as
Answer: inimitability
To view all questions and flashcards with answers, click on the resource link above.
Page 5
Chapter 4: Cost Advantage
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/47903
Sample Questions
Q1) Which of the following statements is true of research and development (R&D)?
A) Small volumes of production enable firms to spread the cost of research and development (R&D), advertising, and general and administrative expenses.
B) The higher a firm's R&D costs, the more the scope for the company to expand globally allowing costs to be spread across more customers.
C) Adding R&D allows a firm to have a cost advantage over competitors.
D) Eliminating R&D helps firms to lead in launching new product designs.
Q2) Connections Communications Inc.has been able to achieve optimal efficiency by identifying a task for each employee and enabling them to become thoroughly proficient in their tasks.The company has realized that employees develop an expertise in their specified job profile over time and they gradually begin to work faster than when they started the job.This is an example of _____.
A) task specialization
B) employee specialization
C) minimum efficient scale
D) competitive parity
Q3) Information that is not public and that is viewed as the property of the holder is called _____.
To view all questions and flashcards with answers, click on the resource link above.
6
Chapter 5: Differentiation Advantage
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/47904
Sample Questions
Q1) Kiara states that,as a customer,the pen she had recently purchased was a very convenient product.In terms of product differentiation,which of the following is Kiara most likely to denote?
A) The pen lasted longer than pens by other brands.
B) The pen came in different colors and shapes.
C) The pen was made with high-quality plastic.
D) The pen was easier to purchase than other products.
Q2) Explain product differentiation.
Q3) What is brand image and when does a company make use of this product differentiation method?
Q4) Time-Threads Inc.sells storage devices,such as memory cards,thumb drives,and external hard disks.Which of the following is most likely true if it achieves product differentiation by designing its products to perform more jobs than its competitors?
A) Its thumb drives come with a tracker to help users locate them.
B) Its memory cards offer more space than most others in the market.
C) Its hard disks are designed for quicker copying of files from various mediums.
D) Its instructions manuals are printed in more languages than its competitors.
Q5) _____ is grouping customers based on similar needs.
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Corporate Strategy
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/47905
Sample Questions
Q1) Saturn Inc.is an e-commerce company that sells home appliances.The firm recently started selling its line of packaged food items online.In this scenario,Saturn Inc.chose
A) unrelated-linked diversification
B) related-constrained diversification
C) unrelated-constrained diversification
D) related-linked diversification
Q2) Which of the following is an ancient Greek word for excessive pride,arrogance,or overconfidence that is used to refer to the actions of managers when they diversify or make acquisitions based on their own experience or gut feelings rather than on solid data and research?
A) Kanban
B) Hubris
C) Agora
D) Kaizen
Q3) How does diversification help exploit existing customer-facing resources?
Q4) What are the two challenges related to acquisition premium that an acquiring firm faces when acquiring a target firm?
Q5) In vertical integration,movement in the direction of raw materials is _____.
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: Vertical Integration and Outsourcing
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/47906
Sample Questions
Q1) North Road LLC,an apparel company,found that its fashion supplies and accessories section was not generating much profit.Thus,the company contracted this section of its business to another company that designs and manufactures these products in a better way.The management of North Road realized that the employees of North Road could use the time to focus on other aspects that bring profit to the company.This scenario best illustrates _____.
A) market penetration
B) vertical integration
C) horizontal diversification
D) outsourcing
Q2) Teal Motors Inc.,an automobile company,outsources the manufacturing of most of the automobile parts to several other companies that specialize in making parts such as ignition boxes,coil wires,and grills.Teal Motors makes sure to get these parts manufactured at a much lesser rate than it would if it manufactures its own parts.In this scenario,Teal Motors Inc.is effectively avoiding a _____.
A) loss of identity
B) loss of frequency
C) loss of facility
D) loss of focus
To view all questions and flashcards with answers, click on the resource link above.
Page 9
Chapter 8: Strategic Alliances
Available Study Resources on Quizplus for this Chatper
49 Verified Questions
49 Flashcards
Source URL: https://quizplus.com/quiz/47907
Sample Questions
Q1) Which of the following statements is true about how an arm's-length relationship is used in strategic alliance?
A) Firms cannot buy inputs from multiple sources using the arm's-length relationship.
B) Firms typically use the arm's-length relationship between internal departments.
C) Firms that use the arm's-length relationship acquire the production facilities of other firms.
D) Firms use the arm's-length relationship to purchase inputs at the lowest price.
Q2) Pharmax Inc.,a pharmaceutical firm,holds annual surveys for its employees and the alliance partners' employees.After the survey,the management discusses the issues brought up by the employees and their suggestions.Conflicts are avoided by regular interaction,and any dispute that arises is resolved at an early stage.Through these measures,Pharmax seeks to primarily achieve _____.
A) organized alliance-management knowledge
B) increased external visibility
C) intervention and accountability
D) increased profits
To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 9: International Strategy
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/47908
Sample
Questions
Q1) Granting another business the permission to use or sell a firm's product,technology,or process is called _____.
Q2) The Purple Lace Inc.,a home furnishing company,emphasizes standardization over local culture and needs of the specific market.It maintains consistency of operations across the different countries that the firm operates in.Which of the following is being exemplified in this scenario?
A) A multidomestic strategy
B) A global strategy
C) An arbitrage strategy
D) A customization strategy
Q3) A healthcare company deals with significant management challenges.The production units are based in various geographic locations,which results in cultural and linguistic barriers.Operations require relying on a local firm to adapt the products to meet the needs of the local market.In this case,the company is likely to be engaging in
A) Exporting
B) Importing
C) Offshoring
D) Alliances
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: Innovative Strategies That Change the Nature of Competition
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/47909
Sample Questions
Q1) Inks Corp.is a manufacturer of pens.It creates a new product called a quick-drying ink pen that does not require the use of blotting paper.It creates this product by building on its established knowledge of the properties of ink and the mechanisms of a pen.Which of the following innovations is being exemplified in this case?
A) A revolutionary innovation
B) An incremental innovation
C) A radical innovation
D) A subversive innovation
Q2) Flytech Inc.is an online store where people and businesses buy and sell a broad variety of goods and services.Various brands pay Flytech to advertise and sell their products online.Which of the following is being exemplified in this case?
A) A blue ocean strategy
B) A cross-sell strategy
C) A third-party pay strategy
D) A bundling strategy
Q3) Explain the four stages of the product life cycle.
Q4) A(n)_____ describes the creation of a unique or novel concept,method or process that is often turned into a tangible outcome.
Page 12
To view all questions and flashcards with answers, click on the resource link above.
Chapter 11: Competitive Strategy
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/47910
Sample
Questions
Q1) Fuchsia Inc.,a cosmetics manufacturer,decides to change how it competes in the market.With this objective in mind,it decides to target a different market segment with its existing set of products.However,Fuchsia takes a long time to reconfigure its activities and systems to meet these changes.Which of the following is being exemplified in this case?
A) Mobility barrier
B) Product differentiation
C) Customer bias
D) Tasks disintermediation
Q2) What are the principles that strengthen a company's ability to compete?
Q3) Any factor that limits the ability of a company to move between strategic groups is called a(n)_____.
Q4) Which of the following statements is true about an infinitely repeated game?
A) In this game, players always believe there is a future.
B) In this game, each player's best choice is to implicate the rivals.
C) It is the solution concept used to predict the outcome of competitive interactions.
D) It removes incentive to defect in the sense that no firm can improve its payoffs.
Q5) Write a note on strategic groups and mobility barriers.
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 12: Implementing Strategy
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/47911
Sample Questions
Q1) Which of the following statements is true of the unfreezing phase of organizational change?
A) It allows organizations to maintain the progress they made through change.
B) It means moving from one set of behaviors and activities to another.
C) It is the phase where an organization engages in a trial and error process.
D) It provides the fundamental motivation for change.
Q2) Rafael,the chief executive officer of a chemical firm,believes that concentrating on the hard triangle of the 7 S model will help bring in the necessary organizational alignment in a relatively short period of time.Which of the following statements,if true,would strengthen Rafael's belief?
A) Changing the style or shared values of an organization is a less burdensome task for the top management.
B) The organizational element of strategy is often difficult to codify.
C) The elements of strategy, structure, and systems can help an organization to quickly reach the desired change within an organization.
D) The elements of style and skills are often easy to codify and can speed up the process of change in an organizational structure.
Q3) What are the three phases of changes?
To view all questions and flashcards with answers, click on the resource link above. Page 14
Chapter 13: Corporate Governance and Ethics
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/47912
Sample Questions
Q1) Anastasia,a student of business management,claims that since most businesses are primarily concerned with acquiring more assets,the shareholder primacy model is better than the stakeholder model of business management.Which of the following facts strengthens her claims?
A) Shareholders can easily trade the stock they own of an organization.
B) Shareholders exchange money with the corporation without a clearly specified payment in return.
C) Shareholder value creates negative consequences for firms.
D) Shareholders are the legal owners of all the material possessions of the corporation.
Q2) How did the general-purpose corporations formed in the twentieth century grow?
A) By allowing investors to run the corporation
B) By relying on investors to run the corporation
C) By selling products and services to the investors at reduced prices
D) By offering investors a share of ownership in the company, or stock
Q3) Describe how style can help a company create a climate where ethical behavior becomes the expected norm.
Q4) _____ are those values that define for an individual,group,or society things that are morally right or wrong.
To view all questions and flashcards with answers, click on the resource link above.
Page 15
Chapter 14: Strategy and Society
Available Study Resources on Quizplus for this Chatper
50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/47913
Sample Questions
Q1) Emily works as a consultant in a firm that provides consulting and business solutions to global organizations to enhance their productivity and drive corporate performance and value.In the context of the value net model,Emily's firm is most likely to be considered a _____.
A) competitor
B) principal investor
C) supplier
D) customer
Q2) Which of the following statements is true of the value net model?
A) It describes how an organization interacts with others in its environment to create value.
B) It treats a particular stakeholder as a "single-role player" to facilitate effective decision making.
C) It typically focuses on large-scale social problems that have proven difficult for governments or other social actors to solve.
D) It focuses on improving the value of each of the stakeholders in a value chain by assigning them rigid goals and tasks.
Q3) Differentiate between a social bricoleur and a social engineer.
To view all questions and flashcards with answers, click on the resource link above.