Entrepreneurship
Pre-Test Questions
Course Introduction
This course offers students a comprehensive introduction to the principles and practices of entrepreneurship. It explores the process of identifying business opportunities, developing innovative ideas, and transforming them into viable ventures. Topics include market research, business planning, funding strategies, risk assessment, and the legal aspects of starting and running a business. Through case studies, interactive activities, and real-world projects, students develop critical thinking, problem-solving, and leadership skills essential for launching and managing successful entrepreneurial endeavors.
Recommended Textbook
Strategic Management and Competitive Advantage 6th Edition by Jay B. Barney
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12 Chapters
1185 Verified Questions
1185 Flashcards
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Page 2
Chapter 1: What Is Strategy and the Strategic Management Process
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) Corporate level strategies are actions firms take to gain competitive advantages in a single market or industry.
A)True
B)False
Answer: False
Q2) Business level strategies are actions firms take to gain competitive advantages by operating in multiple markets or industries simultaneously.
A)True
B)False
Answer: False
Q3) Actions firms take to gain competitive advantages by operating in multiple markets or industries simultaneously are known as
A)corporate level strategies.
B)diversification strategies.
C)business level strategies.
D)strategic alliance strategies.
Answer: A
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Page 3
Chapter 2: Evaluating a Firms External Environment
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99 Flashcards
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Sample Questions
Q1) ________ is/are the distribution of individuals in a society in terms of age,sex,marital status,income,ethnicity,and other personal attributes that may determine buying patterns.
A)Demographics
B)Economics
C)Technological trends
D)Culture
Answer: A
Q2) Firms in a declining industry that engage in a long,systematic phased withdrawal from the industry,extracting as much value as possible during the withdrawal period,are following a(n)________ strategy.
A)niche
B)expansion
C)divestment
D)harvest
Answer: D
Q3) All divestments are caused by industry decline.
A)True
B)False
Answer: False
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Chapter 3: Evaluating a Firms Internal Capabilities
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98 Verified Questions
98 Flashcards
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Sample Questions
Q1) LaserTech's new technology is an example of
A)financial resources.
B)physical resources.
C)human resources.
D)organizational resources.
Answer: B
Q2) A firm's plant and equipment,its geographic location and its access to raw materials are all examples of physical resources.
A)True
B)False
Answer: True
Q3) Resources that generate a temporary competitive advantage are
A)valuable,rare and costly to imitate.
B)valuable but neither rare nor costly to imitate.
C)valuable and either rare or costly to imitate.
D)valuable and rare but not costly to imitate.
Answer: D
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Chapter 4: Cost Leadership
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Sample Questions
Q1) In general,firms that are attempting to implement a cost-leadership strategy will choose to produce relatively simple standardized products that sell for relatively low prices compared to the products and prices of firms pursuing other business or corporate strategies.
A)True
B)False
Q2) Differential low-cost access to productive inputs may create cost differences among firms producing similar products in an industry.
A)True
B)False
Q3) Economies of scale are said to exist when the increase in firm size (measured in terms of volume of production)are associated with lower costs (measured in terms of average costs per unit of production).
A)True
B)False
Q4) In general,economies of scale and diseconomies of scale are relatively easy-to-duplicate bases of cost leadership.
A)True
B)False
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Chapter 5: Product Differentiation
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Sample Questions
Q1) Discuss the similarities and differences of the organizational structures used by firms pursuing a cost-leadership and a product-differentiation strategy and discuss the importance of broad decision-making authority within a product-differentiation strategy.
Q2) Product features,by themselves,are
A)usually not a source of temporary competitive advantage,but they can be a source of a sustainable competitive advantage.
B)usually not a source of either a temporary competitive advantage,or a source of a sustainable competitive advantage.
C)usually can be a source of both a temporary competitive advantage and a source of a sustainable competitive advantage.
D)usually not a source of sustained competitive advantage,but they can be a source of a temporary competitive advantage.
Q3) The most obvious way that firms can try to differentiate their products is by
A)making the product more complex.
B)introducing the product at the right time.
C)customizing the product for a particular segment.
D)altering the features of the products they sell.
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Chapter 6: Flexibility and Real Options
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Sample Questions
Q1) Vertically integrating into an exchange is generally less flexible,that is,costlier to change,than using market contracts or strategic alliances to manage an exchange.
A)True
B)False
Q2) Under conditions of uncertainty,the riskiness of the cash flows generated can be reliably anticipated.
A)True
B)False
Q3) Taking multiple small positions in alternative technologies and waiting until technological uncertainty is resolved to invest is what is meant by a ________ option.
A)financial
B)positioning
C)stepping-stone
D)scouting
Q4) The downside risk of a real option is fixed.
A)True
B)False
Q5) What are real options?
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Chapter 7: Collusion
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Sample Questions
Q1) Which of the following models is NOT an important form of cheating in collusive agreements?
A)Schumpeter
B)Bertrand
C)Cournot
D)Edgeworth
Q2) Who are price leaders and what effect does their presence have on tacit collusion?
Q3) Investing in a new production process that reduces a firm's marginal cost of production is an example of a ________ signal.
A)strategic
B)functional
C)soft
D)tough
Q4) How does industry social structure explain collusion among Major League Baseball franchises in the 1980s?
Q5) A "price leader" is the firm that sells at the lowest price in the industry.
A)True
B)False
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Chapter 8: Vertical Integration
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Sample Questions
Q1) What type of compensation approach goes best with the flexibility explanation of vertical integration?
Q2) Which committee in a U-form organization meets monthly and usually consists of the CEO and each of the heads of the functional areas included in a firm?
A)executive committee
B)functional committee
C)operations committee
D)managerial committee
Q3) Discuss the firm capabilities-based explanation of how vertical integration can create value.In your discussion identify the two broad implications of this approach and when,under this approach,firms should engage in vertical integration.
Q4) Budgets are an important control tool and they contribute to only positive outcomes.
A)True
B)False
Q5) Identify the three fundamental explanations of how vertical integration can create value and discuss how value is created under each.
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Page 10
Chapter 9: Corporate Diversification
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Sample Questions
Q1) ________ exists when two or more diversified firms simultaneously compete in multiple markets.
A)Multipoint competition
B)Dynamic competition
C)Multipoint cooperation
D)Dynamic cooperation
Q2) When a firm operates in multiple geographic markets simultaneously it is said to be implementing a product diversification strategy.
A)True
B)False
Q3) Identify two potential substitutes for corporate diversification and discuss how each can provide benefits similar to corporate diversification.
Q4) Currently,most scholars believe that when a firm implements a corporate diversification strategy it destroys about 25% of its market value.
A)True
B)False
Q5) Specify the two conditions that a corporate diversification strategy must meet in order to create economic value.
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Chapter 10: Organizing to Implement Corporate Diversification
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Sample Questions
Q1) Which organizational structure is SpandoCorp using?
A)U-form
B)matrix
C)M-form
D)functional
Q2) Identify the responsibilities of the senior executive in an M-form organization and discuss the three different roles in the office of the president and the responsibilities of each role.
Q3) The most common organization structure for implementing a corporate diversification strategy is the U-form.
A)True
B)False
Q4) ________ is an economic measure of divisional performance.
A)Return on assets
B)Return on a division's sales
C)Economic value added
D)A division's growth rate
Q5) Discuss the role of transfer pricing systems in an M-form organization,identify difficulties with setting optimal prices,and identify four alternative transfer pricing schemes.
Page 12
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Chapter 11: Strategic Alliances
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Sample Questions
Q1) Tacit collusion exists when firms coordinate their pricing decisions not by directly communicating with each other but by exchanging signals with other firms about their intent to cooperate.
A)True
B)False
Q2) Successful strategic alliances are often based on socially complex relations among alliance partners but virtually every firm in a given industry is likely to have the organizational and relationship-building skills required for alliance building making the possibility of direct duplication of strategic alliances very high.
A)True
B)False
Q3) For a strategic alliance to be a source of sustained competitive advantage it must be valuable in that it exploits an opportunity but avoids a threat and it must also be rare and costly to imitate.
A)True
B)False
Q4) What is the connection between strategic alliances and real options?
Q5) Discuss when strategic alliances may be costly to directly duplicate.
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Chapter 12: Mergers and Acquisitions
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Sample Questions
Q1) ________ does not affect the wealth of target firm equity holders.
A)Blue Man defense
B)Pac Man defense
C)Golden parachute
D)Silver parachute
Q2) When Sears and Kmart,two retail firms of relatively equal size in the United States,agreed to combine their assets,this was an example of a(n)
A)joint venture.
B)acquisition.
C)merger.
D)equity agreement.
Q3) Identify and discuss the three rules that target firm managers should follow to maximize the probability of earning economic profits from their merger and acquisition strategies.
Q4) In a product extension merger,a firm acquires complementary products through merger and acquisition activities.
A)True
B)False
Q5) How are poison pills different from shark repellents?
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