Entrepreneurship Strategy Practice Questions
Course Introduction
Entrepreneurship Strategy explores the processes and frameworks that entrepreneurs use to identify, evaluate, and pursue new business opportunities. The course delves into strategic planning specific to startup ventures, covering key topics such as idea generation, resource acquisition, competitive analysis, business model innovation, and growth management. Students will examine real-world cases and apply strategic tools to make informed decisions in uncertain and dynamic markets, gaining practical insight into launching and scaling successful enterprises in diverse industries.
Recommended Textbook
Strategic Management Text and Cases 8th Edition by Gregory Dess
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12 Chapters
1724 Verified Questions
1724 Flashcards
Source URL: https://quizplus.com/study-set/3051
2
Chapter 1: Strategic Management: Creating Competitive Advantages
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174 Verified Questions
174 Flashcards
Source URL: https://quizplus.com/quiz/60609
Sample Questions
Q1) We want to be the top-ranked supplier to our customers.(PPG)This is an example of a
A) nonfinancial strategic objective.
B) financial strategic objective.
C) vision statement.
D) mission statement.
Answer: A
Q2) A key stakeholder group that is particularly susceptible to corporate social responsibility (CSR)initiatives is
A) suppliers.
B) rivals.
C) government agencies.
D) consumers.
Answer: D
Q3) Corporate level strategy focuses on what businesses to compete in and
A) how business can be managed to achieve synergy.
B) how business can be managed to reduce synergy.
C) how the firm can work as a stand-alone entity.
D) how the firm can create more value by operating alone.
Answer: A
Page 3
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Chapter 2: Analyzing the External Environment of the Firm:
Creating Competitive Advantages
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173 Verified Questions
173 Flashcards
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Sample Questions
Q1) Steve Jobs,the former chairman of Apple,used intuition and judgment to forecast the future.
A)True
B)False
Answer: True
Q2) The bargaining power of suppliers increases as
A) threat of forward integration by suppliers increases.
B) importance of buyers to supplier group increases.
C) switching costs for buyers decrease.
D) more suppliers enter the market.
Answer: A
Q3) The opportunities and threats of a SWOT analysis refer to the internal conditions of the firm.
A)True
B)False
Answer: False
Q4) Environmental monitoring is not an input to forecasting.
A)True
B)False
Answer: False
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Chapter 3: Assessing the Internal Environment of the Firm
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174 Verified Questions
174 Flashcards
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Sample Questions
Q1) Apple combines and packages proven technology in new and innovative ways.This is an example of its use of
A) tangible resources.
B) intangible resources.
C) organizational capabilities.
D) strong primary activities.
Answer: C
Q2) Modern plant and facilities as well as favorable manufacturing locations are tangible resources.
A)True
B)False
Answer: True
Q3) Focusing too narrowly on current customers,technologies and competitors can lead a company to overlook periphery industry boundaries and a new set of competitive relationships.
A)True
B)False
Answer: True
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5
Chapter 4: Recognizing a Firms Intellectual Assets: Moving
Beyond a Firms Tangible Resources
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174 Verified Questions
174 Flashcards
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Sample Questions
Q1) There are multiple challenges associated with making effective e-teams.Which of the following is not a challenge?
A) Process losses result from identification and combination activities.
B) E-teams can be effective in generating social capital.
C) The physically dispersed team is susceptible to the risk factors that can create process loss.
D) Some collective energy, time, and effort must be devoted to dealing with team inefficiencies.
Q2) Many companies use referrals by current employees as a source for new hiring and even monetarily reward them because
A) it is less expensive than the fees paid to headhunters.
B) current employees normally are careful in recommending someone due to their personal credibility.
C) it is a good test of employee loyalty.
D) current employees are careful in their recommendations; it is less expensive than the fees paid to headhunters.
Q3) Knowledge-based resources tend to be more explicit in nature.
A)True
B)False
Page 6
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Chapter 5: Business-Level Strategy: Creating and Sustaining Competitive Advantages
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163 Verified Questions
163 Flashcards
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Sample Questions
Q1) In the textbook example of Atlas Door,human talent trained in the new just-in-time systems have little reason to leave the company and therefore this is a sustainable competitive advantage.
A)True
B)False
Q2) The decline stage of the industry life cycle stage is inevitably followed by death.
A)True
B)False
Q3) Discount retailers like Walmart and dollar stores are prime substitutes for Aldi,because Aldi focuses on minimizing costs across its operations.
A)True
B)False
Q4) A firm can attain an overall cost leadership position by using automated technology to reduce scrappage rates.
A)True
B)False
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Chapter 6: Corporate-Level Strategy: Creating Value Through Diversification
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114 Verified Questions
114 Flashcards
Source URL: https://quizplus.com/quiz/60604
Sample Questions
Q1) Shaw Industries,a giant carpet manufacturer,increases its control over raw materials by producing much of its own polypropylene fiber,a key input into its manufacturing process.This is an example of
A) vertical integration.
B) sharing activities.
C) pooled negotiating power.
D) leveraging core competencies.
Q2) Which of the following is not a reason for merger and acquisition failures?
A) The acquiring company pays a premium for the common stock of the target company.
B) Top executives act in their best interests rather than those of the shareholders.
C) The acquired company assets are poorly integrated into the acquiring company business lines.
D) The acquisition leads to value creation.
Q3) Sharing activities across business units can provide two primary benefits: cost savings and cost enhancements.
A)True
B)False
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Chapter 7: International Strategy: Creating Value in Global Markets
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140 Verified Questions
140 Flashcards
Source URL: https://quizplus.com/quiz/60603
Sample Questions
Q1) Many international firms are increasing their efforts to market their products and services to countries such as India and China as the ranks of their middle class continue to increase.
A)True
B)False
Q2) By 2015,it is predicted that trade within nations will exceed trade across nations.
A)True
B)False
Q3) Recent trends that might lead managers of multinational corporations (MNCs)to adopt a more decentralized strategy for their operations would include all of the following except
A) customer needs, interests, and tastes becoming increasingly homogenized.
B) consumers around the world increasingly willing to tradeoff idiosyncratic preferences in product features for lower price.
C) flexible manufacturing trends allowing a decline in the minimum volume required to reach acceptable levels of production efficiency.
D) fluctuating exchange rates.
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Page 9
Chapter 8: Entrepreneurial Strategy and Competitive Dynamics
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115 Verified Questions
115 Flashcards
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Sample Questions
Q1) Angel investors are always public institutions which provide seed capital to young ventures.
A)True
B)False
Q2) In the context of competitive dynamics,tactical actions involve major commitments of distinctive and specific resources to strategic initiatives.
A)True
B)False
Q3) The success of an adaptive new entrant can be limited,if the value proposition is perceived as being unique.
A)True
B)False
Q4) Because new ventures typically are small,they usually do not have high economies of scale relative to competitors.
A)True
B)False
Q5) Forbearance is a particularly aggressive type of competitive attack.
A)True
B)False
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Chapter 9: Strategic Control and Corporate Governance
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116 Verified Questions
116 Flashcards
Source URL: https://quizplus.com/quiz/60601
Sample Questions
Q1) Rule-based controls are appropriate in organizations,where most of the employees are unskilled.
A)True
B)False
Q2) Boundaries and constraints are just used to maintain order in an organization and have little effect on the strategic priorities of the organization.
A)True
B)False
Q3) Strategic control systems,both informational and behavioral,are used to correct the performance and ultimate strategy of a firm.
A)True
B)False
Q4) In building strong reward and incentives,it is vital to have good managerial role models.
A)True B)False
Q5) For a reward system to be effective,it must be perceived as fair and equitable. A)True B)False
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Chapter 10: Creating Effective Organizational Designs
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121 Verified Questions
121 Flashcards
Source URL: https://quizplus.com/quiz/60600
Sample Questions
Q1) A global start-up faces many management challenges including A) communication and coordination across time zones.
B) pressure to perform internally all primary activities of the value chain.
C) assuring financing from home country only.
D) hiring only from home country.
Q2) Different types of boundaries place limits on organizations in order to foster high degrees of interaction with inside influences and varying levels of permeability.
A)True
B)False
Q3) Which of the following is a disadvantage of a functional type of organizational structure?
A) Differences in functional orientation may impede communication and coordination.
B) Use of managerial and technical talent is inefficient due to pooling of expertise in functional areas.
C) Decision making is centralized at the top of the organization.
D) Managers tend to be overly concerned with long-term strategies that minimize the importance of functional area strengths.
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12
Chapter 11: Strategic Leadership: Creating a Learning
Organization and an Ethical Organization
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139 Verified Questions
139 Flashcards
Source URL: https://quizplus.com/quiz/60599
Sample Questions
Q1) Which of the following social skills do many executives find challenging to acquire?
A) having empathy for subordinates
B) being a good listener
C) being a good motivator
D) having a large network in place
Q2) Which of the following statements about ethics is false?
A) Ethics may be defined as a system of right and wrong.
B) Ethics assists individuals in deciding when an act is moral or immoral.
C) Ethics is not concerned with whether or not an act is socially desirable.
D) Business ethics is the application of ethical standards to commercial enterprises.
Q3) When Peter Loscher took over as CEO at Siemens in 2007,he lacked internal connections.He used formal bases of power to bring about organizational change and increase a customer orientation.
A)True
B)False
Q4) Referent power refers to manager identification with his or her employees.
A)True
B)False
Page 13
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Chapter 12: Managing Innovation and Fostering Corporate
Entrepreneurship
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121 Verified Questions
121 Flashcards
Source URL: https://quizplus.com/quiz/60598
Sample Questions
Q1) According to Peter Drucker,successful entrepreneurs typically are risk takers.
A)True
B)False
Q2) Risk taking can lead to competitive advantage,but it needs to be managed carefully.
A)True
B)False
Q3) Project ______________ involves justifying whether an opportunity is attractive in the marketplace; project ______________ involves evaluating the strategic and economic impact of a new venture.
A) impetus; definition
B) definition; impetus
C) reward; development
D) development; focus
Q4) Corporate venturing that is focused permeates all parts of the organization and involves every member of the organization.
A)True
B)False
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