Entrepreneurship Test Preparation
Course Introduction
Entrepreneurship explores the process of identifying, developing, and transforming ideas into viable business ventures. The course delves into entrepreneurial thinking and innovation, opportunity recognition, business model development, and resource acquisition. Students will learn strategies for launching and growing startups, including market analysis, financing, risk management, and scaling. Through case studies, practical projects, and interaction with successful entrepreneurs, the course aims to equip students with the skills and mindset essential for navigating the challenges and rewards of entrepreneurship in a dynamic global economy.
Recommended Textbook
Strategic Management Concepts and Cases Competitiveness and Globalization 11th Edition by
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13 Chapters
1871 Verified Questions
1871 Flashcards
Source URL: https://quizplus.com/study-set/745 Page 2
Chapter 1: Strategic Management and Strategic
Competitivenes
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140 Verified Questions
140 Flashcards
Source URL: https://quizplus.com/quiz/14523
Sample Questions
Q1) The industrial organization (I/O)model argues that
A)the key factor in success is choosing the correct industry in which to compete.
B)the firm's internal resources and capabilities represent the foundation for development of a value-creating strategy.
C)the key to earning above-average returns is strategic flexibility.
D)the internal structure of the organization must match the industry in which it competes in order to earn above-average returns on investment.
Answer: A
Q2) ______should establish a firm's individuality and should be inspiring and relevant to all stakeholders.
A)A strategy
B)A vision
C)A mission
D)A goal
Answer: C
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Page 3
Chapter 2: The External Environment: Opportunities,
Threats, Industry Competition, and Competitor Analysis
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147 Verified Questions
147 Flashcards
Source URL: https://quizplus.com/quiz/14524
Sample Questions
Q1) The recent bankruptcy filings by General Motors and Chrysler Corporation illustrate that firms cannot directly control the general environment's segments.
A)True
B)False
Answer: True
Q2) The highest amount a firm can charge for its products is most directly affected by A)expected retaliation from competitors.
B)the cost of substitute products.
C)variable costs of production.
D)customers' high switching costs.
Answer: B
Q3) In analyzing the demographic segment of the general environment,one typically examines all of the following factors EXCEPT
A)age structure.
B)ethnic mix.
C)distribution of income.
D)cultural values.
Answer: D
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Advantages
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149 Verified Questions
149 Flashcards
Source URL: https://quizplus.com/quiz/14525
Sample Questions
Q1) Acme Auto Repair has a thriving business based on its reputation for high-quality work,honesty,and skilled employees. For continued long-term success,Acme's owner should
A)concentrate on maintaining Acme's current core competencies.
B)focus on developing Acme's future competitive advantages.
C)place more emphasis on tangible resources, which are less vulnerable to obsolescence than intangible resources.
D)recognize that core competencies derived from human resources are more subject to becoming core rigidities than are core competencies based on other types of resources.
Answer: B
Q2) Valuable capabilities allow the firm to exploit strengths or neutralize weaknesses in the internal environment.
A)True
B)False
Answer: False
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Chapter 4: Business-Level Strategy
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143 Verified Questions
143 Flashcards
Source URL: https://quizplus.com/quiz/14526
Sample Questions
Q1) Almost any identifiable human or organizational characteristic can be used to subdivide a market into segments that differ from one another on a given characteristic.
A)True
B)False
Q2) The focused differentiation strategy differs from the differentiation strategy in that A)the focused differentiators have a broader competitive scope. B)the value-creating activities of focused differentiators are more constrained. C)focused differentiators target a narrower customer market. D)there are fewer risks with the focused differentiation strategy.
Q3) (Refer to Case Scenario 3). While Abrahamson's is doing well,Mr. Wickersham would like to grow his business beyond the present location. He believes that growth may bring greater profitability,as well as employment avenues for his only child,who will soon be finishing high school. What recommendations do you have for Mr. Wickersham regarding his growth choices?
Q4) (Refer to Case Scenario 3). What generic business strategy best describes Abrahamson's? Why?
Q5) Describe the additional risks undertaken by firms pursuing a focus strategy.
Q6) Describe the risks of a differentiation strategy.
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Chapter 5: Competitive Rivalry and Competitive Dynamics
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118 Verified Questions
118 Flashcards
Source URL: https://quizplus.com/quiz/14527
Sample Questions
Q1) Awareness tends to be greatest when firms have highly similar resources and compete in multiple markets.
A)True
B)False
Q2) Firms with competitors.
A)low; high B)low; low C)high; high D)high; low market commonality and Resource similarity are direct and mutually acknowledged
Q3) The need for quality products and services is so high that quality alone can assure a firm that it will achieve strategic competitiveness and earn above-average returns.
A)True
B)False
Q4) What is market commonality? What is resource similarity? How are these concepts combined to identify the level of competition between two firms?
Q5) (Refer to Case Scenario 1). Develop an argument as to why RI should hold back and be a second mover with the new technology.
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Chapter 6: Corporate-Level Strategy
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156 Verified Questions
156 Flashcards
Source URL: https://quizplus.com/quiz/14528
Sample Questions
Q1) During the 1990s top executives of Titanic,Inc.,followed a pattern of aggressive acquisitions and diversification.
Now,Titanic is performing poorly and earning below average returns. Lusitania,a large conglomerate firm,is in the final stages of purchasing Titanic. Lusitania has announced that it will fire Titanic's current top executives. The Titanic executives may not be worried about their impending job loss if they
A)plan to take poison pills.
B)have golden parachutes.
C)have silver handcuffs.
D)have ironclad contracts.
Q2) Usually a company is classified as a single business firm when revenues generated by the dominant business are greater than percent.
A)99
B)95
C)90
D)70
Q3) Low firm performance is associated with increased diversification.
A)True
B)False
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Page 8
Chapter 7: Merger and Acquisition Strategies
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163 Verified Questions
163 Flashcards
Source URL: https://quizplus.com/quiz/14529
Sample Questions
Q1) Acquisitions can become a substitute for innovation in some firms and trigger future rounds of acquisitions.
A)True
B)False
Q2) Restructuring strategies are commonly used to correct or deal with the results of ineffective mergers and acquisitions.
A)True
B)False
Q3) The recent financial crisis made it difficult for firms to complete "megadeals" and the slowdown in merger and acquisition has continued in 2011.
A)True
B)False
Q4) (Refer to Case Scenario 2). What risks does Raptec run in spinning off Axio?
Q5) A primary reason for a firm to pursue an acquisition is to
A)avoid increased government regulation.
B)achieve greater market power.
C)exit a hyper-competitive market.
D)achieve greater financial returns in the short run.
Q6) What are the results of the three forms of restructuring?
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Chapter 8: International Strategy
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149 Verified Questions
149 Flashcards
Source URL: https://quizplus.com/quiz/14530
Sample Questions
Q1) The greenfield venture option is useful when control of proprietary technology is important in an international expansion.
A)True
B)False
Q2) The two important environmental trends that influence a firm's choice and use of international corporate-level strategies are _________ and
A)culture; geographic scope.
B)cost; quality.
C)regionalization; globalization.
D)liability of foreignness; regionalization.
Q3) Strategic alliances tend to increase the risk associated with international expansion for the U.S. partner because of the greater dependence on the foreign firm.
A)True
B)False
Q4) What are the incentives for firms to use international strategies? What are the three basic benefits firms can derive by moving into international markets?
Q5) Identify and describe the major risks of international diversification.
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Page 10
Chapter 9: Cooperative Strategy
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143 Verified Questions
143 Flashcards
Source URL: https://quizplus.com/quiz/14531
Sample Questions
Q1) Firms entering into synergistic strategic alliances expect to attain A)technological complexity.
B)economies of scope.
C)monopolistic market power.
D)learning curve efficiencies.
Q2) (Refer to Case Scenario 1). Why would a company like NI place such emphasis on alliances as a growth vehicle?
Q3) For the purpose of diversification,a corporate-level cooperative strategy may be preferable to a merger or acquisition for all the following reasons EXCEPT A)a host nation may forbid a merger or acquisition.
B)opportunistic behaviors are less likely.
C)cooperative strategies require fewer resources.
D)cooperative strategies allow greater flexibility in diversifying the firm's portfolio.
Q4) (Refer to Case Scenario 1). Norning International (NI)is following a network cooperative strategy. This strategy should work best in linking together geographically disperse markets where no one form serves as the leader of the network.
Q5) Identify the competitive risks associated with cooperative strategies.
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Page 11
Chapter 10: Corporate Governance
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150 Verified Questions
150 Flashcards
Source URL: https://quizplus.com/quiz/14532
Sample Questions
Q1) In the United States,the primary goal of a firm is to maximize profits to provide a financial gain to shareholders.
A)True
B)False
Q2) Briefly compare and contrast corporate governance in the United States,Germany,and Japan,and China.
Q3) Corporate governance is all of the following EXCEPT
A)mechanisms used to determine and control the strategic direction and performance of organizations.
B)a means to establish and maintain harmony between owners and top managers whose interests may conflict.
C)ensuring that top managers' interests are aligned with the interests of stockholders.
D)resolve conflicts among corporate employees.
Q4) Define the three internal corporate governance mechanisms and how they may be used to control and monitor managerial decisions.
Q5) Discuss the difficulties in establishing performance-based compensation plans for executives.
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Page 12
Chapter 11: Organizational Structure and Controls
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152 Verified Questions
152 Flashcards
Source URL: https://quizplus.com/quiz/14533
Sample Questions
Q1) ____ is the degree to which decision-making authority is retained at higher managerial levels.
A)Formalization
B)Centralization
C)Specialization
D)Unification
Q2) (Refer to Case Scenario 1). What type of organizational structure was likely to have been in place under CI's multidomestic strategy?
Q3) Describe the three major types of organizational structure and their appropriate use.
Q4) Leslie is a newly graduated certified public accountant with a specialty in corporate tax. She wishes to join an organization (not an accounting firm)that will allow her to concentrate on corporate tax and become deeply proficient in this area. Leslie should look for a position in a firm with a______structure.
A)simple
B)functional
C)multidivisional
D)network
Q5) Discuss the difference between strategic controls and financial controls.
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Chapter 12: Strategic Leadership
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132 Verified Questions
132 Flashcards
Source URL: https://quizplus.com/quiz/14534
Sample Questions
Q1) Strategic control focuses on the content of strategic actions rather than their outcomes.
A)True
B)False
Q2) In the balanced scorecard framework,climate that supports change and innovation.
A)learning and growth
B)financial
C)operational
D)innovational controls are used to assess the organization's success in creating a
Q3) GM's newest CEO,Dan Akerson,is building new capabilities in technology development and marketing,especially in customer service. This is an example of a CEO developing capabilities into core competencies.
A)True
B)False
Q4) Typically,a vice president would NOT be considered to hold a high enough position to be included in the top management team of an organization.
A)True
B)False
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Page 14
Chapter 13: Strategic Entrepreneurship
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129 Verified Questions
129 Flashcards
Source URL: https://quizplus.com/quiz/14535
Sample Questions
Q1) exist(s)when there is a need in the market that can be satisfied by new goods or services.
A)Potentiality
B)Market readiness
C)Entrepreneurial opportunities
D)Critical core competencies
Q2) Innovations that involve significant technological breakthroughs and create new knowledge
A)build incrementally on the firm's existing technologies and knowledge.
B)are the most common type of innovation.
C)involve substantial uncertainty and risk.
D)typically have clear market opportunities.
Q3) What is the importance of international entrepreneurship?
Q4) A society's cultural characteristics influence a nation's rate of entrepreneurship and its related practices.
A)True
B)False
Q5) Discuss the benefits and risks of acquiring another firm to gain access to innovations.
Q6) (Refer to Case Scenario 1). What resources appear to be missing?
Page 15
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