Entrepreneurship
Textbook Exam Questions
Course Introduction
Entrepreneurship explores the process of identifying, creating, and pursuing opportunities to launch new ventures or innovate within existing organizations. This course introduces students to the fundamental concepts of entrepreneurship, including opportunity recognition, feasibility analysis, business model development, resource acquisition, financial planning, and risk management. Emphasizing both theory and practical application, students will examine the entrepreneurial mindset, develop critical thinking and problem-solving skills, and engage in the creation of business plans or pitches. By the end of the course, students will have gained an understanding of the challenges and rewards of entrepreneurial activity and the strategies for successfully navigating the start-up lifecycle.
Recommended Textbook
Strategic Management A Competitive Advantage Approach Concepts and Cases 14th Edition by
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11 Chapters
1337 Verified Questions
1337 Flashcards
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Chapter 1: The Nature of Strategic Management
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131 Verified Questions
131 Flashcards
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Sample Questions
Q1) Annual objectives are long-term milestones that organizations must achieve to reach short-term objectives.
A)True
B)False
Answer: False
Q2) Strategy formulation, implementation and evaluation activities occur at three hierarchical levels in a large organization: corporate, divisional and functional.
A)True
B)False
Answer: True
Q3) Strategic management focuses on integrating management, marketing, finance/accounting, production/operations, research and development, and information systems to achieve organizational success.
A)True
B)False
Answer: True
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Page 3
Chapter 2: The Business Vision and Mission
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113 Verified Questions
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Sample Questions
Q1) When developing a mission statement, what is needed before people can focus on specific strategy formulation activities?
A) Negotiation
B) Compromise
C) Eventual agreement
D) A and B only
E) All of the above
Answer: E
Q2) After a draft mission statement has been developed, it is important to
A) ask managers to read several articles about mission statements as background information.
B) vote on the mission statement.
C) ask managers to prepare a mission statement for the organization.
D) ask managers to seek support for the mission statement from their subordinates.
E) request modifications, additions, and deletions to the mission statement.
Answer: E
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Chapter 3: The External Assessment
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Sample Questions
Q1) The trend toward an older America is bad news for restaurants, hotels, airlines and home builders.
A)True
B)False
Answer: False
Q2) The high unemployment rate in the U.S. is an example of a(n) ________ force affecting business.
A) social
B) economic
C) cultural
D) technological
E) historical
Answer: B
Q3) There are now more American households consisting of married couples with children than of people living alone or with unrelated people.
A)True
B)False
Answer: False
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Page 5
Chapter 4: The Internal Assessment
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132 Verified Questions
132 Flashcards
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Sample Questions
Q1) A form of customer analysis is administering customer surveys.
A)True
B)False
Q2) The controlling function of management is especially important for effective strategy evaluation.
A)True
B)False
Q3) Test marketing is used more frequently by industrial companies than consumer goods companies.
A)True
B)False
Q4) Selling includes all of these marketing activities EXCEPT
A) advertising
B) dealer relations
C) customer analysis
D) publicity
E) sales promotion
Q5) Discuss the limitations of financial ratio analysis.
Q6) There are seven basic functions of marketing. List and define these functions.
Q7) Discuss the five steps involved in performing an IFE Matrix.
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Chapter 5: Strategies in Action
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131 Flashcards
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Sample Questions
Q1) Strategists in governmental organizations operate with far more strategic autonomy than their counterparts in private firms.
A)True
B)False
Q2) A low-cost focus strategy can be especially attractive when the target market niche is small.
A)True B)False
Q3) A differentiation strategy can only be achieved with a large target market.
A)True B)False
Q4) Horizontal integration is seeking ownership or increased control over competitors. A)True B)False
Q5) Differentiation guarantees competitive advantage. A)True
B)False
Q6) List some guidelines for when forward integration would be a particularly good strategy to pursue.
Page 7
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Chapter 6: Strategy Analysis and Choice
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Sample Questions
Q1) The purpose of matching key factors is to generate feasible alternative strategies.
A)True
B)False
Q2) Which strategy-formulation technique reveals the relative attractiveness of alternative strategies and thus provides an objective basis for selecting specific strategies?
A) SWOT
B) SPACE
C) QSPM
D) IFE
E) CPM
Q3) In the BCG Matrix, how would a division with a low relative market share position in a high growth industry be described?
A) Question Mark
B) Cash Cow
C) Star
D) Stuck-in-the-middle
E) Dog
Q4) Compare and contrast the IE Matrix with the BCG Matrix.
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Chapter 7: Implementing Strategies: Management and Operations Issues
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Sample Questions
Q1) Strategies clarify what can and cannot be done in pursuit of an organization's objectives.
A)True
B)False
Q2) A force change strategy is plagued by low commitment and high resistance.
A)True
B)False
Q3) ESOPs work well even in firms with fluctuating payrolls and profits.
A)True
B)False
Q4) With the matrix structure it is common for functional resources to be duplicated.
A)True
B)False
Q5) Cornerstones of reengineering are decentralization, reciprocal interdependence and information sharing.
A)True
B)False
Q6) Name at least ten issues that may require a management policy.
Page 9
Q7) Explain the nature and role of ESOPs in strategic management.
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Chapter 8: Implementing Strategies: Marketing, Financeaccounting,
RD, and MIS
Issues
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Sample Questions
Q1) Discuss guidelines used to determine whether a firm should conduct R&D internally or externally.
Q2) Which variable would be considered part of the "place" element of the marketing mix?
A) Product line
B) Service level
C) Personal selling
D) Sales territory
E) Discounts and allowances
Q3) What is a central strategy-implementation technique that allows an organization to examine the expected results of various actions and approaches?
A) EPS/EBIT
B) Financial budgeting
C) TOWS analysis
D) Projected financial statement analysis
E) External analysis
Q4) Discuss some ways in which management information systems can benefit a company.
Q5) Explain how to perform a projected financial analysis.
Q6) What are the marketing mix component variables? Give some examples of each. Page 10
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Chapter 9: Strategy Review, Evaluation, and Control
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Sample Questions
Q1) Discuss some contingency plans commonly established by firms.
Q2) According to author Alvin Toffler, what occurs when the nature, types, and speed of changes overpower an individual's or organization's ability and capacity to adapt?
A) Corporate insecurity
B) Corrective actions
C) Future shock
D) Corporate agility
E) Projected performance
Q3) Which of the following is NOT a key attribute that serves as one of the evaluative criteria for Fortune's "America's Most Admired Companies?"
A) People management
B) Innovativeness
C) Financial soundness
D) Amount of physical resources
E) Use of corporate assets
Q4) Compare and contrast two of Rumelt's four criteria for evaluating strategies.
Q5) Describe the seven-step process of effective contingency planning in strategy evaluation.
Q6) Discuss the three particular challenges that strategists face today.
Page 12
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Chapter 10: Business Ethicssocial
Responsibilityenvironmental Sustainability
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120 Verified Questions
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Sample Questions
Q1) A highly ethical company that does an excellent job on social responsibility and environmental sustainability issues, GM spent ________ million in the last quarter of 2010 to give its U.S. union employees profit-sharing payments.
A) $42
B) $135
C) $200
D) $339
E) $500
Q2) A bribe is a gift bestowed to influence another's conduct.
A)True
B)False
Q3) Responsibility for encouraging ethical decision making and ensuring ethical behavior in a firm lies with
A) only a firm's strategists.
B) only a firm's managers.
C) only a firm's shareholders.
D) both a firm's strategists and its managers.
E) neither a firm's strategists nor its managers.
Q4) Describe a sustainability report.
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Chapter 11: Globalinternational Issues
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Sample Questions
Q1) It is an exaggeration to say that in an industry that is global, the riskiest possible posture is to remain a domestic competitor.
A)True
B)False
Q2) Foreign revenue as a percentage of total company revenues is approaching 20 percent for Colgate-Palmolive.
A)True
B)False
Q3) U.S. managers in Japan have to be careful about ________, whereby Japanese workers expect supervisors to alert them privately of changes rather than informing them in a meeting.
A) feng shui
B) nemaswashio
C) wa
D) guanxi
E) inhwa
Q4) In China, one should eat heartily to demonstrate enjoyment of the food.
A)True
B)False
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