TzkisBill
1: A deliberate action taken toward a defined future goal…
1: A deliberate action taken toward a defined future goal represents:
A. An unrealised strategy
B. An intended strategy
C. taking advantage of an apparent trend
D. the outcome of good fortune
2: Which of the following defines an Entrepreneur?
A. a person who makes a lot of money in a short time online or by trading in crypto currency
B. a ‘sharp-shooter’ who dresses well and is charismatic
C. a person who creates something of value and assumes the risk of building a business around it
D. a manager who leaves the company to go into competition with it
3: If Bunnings keeps its prices low by buying in bulk and distributing nationally in large volumes via low rent warehouse-type outlets, these are features of which type Generic Strategy:
A. focused differentiation
B. unfocused niche
C. cost-push inflation
D: Cost Leadership
4: Which of the following statements does NOT apply to the TERMS Model, when applied to generic business strategy:
A. It prompts us to consider the Risks attached to any decision
B. One of the most important elements in any customer’s decision is Emotion
C. the TERMS Model regards Money as the most important element in the mix
D. It seeks to identify whether there may be something relevant to the current Time that we can capitalise on
5: In the PROFIT model, which of the following categorisations is true:
A. ROI are the intangible assets
B. PFT advantages last the longest
C. ROI advantages are short-lived
D. PFT are the intangible assets
6: An entrepreneurial orientation (EO) means:
A. the business owner gets other people to do their work
B. the firm adopts processes, practices, styles of decision-making that are innovative, pro-active, and non-risk-averse
C. the staff only care about sales
D. we are constantly busy with no time to spare
7: Which of the following tools can help identify and build core competencies?
A. Porter’s five forces model and value chain analysis
B. Scanning and the four criteria of sustainable competitive advantage
C. Value chain analysis and the four criteria of sustainable competitive advantage
8: Business-level strategies detail commitments and actions taken to provide value to customers and to gain competitive advantage by exploiting core competencies in:
A. the selection of industries in which the firm will compete
B. specific and individual product markets
C. specific and individual functional departments
D. specific plant locations
9 : Porter’s Five Forces model is a way of assessing:
A. inflation
B. the competitive forces affecting a particular industry
C. entrepreneurial inclination
D. how the government enforces compliance
10: Which of the following statements is UNTRUE?
A. Goals are the specific results we are trying to achieve
B. Vision is what we hope to become
C. Mission is the reason why our company exists
D. Values are unnecessary costs to our company
11: In a Cross Impact Analysis (CIA) which of the following is false?
A. An Exploit type strategy combines a strength with an opportunity
B. An Avoid type strategy seeks to limit the amount of damage a threat will do to us if it hits us in a weak spot
C. We need a Shine-Up strategy in order to conquer a SWOT that invokes our strengths
D. If we know about a threat that is likely to come at us, we should embark on a Conquer type strategy if we can counter it with a strength
12: The Ansoff matrix portrays what?
A. the extent to which a firm is exporting its products and services
B. whether or not a firm is meeting the needs of its target market
C. if the firm can further penetrate its existing markets by diversification
D. the approach a firm is planning to take to ensure its future continuing growth
13: Value-creating primary activities include:
A. purchasing raw materials and supplies
B. developing an appropriate corporate structure
C. selecting appropriate distribution channels
D. planning corporate strategy and setting goals
14: A Strategic group within an industry is:
A. two firms that are exactly the same
B. a cluster of firms that share similar operating or marketing strategies
C. two or more firms that provide differentiated customer experiences at the same price point
D. two firms that are totally different
15: Why is risk an important construct in Entrepreneurship?
A. because risk has no bearing on rewards
B. because entrepreneurs have the tendency to engage in bold, rather than cautious actions
C. because risk mitigation procedures are anti-entrepreneurial
D. because a firm that has good risk management procedures is less likely to take a chance when opportunities arise
16: Which of the following is NOT a factor in giving one company a competitive advantage over others?
A. Premium Brand
B. Ability to adapt to new opportunities (innovation propensity)
C. Experienced and committed staff
D. Higher cost base
17: In analyzing the industry environment, which of the following is most true:
A. our relative market share is irrelevant
B. an ‘Easy Entry’ industry is more attractive than one with high switching costs
C. Substitute products occur when the bargaining power of customers is lowest
D. it is important to know where the balance of power lies in the supply chain or value chain
