Deck 9: Strategic Entrepreneurial Growth

Question 1

Strategic planning is:

A)individuals who recognise opportunities,start businesses and employ people
B)the primary step in determining the future direction of a business
C)the individuals who plan to start a business
D)making strategic purchases for the business

Answer 1

B

Question 2

In a strategy,venture development and growth plan,what is the entrepreneur's point of view?

A)Where is the opportunity,how do I capitalise on it,what resources do I need,how do I gain control over the resources,and what structure is best?
B)What resources do I control,what structure determines an organisational relationship to the market,how can I minimise the impact on others and what opportunity is appropriate?
C)The what,where,how and why of planning
D)Where can I exploit and how do I capitalise on this exploitation for my business?

Answer 2

A

Question 3

Growth opportunities can include which of the following?

A)Strategic alliances and joint ventures
B)Distributing through royalties and licensing
C)Franchising,mergers and acquisitions and ethnic networks
D)All of these choices

Answer 3

D

Question 4

What are the basic tasks that must occur in strategic planning?

A)Examine the internal and external environments,undertake a SWOT analysis and formulate long and short-range strategies
B)Implement the strategic plan
C)Evaluate the performance of the strategy against the strategic intent,desired returns and competitive advantage and take follow-up actions through continuous feedback
D)All of these choices

Question 5

What is meant by the term global sourcing?

A)A cross-border search for suitable customers that meet specific quality,time and price requirements
B)A local search for suitable suppliers that meet specific quality,time and price requirements
C)A cross-border search for suitable suppliers that meet specific quality,time and price requirements
D)A domestic search for suitable suppliers that meet specific quality,time and price requirements

Question 6

What are the elements and perspectives of a business model?

A)Strategic positioning perspective,customer segment,customer relationships and distribution channels
B)Economic perspective,revenue model,value proposition and cost structure
C)Organisational architecture perspective,key activities,key resources and partner network
D)All of these choices

Question 7

An experienced entrepreneur:

A)uses outsourcing for their planning
B)uses formal strategic processes to help determine the future path of the organisation
C)uses their gut instinct only
D)doesn't plan at all

Question 8

What are dynamic capabilities?

A)The strategic capabilities that lead a business to change the world; the how and why a core business does what it does
B)The primary steps in determining what type of capabilities you might need in your business
C)Individuals who are successful when planning to start a business
D)Entrepreneurs who have a dynamic personality

Question 9

Which of the following are fatal flaws in strategic execution?

A)Misunderstanding industry attractiveness,no real competitive advantage,compromising strategy for growth,pursuing and an unattainable competitive position and failure to explicitly communicate the venture strategy to employees
B)Misunderstanding competitive advantage,lack of industry knowledge,pursuing lower level goals and failure to work hard on the business
C)Misunderstanding competitors,illogical operations planning and poorly trained staff
D)Misunderstanding customers wants and needs,not completing a SWOT analysis and not communicating with customers

Question 10

The strategic management process:

A)is the full set of commitments,decisions and actions required for a business to achieve a competitive advantage and earn above-average returns
B)requires developing strategies and setting policy guidelines
C)requires relevant strategy inputs derived from the SWOT analysis and effective strategic action
D)All of these choices

Question 11

What is a SWOT analysis?

A)Analysing opportunities for starting businesses and employing people
B)Strategic analysis of strengths,weaknesses,opportunities and threats
C)The process of designing commercial opportunities
D)How you get rid of your competition by blowing them out of the water

Question 12

What is a product life cycle (PLC)?

A)The impact of new products on the cycle of the business
B)The stages of time on the market through which a product progresses; can be divided into introduction,growth,maturity and decline
C)The time the product will remain relevant to the customer
D)The stages of time on the customer through which a product progresses; can be divided into the following: the old,the replacement and the new customer

Question 13

What are barriers to entry?

A)The barriers and boundaries of a property restricting new business entry
B)The employees in a new business entry who have IP on the technology and other inputs
C)Individuals who stop you starting a business
D)The elements restricting a new business entry into an industry,such as proprietary technology and limited access to distribution channels

Question 14

Global entrepreneurs are:

A)opportunity-minded,open-minded and able to see different points of view and weld them into a unified focus
B)single-minded and focused on money
C)community-minded
D)All of these choices

Question 15

The lack of strategic planning can result in which broad deficiencies in the business?

A)Time abundance,poor relationship-building skills,lack of expertise and skills,lack of trust/openness and the perception of high cost
B)Time scarcity,lack of knowledge,lack of expertise and skills,lack of trust/openness and the perception of high cost
C)Time,knowledge,expertise and skills,trust and the perception of low cost
D)Time,knowledge,expertise and skills,trust and the perception of high cost

Question 16

Strategic positioning is:

A)business owners explaining their position and market share
B)the initial step in determining the primary position of a business
C)the individuals who position themselves well to start a business
D)the process of perceiving new positions that attract customers from established positions or draw new customers into the market

Question 17

When preparing to go global,which of the following would an entrepreneur need to consider when pursuing growth and expansion?

A)Macro level market attractiveness,basic fit,economic environment or market indicators,political legal environment,risk and regulation,financial environment,socio-cultural environment,market potential and industry attractiveness,economical market conditions,competitors,political and legal,infrastructure and physical/geographic
B)Competition,market share and legal environment
C)Micro level market attractiveness,local economic market indicators,politics and safety in the region,financial environment,socio-cultural environment,market exploitation,industry attractiveness,infrastructure and geographical location
D)Competition,market share,export licence,legal environment and socio-cultural aspects

Question 18

Which of the following best defines the term 'mission' in an entrepreneurship context?

A)A stated mid-term objective that will affect or change a venture's position by incremental steps toward a particular strategic direction
B)The end goal of an entrepreneurship business
C)The individuals who plan to start a business goal
D)Every business must do something

Question 19

What are the four areas of the strategy,venture and growth model known as the product marketing metrics?

A)Market penetration,product development,diversification,and market extension
B)Market positioning,penetration,product price and people
C)Market penetration,people development,cost and market analysis
D)Strategic purchasing,networking,service design and capitalisation for the business

Question 20

Linking strategy to new products in new markets can be thought of in which of the following two ways?

A)Blue ocean strategy and value innovation
B)Blue ocean strategy and value proposition
C)Valuing innovation and fluid strategies
D)Valuing innovation and valuing strategic work