Question 1

Henry is the CEO of a social venture that focuses on reducing poverty in African countries. He is contemplating improving its internal operations to become more efficient. To this end, he is putting together a team to learn from the leading social enterprises. He comes to you for advice. You would probably tell Henry that he may use _________________.

A) Competitive intelligence.
B) Environmental scanning.
C) Benchmarking.
D) PEST model.

C

Accepted Answer

Benchmarking is a process of comparing a company's performance with industry leaders in order to improve its own performance. By studying the best practices of successful social enterprises, Henry's team can identify areas where its own organization can become more efficient and effective. Competitive intelligence involves gathering and analyzing information about competitors, which may not be relevant for a social venture. Environmental scanning is a process of monitoring an organization's external environment, which may not help Henry's team identify best practices for internal operations. The PEST model is a framework for analyzing an organization's external environment, which may not be relevant for Henry's team's focus on improving internal operations.

Question 2

The following steps are included in environmental scanning except:&#10;A) Identifying the environmental scanning needs of the firm.&#10;B) Gathering the information needed by the focal firm.&#10;C) Analyzing the information.&#10;D) Conducting competitive advantage.

Accepted Answer

Conducting competitive advantage is not a step in environmental scanning. Environmental scanning is a process that involves identifying the scanning needs of the firm, gathering information about the external environment, analyzing the information, and using it to make informed decisions. Conducting competitive advantage is a separate process that involves leveraging the firm's strengths to gain a competitive advantage over its competitors.

Question 3

_____________ explores the role of entrepreneurship in national economic growth, unveiling detailed national features and characteristics associated with entrepreneurial activity.&#10;A) PEST model.&#10;B) Global Entrepreneurship Monitor.&#10;C) Five forces model.&#10;D) Competitive intelligence.

Accepted Answer

The Global Entrepreneurship Monitor (GEM) is a comprehensive research project that explores the role of entrepreneurship in promoting national economic growth. It provides detailed insights into the national features and characteristics associated with entrepreneurial activity, making it a suitable choice for this question. The PEST model is a framework used for analyzing the external macro-environmental factors affecting an organization, and the five forces model is used for analyzing the competitive environment of an industry. Competitive intelligence refers to the gathering of information about a competitor's activities to improve one's competitive position. While all these frameworks are useful in their own right, they are not specifically designed to explore the role of entrepreneurship in national economic growth.

Question 4

Which of the following is not a dimension of the institutional environment according to Scott?&#10;A) Normative.&#10;B) Cognitive.&#10;C) Regulatory.&#10;D) Self-imposed codes of conduct.

Accepted Answer

Self-imposed codes of conduct are typically considered a part of the normative dimension, which includes ethical and cultural values and beliefs. Scott's three dimensions of the institutional environment are normative, cognitive, and regulatory. The normative dimension concerns values and norms, the cognitive dimension concerns taken-for-granted beliefs and assumptions, and the regulatory dimension concerns formal rules and laws.

Question 5

If you want to analyze the external environment of a country and focus on the following four aspects, political, economic, social, and technological, you would probably use ____________.&#10;A) Benchmarking.&#10;B) Environmental scanning.&#10;C) PEST model.&#10;D) Competitive intelligence.

Accepted Answer

The PEST model (also known as PESTLE or STEEPLE) is a commonly used framework for analyzing the external environment of a country or organization. It stands for Political, Economic, Social, and Technological factors, which are systematically analyzed to identify opportunities and threats for the organization. Benchmarking refers to comparing the performance of an organization to that of its competitors, while environmental scanning is a broader process of monitoring and analyzing the external environment for trends and changes that could impact the organization. Competitive intelligence refers to gathering and analyzing information about competitors to gain a strategic advantage. While these tools can be useful for understanding the external environment, the PEST model specifically addresses the four key aspects of the environment that are likely to have the greatest impact on an organization.

Question 6

Which of the following is not part of the formal constraints of the institutional environment of a country?&#10;A) Laws.&#10;B) Norms.&#10;C) Rules.&#10;D) Constitutions.

Accepted Answer

Norms are informal constraints, as they are unwritten social expectations and customs. The formal constraints of the institutional environment include laws, rules, and constitutions.

Question 7

Which of the following is not part of the informal constraints of the institutional environment of a country?&#10;A) Norms.&#10;B) Behaviors.&#10;C) Laws.&#10;D) Self-imposed codes of conduct.

Accepted Answer

Laws are considered part of the formal constraints of the institutional environment, as they are written rules and regulations enforced by the government. Norms, behaviors, and self-imposed codes of conduct are all informal constraints, as they are unwritten expectations and guidelines that shape behavior within a society or organization.

Question 8

Maggie uses a strategic management tool to garner useful information about the competition, the market, and the technology that can be utilized by managers to make strategic decisions. Using this tool, Maggie is able to learn about potential competitors. Maggie is probably using ______________.

A) Competitive intelligence.
B) Porter's Five Forces Model.
C) Benchmarking.
D) PEST model.

Accepted Answer

Competitive intelligence is a strategic management tool that involves gathering and analyzing information about competitors, the market, and the technology that can be used to make informed strategic decisions. This tool helps businesses to understand their strengths and weaknesses relative to their competitors, identify new opportunities in the market, and develop effective strategies for growth and success. Porter's Five Forces Model, benchmarking, and the PEST model are also useful strategic management tools, but they focus on different aspects of the business environment and may not be as effective for identifying potential competitors.

Question 9

If Henry is willing to analyze the social landscape in which his social venture competes, he would probably use ____________.&#10;A) Competitive intelligence.&#10;B) Porter's Five Forces Model.&#10;C) Benchmarking.&#10;D) PEST model.

Accepted Answer

Porter's Five Forces Model is a tool to analyze the competitive environment of an industry or a market. It helps to identify the competitive threats and opportunities associated with the social landscape in which Henry's social venture competes. The model analyzes the bargaining power of suppliers, the bargaining power of buyers, the threat of new entrants, the threat of substitute products or services, and the intensity of competitive rivalry.

Question 10

__________ refers to the extent to which what is valued and rewarded in a given society influences the emergence of a particular type of entrepreneurship.&#10;A) Rules of the game.&#10;B) Institutional profile.&#10;C) Institutional norms.&#10;D) Legal aspects.

Accepted Answer

The answer of __________ refers to the extent to which...

Deck 4: Discovering Opportunities for Social Ventures