Deck 1: Business Policy, Strategic Management, and Entrepreneurship

Question 1

The origin of business policy and strategic management can be retraced to

A)1930
B)1911
C)1879
D)1938

Answer 1

1911

Question 2

Which of the following is not a part of the micro environment?

A)Technology
B)Shareholders
C)Competitors
D)Public

Answer 2

Technology

Question 3

Which of the following is not a part of the macro environment?

A)Laws & policies
B)Demographics
C)Suppliers
D)Social values

Answer 3

Suppliers

Question 4

Cultural values would be part of which of the following factor in macro environment?

A)Demographic
B)Social
C)Ecological
D)Natural

Question 5

What does stars symbolize in BCG matrix?

A)Introduction
B)Growth
C)Maturity
D)Decline

Question 6

What does red symbolize in BCG matrix?

A)Invest & expand
B)Harvest & earn
C)Harvest & divest
D)Select & earn

Question 7

The GE 9 cell model is based on

A)Industry attractiveness & business strength
B)Industry growth rate & business strength
C)Industry attractiveness & relative market share
D)Industry growth rate & relative market share

Question 8

The BCG matrix is based on

A)Industry attractiveness & business strength
B)Industry growth rate & business strength
C)Industry attractiveness & relative market share
D)Industry growth rate & relative market share

Question 9

In strategic thinking how long is the long term approximately

A)1 month to 1 year
B)2 to 3 years
C)3 to 5 years
D)More than 5 years

Question 10

Low cost, differentiation and focus are example of ____________

A)Corporate strategies
B)Operational strategies
C)Business strategies
D)Functional strategies

Question 11

The ward tactic is most likely to be associated with

A)Business strategy
B)Corporate strategy
C)Operational strategy
D)All of the above

Question 12

In BCG matrix, what is the label of horizontal axis?

A)Business strategy
B)Corporate strategy
C)Operational strategy
D)All of the above

Question 13

In BCG matrix, what is the label of vertical axis?

A)Relative market share
B)Business strength
C)Industry growth rate
D)Market growth rate

Question 14

In GE 9 cell matrix what is the label of the horizontal axis?

A)Relative market share
B)Industry attractiveness
C)Industry growth rate
D)Market growth rate

Question 15

Another name for GE 9 cell model is

A)Three color matrix
B)Stop light matrix
C)Strategic portfolio
D)Color light matrix

Question 16

What does question mark (?) symbolize in BCG matrix?

A)Remain diversified
B)Invest
C)Stable
D)Liquidate

Question 17

What do cash cows symbolize in BCG matrix?

A)Remain diversified
B)Invest
C)Stable
D)Liquidate

Question 18

What does green symbolize in BCG matrix?

A)Invest and expand
B)Select and earn
C)Harvest and divest
D)Both ( a) and (b)

Question 19

What does yellow symbolize in BCG matrix?

A)Invest and expand
B)Harvest and divest
C)Select and earn
D)Both ( a) and (b)

Question 20

Which of the following is not recognized as a misconception about entrepreneurship?

A)Successful entrepreneurship needs only a great idea
B)Entrepreneurship is easy
C)Entrepreneurship is found only is small business
D)Entrepreneurial ventures and small business are different

Question 21

All of the following are characteristics of small business EXCEPT

A)Small business are independently owned, operated and financed
B)Small business have fewer than 100 employee
C)Small business emphasis new or innovative practices
D)Small business have little impact on industry

Question 22

Which of the following is NOT on the three areas in which the importance of entrepreneurship can be shown?

A)Innovation
B)No. of new start-ups
C)Job creation and employment
D)Bureaucracy

Question 23

The creation of new firms is important because these new firms contribute to economic development through benefits that include all of the following except

A)Product-process innovation
B)Increased tax revenues
C)Unemployment
D)Social betterment

Question 24

All of the following represent countries in which the highest level of entrepreneurial activity was found except

A)Australia
B)Korea
C)Norway
D)Japan

Question 25

Positive external trends or changes that provides unique and distinct possibilities for innovating and creating value are called _________________________

A)Strength
B)Opportunities
C)Weakness
D)Threats

Question 26

An individual who has no prior business ownership experience as a business founder, inheritor of a business, or a purchaser of the business is called a __________________ entrepreneur

A)Novice
B)Habitual
C)Serial
D)Portfolio

Question 27

All of the following are popular demographic factors about entrepreneurs that have been study except

A)Self confidence
B)Gender
C)Education
D)Family birth order

Question 28

An individual who has prior business ownership experience is called a _________________ entrepreneur

A)Novice
B)Habitual
C)Serial
D)Portfolio

Question 29

The three main responsibilities involved with managing an entrepreneurial venture once its up and running include all of the following except

A)Managing process
B)Managing people
C)Managing bureaucracy
D)Managing growth

Question 30

Which one of the following actions by an entrepreneur is most likely to contribute to creative destruction

A)Development of a new product
B)Take over of a competitor
C)Issuing shares
D)Reducing prices

Question 31

An advantage of a small firm in the innovation process

A)Ability to carry out R&D
B)Ability to raise finance
C)Ability of an entrepreneur to carry out multiple tasks
D)Ability of an entrepreneur to act on new ideas or product development

Question 32

External links may provides incentives to

A)Raise finance
B)Introduce new working practices
C)Introduce improvements to products
D)Attend business exhibition

Question 33

Firms located in science part compared to those located off science park are

A)More innovative
B)Less innovative
C)More or less innovative
D)More growth oriented

Question 34

Innovative small firms are more likely in

A)Knowledge based sectors
B)Biotechnology
C)Automobile manufactures
D)Aerospace manufactures

Question 35

Schumpeter considered that innovative entrepreneur would

A)Thrive
B)Disappear
C)Be absorbed within large innovative firms
D)Be absorbed within non innovative firms

Question 36

Innovative entrepreneurs face special issues in racing

A)Development capital
B)Structured capital
C)Human capital
D)Seed capital

Question 37

Innovative entrepreneurs may have to pay high insurance premium due to the

A)The need to protect patterns
B)Greater employee liability
C)Greater customer liability
D)Greater trading risk

Question 38

Networking by innovative entrepreneur may be most encouraged by

A)Science park
B)Business incubators
C)Champers of commerce
D)Business associations

Question 39

The most likely problem encountered by innovative entrepreneurs in raising finance is

A)Limited security since R&D is an intangible asset
B)The costs of the patenting system
C)The exhaustion of personal equality in R&D
D)Inability of potential external funders to understand technology

Question 40

Strategic management is the set of decisions and actions in formulation and implementation of strategic designed to achieve the objective of __________________

A)An organization
B)A customer
C)A planning
D)Management
E)Finance

Question 41

"Strategic management is a stream of decisions and actions which leads to the development of an effective strategy or strategies to help achieve corporate objectives" who said?

A)Boulton
B)Sharplin
C)Jauch & Glueck
D)Loyd
E)Anosff

Question 42

The strategic management process is the way in which strategic determine objectives and _________________________

A)Make planning
B)Make coordinating
C)Make strategic decisions
D)Make recording
E)All of these

Question 43

"Strategic management as the formulation and implementation of plans and carrying out of activities relating to the matters which one of vital pervasive or continuing importance to the total organization " who said it?

A)Sharplin
B)Hofer and schendel
C)Ansoff
D)Lloyd L. Byans
E)None of these

Question 44

Strategic management involves _____________________

A)The determination of the organization mission, strategic policies and strategic objectives
B)The determination of price of the product and service
C)Cost
D)Planning with high cost
E)Profit

Question 45

The overall strategy of any firm comprises decision on ________________

A)Customer mix
B)Product mix
C)Geographic limits of the market to be served
D)Objectives
E)All of these

Question 46

Strategy deals __________________

A)With demand
B)With product
C)With cost
D)With choice and direction of an organization
E)All of these

Question 47

Strategic management as distinct management process that involves _______________

A)An organizations engaging in strategic planning and then an acting on those plans
B)An organization's activity in respect of finance
C)An accounting system
D)An organization
E)None of these

Question 48

______________is a set of rules aimed at taking decisions for substance and growth of an organization in a given environment

A)Marketing management
B)Strategic management
C)Accounting
D)Financial management
E)Plan

Question 49

Strategic management includes _____________________

A)Accounting
B)Product and services
C)Demand
D)Strategic planning
E)Price

Question 50

Strategic implementation is concerned with making decisions with regard to

A)Developing an organizational structure to achieve the strategy
B)Recording the financial transactions
C)Keeping the records
D)Recording the data
E)None of these

Question 51

Strategic management is based on _______________________

A)Corporate objectives
B)Financial planning
C)Cost
D)Product
E)Profit

Question 52

Strategic management includes ________________

A)Organizational mission
B)Organizational objectives
C)Organizational strategies
D)All of the above
E)None of these

Question 53

The concept of strategy is _________________________________

A)Ancient
B)Old
C)Modern
D)All of these
E)None of these

Question 54

"Strategy as a pattern in streams of decisions and actions" who said?

A)Shirley peters and Ansary
B)Michael porter
C)Henry mintzberg
D)Yavitz
E)Newman

Question 55

A strategy is a set of decision making rules which guides and links the human and other resources of an organization and with the challenges and risk posed by

A)Outside world
B)Customer
C)Suppliers
D)Product
E)Service

Question 56

"Strategy is the pattern of objectives, purpose or goals and major policies and plans for achieving these goals, stated in such a way, so as to define what business the company is in or to be and the kind of company it is or is to be " who said

A)Michael porter
B)Shirley peters and Ansary
C)Andrews
D)Jauch and glueck
E)All of these

Question 57

What is the correct statement about strategy?

A)A strategy is the means used to achieve ends
B)Strategy is concerned with matching external opportunities with corporate resources at acceptable levels of profit and risks
C)Strategy is the pattern of an organizations response to its environment overtime
D)A strategy for a firm is a long run plan
E)All of these

Question 58

Policy includes _______________________

A)Positioning
B)Operational control
C)Growth
D)Financing
E)All of these

Question 59

Corporate level strategy is formulated by ___________________-

A)Lower management
B)Top management
C)Customer
D)Bankers
E)None of these

Question 60

Functional level strategy involves decision making at the operational level with respect to specific functional areas like

A)Production
B)Marketing
C)Personnel
D)Finance
E)All of these

Question 61

Strategy intent includes _______________________

A)Vision
B)Mission
C)Objectives
D)All of these
E)None of these

Question 62

SWOT analysis includes _______________________

A)Corporate strategy
B)Business level strategy
C)Functional strategy
D)Strategic plan
E)All of these

Question 63

Strategic management begins with ____________________

A)A mission
B)A plan or planning
C)Product
D)Building
E)Employees

Question 64

"Mission is the fundamental work given by the society to an organization" who said?

A)Koontz and O'Donnell
B)Thompson
C)Daulton E Mc Fatland
D)All of these
E)None of these

Question 65

A missions aim should always to high but it should not be improper and ____________

A)Practical
B)Clear
C)Significant
D)Impractical
E)None of these

Question 66

A mission includes ________________________

A)Distinctive from the firm
B)Precise
C)Feasible
D)Motivating
E)All of these

Question 67

The process of strategy management starts with ____________________

A)Determination of product
B)Determination of price
C)Determination of mission
D)Firm
E)Profit

Question 68

"The goal is the necessary equipment for conducting of professional units in important fields , the flight of management will be aimless without this because there will neither be any signs nor any early familiar way to know the way" who said

A)Koontz and O'Donnell
B)Pearce and robinson
C)Thompson
D)Peter F Drucker
E)All of these

Question 69

The goal includes ________________

A)Accepted
B)Challenge
C)Feedback
D)All of these
E)None of these

Question 70

Individual goal is a _________________________

A)Personal goal of an organization member
B)Productive goal
C)Co-operative goal
D)Joint goal
E)Profit

Question 71

Objectives are _______________________________

A)Pioneering description of an organizations actions
B)Description of expected actions and results not real results
C)Related to future
D)Action plans or action-orientations or action commitment of an organization purpose
E)All of these

Question 72

Objectives should be __________________

A)Measurable
B)Defined in quantitative form
C)Practical
D)Realistic
E)All of these

Question 73

Strategy is designed or formulated on the basis of ______________________

A)Product
B)Profit
C)Budget
D)Goals
E)Action