Entrepreneurship And Innovation (Org207)

103 Questions | Total Attempts: 2624

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Entrepreneurship And Innovation (Org207)


Questions and Answers
  • 1. 
    Which of the following constitutes an event of new entry?
    • A. 

      Offering a new product to an established market.

    • B. 

      Offering a new product to a new market.

    • C. 

      Offering an established product in an established market.

    • D. 

      Offering an established product in a new market.

    • E. 

      All except a.

    • F. 

      All except c.

  • 2. 
    What is the link between innovation and entrepreneurship?
    • A. 

      Both innovation and entrepreneurship are two different labels describing the same thing launching new businesses.

    • B. 

      Entrepreneurs use innovation processes for gaining strategic advantage in markets, by creating and exploiting change situations as opportunities for value creation.

    • C. 

      Innovation is necessarily the way by which entrepreneurs create new organizations.

    • D. 

      Entrepreneurs drive innovation in an attempt to change conditions in markets, as part of endless cycles of creative destruction.

    • E. 

      Only b and d, but not a and c.

    • F. 

      None of the above.

  • 3. 
    Which of the following characterizes an entrepreneur?
    • A. 

      Low management skills but high levels of creativity and innovation

    • B. 

      Low levels of creativity and innovation, and high management skills.

    • C. 

      High levels of both management skills and creativity and innovation.

    • D. 

      Low levels of both management skills and creativity and innovation.

    • E. 

      Depends, in some situations - a, and in some situations - d.

    • F. 

      None of the above.

  • 4. 
    According to the innovation life-cycle:
    • A. 

      Emphasis on product innovation is constant throughout the innovation life cycle.

    • B. 

      Emphasis on process innovation is high in the fluid stage and low at the transitional stage of the innovation life cycle.

    • C. 

      Emphasis on both product and process innovation is equally high in the early fluid stage of the innovation life cycle.

    • D. 

      Emphasis on process innovation increases throughout the innovation life cycle.

    • E. 

      All of the above.

    • F. 

      None of the above.

  • 5. 
    Which of the following will help coping with customer uncertainty concerns, when launching a new product?
    • A. 

      Offering samples and free trials.

    • B. 

      Educating customers through demonstrations and documentation.

    • C. 

      Launching an informational advertising campaign.

    • D. 

      Highlighting product benefits over substitutes.

    • E. 

      All of the above.

    • F. 

      None of the above.

  • 6. 
    Which of the following statements represent cases of product innovation?
    • A. 

      Introduction of a completely new product into the market.

    • B. 

      Introduction of an existing product into a new market.

    • C. 

      Introduction of a new production process for a popular products? production line.

    • D. 

      Introduction of a significantly improved version of an existing product.

    • E. 

      Only a and d, but not b and c.

    • F. 

      Only b and d, but not a and c.

  • 7. 
    Which of the following situations does not represent discontinuity in markets?
    • A. 

      There are many competitors producing more or less same standard product, when demand for it is greater than supply.

    • B. 

      Emergence of new business models, when firms sell same products but with different revenue sources and pricing mechanism.

    • C. 

      Dramatic changes in consumer preferences and behavioral patterns.

    • D. 

      Emergence of new technologies, which require other firms to adapt to a new superior industry standard.

    • E. 

      When governments stop subsidizing local firms and allow foreign firms to compete with local firms on equal terms.

    • F. 

      All of the above.

  • 8. 
    Which of the following characterizes the transitional stage of the innovation cycle?
    • A. 

      Products are often specially customized to specific customers.

    • B. 

      Product types frequently change and to a significant extent.

    • C. 

      Product range includes at least one stable or dominant design and/or format.

    • D. 

      Products are produced inefficiently under a mode of constant exploration.

    • E. 

      Competitive emphasis is on per unit cost reduction.

    • F. 

      Products are produced in a highly efficient manner, often characterized by rigid procedures.

  • 9. 
    Which of the following describes the difference between radical and incremental innovation?
    • A. 

      The difference between what we imagine an innovation to be and what it is.

    • B. 

      The difference between what we start developing in an innovation process and what our end result of that process is.

    • C. 

      The difference between small improvements in what we are already doing and doing something we have never done before, or doing something we have done before only completely differently.

    • D. 

      The difference between the perceived changes to a product by customers and the perceived changes to a product by a company.

    • E. 

      All of the above.

    • F. 

      None of the above

  • 10. 
    Which of the following is not an approach to innovation?
    • A. 

      Invention of a new product or service.

    • B. 

      Imitation of an existing product or service.

    • C. 

      Creative replication of existing concept.

    • D. 

      Combination of existing concepts in a new way.

    • E. 

      Only a and d.

    • F. 

      Only c and d.

  • 11. 
    Which of the following is not a disadvantage of ?new entry? moves?
    • A. 

      Inability to estimate demand volumes and growth potential for a new technological solution currently unavailable in the market.

    • B. 

      Inability to launch perfect products from early on and needing to introduce improvements all the time.

    • C. 

      Inability to assess whether new technology will actually work.

    • D. 

      Inability to build entry barriers for competitors prior to product launch

    • E. 

      Inability to form strong relations with key industry channels and players.

    • F. 

      Inability to get customers to try new products.

  • 12. 
    Entrepreneurial orientation reflects the processes, methods and styles that firms use to act entrepreneurially (Lumpkin & Dess, 1996). Which of the following represent the three main aspects of entrepreneurial orientation?
    • A. 

      Attitude, social norms, and self-efficacy.

    • B. 

      Innovativeness, pro-activity and risk-taking proclivity.

    • C. 

      Opportunity exploration, opportunity recognition, and opportunity exploitation.

    • D. 

      Money, market, and management.

    • E. 

      Financial risk-taking, social risk-taking, and career risk-taking.

    • F. 

      None of the above.

  • 13. 
    Which of the following best describes ?contrarian value creation?:
    • A. 

      When one thing seems worthless to one person, is viewed and turned into a source of value creation for another person (example ? bring mobile phone to poor countries).

    • B. 

      When one technology is outdated by the availability of better technology in the market (example ? sell Blu-Ray films instead of regular DVDs).

    • C. 

      When one business is able to make profit by inflicting loss to another (example ? market share of company 1 is grown at the expense of market share of company 2).

    • D. 

      When the value of a product for one segment is partially attributed to the inability of other segments to get/own/afford it (example ? luxury products, sports cars, massive yachts, etc.).

    • E. 

      None of the above.

    • F. 

      All of the above.

  • 14. 
    Which of the following are motivations for pursuing an entrepreneurial career?
    • A. 

      Being my own boss, managing my own time and enjoying the benefits of my own labor.

    • B. 

      In my country, successful entrepreneurs enjoy high social status, respect and appreciation of others.

    • C. 

      Wishing to have a safe and stable career, while not worrying about my income each month/year.

    • D. 

      Inventing a new technology and seeking to perfect its technical development.

    • E. 

      Only a and b.

    • F. 

      Only c and d.

  • 15. 
    Which of the following is a born global firm?
    • A. 

      Mature firm which took time to develop internationally, in recent years doing sales in multiple foreign markets, using sub-suppliers from multiple foreign markets, while selling a product on offer by various international players.

    • B. 

      Young firm only doing sales in Norway, using sub-suppliers from multiple foreign markets, while selling a product on offer by various international players.

    • C. 

      Young firm doing sales in multiple foreign markets, using sub-suppliers from multiple foreign markets, while selling a product on offer by various international players.

    • D. 

      Young firm only doing sales in Norway, using Norwegian sub-suppliers, while selling a product so unique it is not available anywhere else in the world except Norway.

    • E. 

      Both a and d.

    • F. 

      Both b and c.

  • 16. 
    Many factors can influence entrepreneurial intentions. According to theory of planned behavior which of the following impact entrepreneurial intentions?
    • A. 

      The extent to which one has a creative way of thinking, as well as unique and original ideas.

    • B. 

      The extent to which the social environment views entrepreneurial career choices favorably.

    • C. 

      The extent to which an individual perceives himself/herself able and competent to be an entrepreneur.

    • D. 

      The extent to which an individual favorably views entrepreneurship in general and entrepreneurial careers in particular.

    • E. 

      A, c, and d, but not b.

    • F. 

      C, b, and d, but not a.

  • 17. 
    The following example relates to a way of thinking entrepreneurs are sometimes using when developing their ideas, what kind of thinking is this? - You can?t operate an agricultural farm on a land plot with a deserted coal mine, but you can harvest the methane in the ground and use it for electricity, while using the equipment you have (with minor adjustments).
    • A. 

      Bricolage

    • B. 

      Structural thinking.

    • C. 

      Cognitive adaptation.

    • D. 

      Effectuation.

    • E. 

      Irrational thinking,

    • F. 

      All of the above.

  • 18. 
    Which of the following is not a dimension of entrepreneurial tendencies?
    • A. 

      Need for achievement.

    • B. 

      Desire for autonomy/ independence.

    • C. 

      Risk taking orientation.

    • D. 

      Creativity

    • E. 

      All of the above.

    • F. 

      None of the above.

  • 19. 
    What is the difference between effectuation (E) and causal (C) thinking processes?
    • A. 

      In E we are flexible to adapt to changing conditions, and in C we are completely inflexible.

    • B. 

      In E we start with what we have and select a possible outcome, and in C we select a chosen outcome and look for the means to achieve it.

    • C. 

      In E we start with a required outcome and look for the means to achieve it, and in C we start with the means we have and select a possible outcome.

    • D. 

      In E the thinking process is more emotional and irrational, while in C the thinking process is less emotional and more rational.

    • E. 

      In E, when trying to solve problems, we first use information we gained in our education, while in C we first use information we gained through connections and relations.

    • F. 

      None of the above.

  • 20. 
    Which of the following are characteristics of mall firms?
    • A. 

      Firms are managed informally.

    • B. 

      The character and preoccupations of the owner have significant influence on decisions.

    • C. 

      Offering a limited product range.

    • D. 

      Firms have a relatively small number of employees.

    • E. 

      All of the above.

    • F. 

      None of the above.

  • 21. 
    At what stage of the firm?s growth cycle do firms exhibiting slow and/or moderate growth and increasing complexity of operations?
    • A. 

      Start up.

    • B. 

      Survival.

    • C. 

      Growth.

    • D. 

      Expansion.

    • E. 

      Maturity.

    • F. 

      None of the above.

  • 22. 
    When book publishers also become retailers by selling e-books directly to end customers rather than indirectly selling physical books to book shops ? is an example of what kind of strategy?
    • A. 

      Diversification through forward integration.

    • B. 

      Diversification through backward integration.

    • C. 

      Diversification through horizontal integration.

    • D. 

      Diversification through network integration.

    • E. 

      All of the above.

    • F. 

      None of the above.

  • 23. 
    Which of the following is a growth strategy of firms, in which growth is achieved by selling new products to new markets is called:
    • A. 

      Market penetration strategy.

    • B. 

      Market skimming strategy.

    • C. 

      Market development strategy.

    • D. 

      Diversification strategy.

    • E. 

      International strategy.

    • F. 

      All of the above.

  • 24. 
    Which of the following foreign operation modes offers the highest level of control, while requiring the highest level of risk taking?
    • A. 

      Exporting via agents and distributors.

    • B. 

      Exporting as part of a piggy-backing arrangement with a key industry player.

    • C. 

      Establishing a joint venture with a local company in the foreign market.

    • D. 

      Acquiring a local firm in the foreign market.

    • E. 

      Establishing own new company in the foreign market.

    • F. 

      All of the above.

  • 25. 
    Which of the following best describes a ?born global firm??
    • A. 

      A firm that operates internationally from early on in the firm?s life.

    • B. 

      A firm managed by individuals with a global mind-set.

    • C. 

      A firm only engaged in high technology products and services.

    • D. 

      A firm owned by foreign investors from the time it is established.

    • E. 

      Only a and b, but not c and d.

    • F. 

      Only c and d, but not a and b.

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