Business Studies

Business Studies
1.What is the process by which individuals, teams, or organizations identify and pursue opportunities without being immediately constrained by the resources they currently control?
a. Business strategy
b. Corporate governance
c. Management and leadership
d. Entrepreneurship

2,Larry has noticed that the Internet is unorganized, and he wants a place where you can easily find the information or news that you want. He realizes that there are a couple of websites that attempt to do this, but he sees competitive flaws and knows that there has to be a better way. What has Larry stumbled upon?
a. An invention
b. An entrepreneurial opportunity
c. An innovation
d. An imitation

3.Which of these is believed to be the economic driver in many nations?
a. Entrepreneurship
b. Exports
c. Innovations
d. Imports

4.Alesha has a gift for thinking of new and innovative ideas. As a child, she would sell lemonade for $.50 and use the money to buy other ingredients to expand her offerings. She has now started her own business after graduating from college with a finance degree. What would we call Alesha?
a. A leader
b. An entrepreneur
c. An influencer
d. A risk taker

5.Darren works in a metals factory and has repeated the same tasks for years now. He notices that he can save time if he repurposes one tool to assist in another process. He discusses it with his supervisor, and the company realizes that this new tool offers efficiencies and wants to use it in other factories. What describes Darren’s actions?
a. Imitation
b. Innovation
c. Invention
d. Strategic entrepreneurship

6.Lester just created a new tool that helps him while cleaning the house. What would this be classified as?
a. Imitation
b. Innovation
c. Invention
d. Creativity

7.GM, a world leader in automotive manufacturing, is quickly losing market share to Toyota. Toyota’s competitive advantage is that it can produce high-quality cars at a lower price than GM. This is due to Toyota’s manufacturing innovation processes, resulting in quicker change and lower cost. What is the logical next step for GM to remain competitive quickly?
a. Invention of a new vehicle
b. Imitation of Toyota’s processes
c. Innovation of a new vehicle niche
d. Innovation through acquisition of Toyota

8.Of the three types of innovative activities, which of the following is the most critical for companies?
a. Invention
b. Innovation
c. Imitation
d. All are equally critical

9.Many companies are confidential about their inventions until patents are filed. What would happen if an invention is leaked without protection of a patent?
a. Companies will realize the hard work of the innovating company and not use the information.
b. Competing companies will still be at a disadvantage due to the time required for implementation.
c. Competitors will be able to imitate, but it will not be a significant threat.
d. Competitors will be able to imitate without significant barriers.

10.Individuals that act independently (or as part of an organization), perceive an opportunity, and then take risks to develop an innovation and exploit it can be described as:
a. executives.
b. employees.
c. entrepreneurs.
d. freelancers.

11.Theresa is interviewing for a small start-up in the technology industry. This start-up is looking for qualities that will aid it in its fast-paced, fast-thinking atmosphere. Theresa is very hard working, accountable, excited to take on new challenges, and not afraid to take risks. On top of this, she also holds an advanced degree. Theresa has an incredible amount of experience, but not in the technology field. Would the start-up benefit from hiring Theresa?
a. Yes, because she is an entrepreneur interviewing at a company that is in need of entrepreneurs.
b. Yes, because she is perfectly qualified.
c. No, because she does not have an entrepreneurial mindset.
d. No, because she does not have experience that the start-up can use.

12.Sherry is the HR manager at a real-estate firm. The company’s sales have been in decline, and she believes the company is in need of innovation. She wants the employees to be able to continuously identify opportunities in their market, but the company does not currently focus on this. What is the firm in need of?
a. New leadership
b. Change in corporate culture
c. New employees
d. An entrepreneurial mindset

13,What is a possible outcome for a company that does not have an entrepreneurial mindset as an aspect of its corporate culture?
a. Competitive disadvantage
b. Low innovation
c. Slow or no growth
d. All are possible outcomes

14.Carla is an executive who has had a lot of success starting international companies. What would Carla be described as?
a. Leader
b. International entrepreneur
c. Freelancer
d. Executive

15.A quick-service restaurant has recently seen its growth stall. The Board has noticed that other industries have been successful after expanding internationally. The QSR decides to quickly follow suit and expand within a month of the decision. After a year of the expansion, it was deemed a failure and they retract. What went wrong?
a. Many international factors were ignored that needed analysis before making the transition
b. Lack of leadership during the international launch
c. Reasons that will never be known
d. Nothing went wrong; the company did all of the analysis it could

16.On a macro-economic level, what category of countries experience tremendous growth of personal and national wealth?
a. Countries that have a coast
b. Countries that have capitalism
c. Countries with a younger overall population
d. Entrepreneurial countries

17.Which of the following criteria should companies give the most weight to when deciding who should lead an international entrepreneurial venture?
a. Those with international experience
b. Those who have an entrepreneurial mind-set
c. Individuals with strategic behavior
d. Individuals who have a willingness to take risks

18,Which function of a company must have the highest level of internal innovation in order for the company to have a competitive advantage?
a. Marketing
b. Research and development
c. Design
d. Finance

19.Which of these terms would describe an innovation by a steel manufacturing company that finds a new way to produce its steel, saving 2% in production time?
a. Incremental innovation
b. Novel innovation
c. Breakthrough innovation
d. Green innovation

20.In June of 2007, Apple, the company well known for the music player iPod, released its first phone, the iPhone. One of its taglines, “Apple Reinvents The Phone”, proved to be true. Since its launch, iPhone and its imitators have taken over the mobile phone industry. Apple’s key feature was its touchscreen. Other companies have tried to copy the success. What would the iPhone be described as?
a. Incremental innovation
b. Invention
c. Novel or breakthrough innovation
d. Imitation

21,What is a common way that firms encourage entrepreneurial behavior and development of innovations?
a. Cultural norms
b. Incentive programs
c. As a performance evaluation criteria
d. Firms do not encourage entrepreneurial behavior as it will take away from their day-to-day tasks

22A technology company is in need of a breakthrough innovation. It has been static in its innovations and needs something that will “change the game” to provide a new revenue stream. Which team is most likely to be charged with finding this next breakthrough?
a. Research and Development
b. Marketing
c. Manufacturing
d. Cross-functional development team

23,Luxottica, the leader in eyewear, has little in common with Google, the technology giant. But together, they are working on a breakthrough called Glass, which is a revolutionary eyewear with technological advancements. Google needs the expertise of Luxottica to effectively market the product as a fashion accessory as well as a piece of tech. What is this story describing?
a. Innovation through cooperative strategies
b. Innovation through acquisition
c. Internal innovation
d. Incremental innovation

24,What is a potential risk of cooperative strategies in regards to innovation?
a. Wasting of time and resources if the innovation fails
b. Potential poaching of talent by the other company
c. Sharing of company secrets and strategies with competitors
d. One of the companies using the technology that is jointly developed for their own benefit

25,Disney, the entertainment company, sees the success that the super hero storytelling company, Marvel, has had over the years. Disney wants to enhance its movie-making capabilities and wants to gain Marvel’s innovations for other uses. What is Disney’s next logical move?
a. Innovation through cooperative strategies
b. Innovation through acquisition
c. Internal innovation
d. Incremental innovation

26,A firm that used to be valued because of its internal innovation has recently experienced struggles with developing the next big idea. For the past few years, it has successfully acquired companies to aide in technological advancements. The company now has resorted to this as a permanent strategy, and the public no longer views the company as innovative. What has happened?
a. Too much innovative control
b. Ineffective leadership
c. Business substituting internal innovation for external innovation
d. Extraneous circumstances that are not quantifiable

27,Which is an example of innovation through acquisition?
a. Microsoft collaborating with Intel to incorporate the company’s chips into its personal computers
b. Facebook choosing to innovate its advertising platform and seeing the value of the virtual reality technology that another company, Oculus, has already developed
c. Apple developing an online streaming service, Apple TV, and including popular channels, such as HBO
d. Google choosing to create a holding company, known as Alphabet, to manage its various entities and acquisitions

28,What does a firm have if its capabilities are valuable, rare, difficult to imitate, and not able to be substituted?
a. Competitive advantage
b. Invention
c. Business level strategy
d. Innovations

29,GM, a world leader in auto manufacturing, has a strategy that has been very successful over the years. Each year’s version of the same model is very similar in size, shape and look. But, the company slightly improves the vehicles for each year by improving gas mileage, enhancing technology, or adding special features. What strategy is GM utilizing?
a. Breakthrough innovation
b. Novel innovation
c. Imitation
d. Incremental innovation

30,Maria is the CEO of a company that has been a market leader for over 20 years. Her company is starting to lose its market share to smaller companies that are new to the market. These smaller companies have products that the company cannot easily imitate. What does Maria’s company need to do?
a. Become more entrepreneurial and utilize its established strategic capabilities
b. Become more strategic and utilize its established entrepreneurial capabilities
c. Become less entrepreneurial and focus on its strategic capabilities
d. Become less strategic and focus on its entrepreneurial capabilities

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