Business Strategy and Innovation Quiz

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What is the primary focus of exploration in an organization?

Refinement of existing competencies

Learning and knowledge development (correct)

Improvement of existing products

Management of current business demands

What characterizes exploitation in an organization?

Invention and discovery of new technology

Uncertainty and distant returns

Experimentation and new alternatives

Efficiency in managing today's demands (correct)

Which of the following best describes incremental innovation?

A series of small improvements over time (correct)

Radical restructuring of business processes

A single, large change in product design

Major breakthroughs in technology

What do airlines primarily look for in a passenger plane?

Safety and reliability Signup and view all the answers

What describes the focus of incremental change in an organization?

Ongoing small improvements Signup and view all the answers

Why was the DC-3 considered a significant development in the passenger plane industry?

It became the dominant design and was widely produced Signup and view all the answers

During which major event were a large number of DC-3/C-47 aircraft produced?

World War II Signup and view all the answers

Which mode of innovation focuses on enhancing competitiveness through current product efficiency?

Exploitation Signup and view all the answers

What is the primary goal of a differentiation strategy?

To be unique along dimensions valued by consumers Signup and view all the answers

What is the main focus of competitive strategy according to Michael Porter?

Being different through a unique mix of activities Signup and view all the answers

In a focus strategy, what aspects can a firm concentrate its sales efforts on?

Specific buyer group or product type Signup and view all the answers

Which of the following companies is known for a differentiation strategy?

Mercedes-Benz Signup and view all the answers

What does a sustainable competitive advantage provide to a business?

Greater value for customers that competitors have failed to duplicate Signup and view all the answers

Which analysis provides insights about the firm's internal capabilities?

SWOT analysis Signup and view all the answers

Which of the following is NOT one of the core competencies according to the content?

A strong brand reputation Signup and view all the answers

What is meant by disruptive innovation?

Innovations that create new markets by introducing products that are simpler and more affordable Signup and view all the answers

What is the role of yield management in the airline industry?

Fills empty seats by adapting pricing strategies Signup and view all the answers

Which of the following best defines core competencies?

A bundle of skills that provide customer benefits Signup and view all the answers

What does successful innovation require within a business?

Culture of innovation and creative problem-solving Signup and view all the answers

What role does innovation play in a business's growth?

It can be a catalyst for growth and success Signup and view all the answers

What constitutes an imperfectly imitable resource?

A resource that competitors find difficult to replicate Signup and view all the answers

Which of the following is NOT a characteristic of incremental innovation?

Major breakthroughs in technology Signup and view all the answers

Which of the following statements about strategy is true?

Strategy is achieved through a consistent set of differentiating activities Signup and view all the answers

Which framework is NOT typically used in strategic management?

Lean Management Signup and view all the answers

What is the primary view of corporate responsibility according to the Stakeholder view?

To add value to all actors interacting with the business Signup and view all the answers

According to Milton Friedman, what is the ultimate social responsibility of business?

To use resources for profit while adhering to societal rules Signup and view all the answers

What critique does Joseph Schumpeter offer about the Managerial Model?

It may inhibit the creative forces of capitalism Signup and view all the answers

What philosophical origin does the Principle of Ownership derive from?

John Locke Signup and view all the answers

What does the concept of 'fiduciary duty' imply in the context of business management?

Managers must act in the best interest of the owners Signup and view all the answers

What is the main premise behind the Principle of Utilitarian Ethics as discussed?

Maximizing profits can lead to societal benefits Signup and view all the answers

What does the rise of managerialism signify about the focus of businesses in the last fifty years?

A stronger emphasis on shareholder value Signup and view all the answers

What potential downside is highlighted due to a focus on stability and predictability in business practices?

Reduced adaptability to market changes and innovation Signup and view all the answers

What is the primary focus of the neoliberal approach to governance and society?

Encouraging economic freedom with minimal state intervention Signup and view all the answers

In the context of utilitarian ethics, how does the Separation Principle relate to business decisions?

Business decisions can be made independently of ethical considerations Signup and view all the answers

What does the concept of 'Homo Œconomicus' suggest about individual value within the neoliberal framework?

Value is based on competition and economic success Signup and view all the answers

How does market society affect social relations according to Michael Sandel's perspective?

Market reasoning infiltrates areas traditionally governed by nonmarket norms Signup and view all the answers

Which of the following is a potential hazard mentioned related to the opportunism of firms?

Employees engaging in criminal activities to maximize goals Signup and view all the answers

What fundamental idea supports the legitimacy of the state in a neoliberal framework?

The allowance of economic freedom and competition Signup and view all the answers

What is one characteristic of market society as defined in the content?

The ability to commodify nearly everything Signup and view all the answers

What role does the state play in the neoliberal perspective with respect to economic competition?

Fostering environments to preserve and increase economic competition Signup and view all the answers

What are some personal consequences of materialist values as mentioned in the content?

Increased stress and anxiety Signup and view all the answers

What does the Managerial/Shareholder Model primarily rely on?

Precedent rather than legal frameworks Signup and view all the answers

Which societal issue is indicated as a consequence of the increasing ability to price goods?

Rise in environmental pollution Signup and view all the answers

What does the phrase 'the Age of Anger' imply regarding contemporary society?

A time characterized by widespread anger and rebellion Signup and view all the answers

What does the concept of the Separation Fallacy suggest?

Business decisions can be free from ethical content Signup and view all the answers

According to the content, what exacerbates personal issues like despair and loneliness?

Materialism and consumerism Signup and view all the answers

What is a major theme surrounding economic value in contemporary business firms?

Economic value is appropriated while losses are externalized Signup and view all the answers

What does Maxine Bedat suggest about the results of strong materialist goals?

They result in more antisocial behaviors Signup and view all the answers

Business Strategy and Innovation Quiz

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Questions and Answers

What is the primary focus of exploration in an organization?

What characterizes exploitation in an organization?

Which of the following best describes incremental innovation?

What do airlines primarily look for in a passenger plane?

What describes the focus of incremental change in an organization?

Why was the DC-3 considered a significant development in the passenger plane industry?

During which major event were a large number of DC-3/C-47 aircraft produced?

Which mode of innovation focuses on enhancing competitiveness through current product efficiency?

What is the primary goal of a differentiation strategy?

What is the main focus of competitive strategy according to Michael Porter?

In a focus strategy, what aspects can a firm concentrate its sales efforts on?

Which of the following companies is known for a differentiation strategy?

What does a sustainable competitive advantage provide to a business?

Which analysis provides insights about the firm's internal capabilities?

Which of the following is NOT one of the core competencies according to the content?

What is meant by disruptive innovation?

What is the role of yield management in the airline industry?

Which of the following best defines core competencies?

What does successful innovation require within a business?

What role does innovation play in a business's growth?

What constitutes an imperfectly imitable resource?

Which of the following is NOT a characteristic of incremental innovation?

Which of the following statements about strategy is true?

Which framework is NOT typically used in strategic management?

What is the primary view of corporate responsibility according to the Stakeholder view?

According to Milton Friedman, what is the ultimate social responsibility of business?

What critique does Joseph Schumpeter offer about the Managerial Model?

What philosophical origin does the Principle of Ownership derive from?

What does the concept of 'fiduciary duty' imply in the context of business management?

What is the main premise behind the Principle of Utilitarian Ethics as discussed?

What does the rise of managerialism signify about the focus of businesses in the last fifty years?

What potential downside is highlighted due to a focus on stability and predictability in business practices?

What is the primary focus of the neoliberal approach to governance and society?

In the context of utilitarian ethics, how does the Separation Principle relate to business decisions?

What does the concept of 'Homo Œconomicus' suggest about individual value within the neoliberal framework?

How does market society affect social relations according to Michael Sandel's perspective?

Which of the following is a potential hazard mentioned related to the opportunism of firms?

What fundamental idea supports the legitimacy of the state in a neoliberal framework?

What is one characteristic of market society as defined in the content?

What role does the state play in the neoliberal perspective with respect to economic competition?

What are some personal consequences of materialist values as mentioned in the content?

What does the Managerial/Shareholder Model primarily rely on?

Which societal issue is indicated as a consequence of the increasing ability to price goods?

What does the phrase 'the Age of Anger' imply regarding contemporary society?

What does the concept of the Separation Fallacy suggest?

According to the content, what exacerbates personal issues like despair and loneliness?

What is a major theme surrounding economic value in contemporary business firms?

What does Maxine Bedat suggest about the results of strong materialist goals?

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