Entrepreneurial Strategy Quiz
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Questions and Answers

What are the two areas that the EF can be divided into?

  • Autonomy, profitability, and continuity
  • Market to target and its competitive system, and structure
  • Positioning and competitive strategy, and social strategy (correct)
  • Product and service offered, and system of stakeholders

    • What is the main factor that leads to enduring competitive advantage in a successful EF?

  • Profitability
  • Continuity (correct)
  • Stakeholder satisfaction
  • Coherent product and service offered

    • What is the difference between economic success and competitive success in evaluating an EF?

  • Economic success is influenced by favorable external conditions, while competitive success is influenced by internal inconsistencies
  • Economic success is about attracting resources, while competitive success is about stakeholder satisfaction
  • Economic success is about generating profits, while competitive success is about positioning (correct)
  • Economic success is based on evidence, while competitive success is based on ROI

    • What are the four broad attributes that determine the success of a nation's industries, according to Chapter 6?

    <p>Factor conditions, demand conditions, related industries, and firm structure</p> Signup and view all the answers

    What is the definition of strategy, according to Chapter 2?

    <p>A unique and valuable position that a company takes in order to create a sustainable advantage over its rivals</p> Signup and view all the answers

    What are the five competitive forces that shape strategy, according to Chapter 1?

    <p>The threat of new entrants, the bargaining power of suppliers, the bargaining power of buyers, the threat of substitute products or services, and the intensity of competitive rivalry</p> Signup and view all the answers

    Which of the following is a strategic choice that companies must make in response to the changing nature of products?

    <p>How to capture and utilize the large amount of new data generated by smart, connected products</p> Signup and view all the answers

    What is the main factor that determines the nature of industry competition and the average profitability for incumbent competitors?

    <p>The intensity of the rivalry among existing competitors</p> Signup and view all the answers

    What is the fundamental question that smart, connected products will force many companies to ask themselves?

    <p>What business are we in?</p> Signup and view all the answers

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