30 Questions
What are the four team climate factors facilitative of innovation according to the Four Factor Theory of Team Climate for Innovation?
Participative safety, task orientation, vision, support for innovation
How is innovation enhanced based on the perception of team members according to the Four Factor Theory?
By providing constructive feedback on new ideas
Which factor is crucial for supporting innovation within a team as per the theory discussed?
Vision
What does the opening of a new market signify according to the text?
Entry into markets previously unexplored by the country's manufacturers
Which of the following is NOT mentioned as one of the factors contributing to innovation in the text?
Strict adherence to hierarchical structures
In the context of innovation, what does the 'carrying out of the new organization of any industry' refer to?
Restructuring how an industry operates and is organized
What is a key reason for regularly reviewing Risk Management policies and decisions?
To validate assumptions made during risk management
What is a common method to determine the accuracy of planning assumptions and the effectiveness of risk treatment measures?
Data evaluation
Which risk response strategy involves shifting responsibility for a risk onto someone else?
Transfer
What is the primary goal of the 'Mitigate' risk response strategy?
To minimize the probability or impact of the risk
Why can't all risks be 'Avoided' according to the text?
Because some risks are unavoidable in business operations
How does 'Transfer' differ from 'Avoid' and 'Mitigate' as a risk response strategy?
'Transfer' shifts responsibility outside the organization, unlike 'Avoid' and 'Mitigate'.
What is the purpose of the income statement budget?
To indicate the planned level of profit by including all revenues and costs
What is a key consideration in debt financing?
Secured financing involving payback of funds plus interest fee
Which financial form predicts what the published balance sheet will look like at the end of the period?
Balance sheet budget
What is equity financing primarily characterized by?
Sale of ownership interest in return for unsecured investment
What does debt financing from commercial banks typically involve?
1-5 year intermediate-term loans secured by collateral
Why is an accounting system considered crucial for a business?
To serve as a source of checks and balances for the business
What does Ambidexterity Theory refer to?
Managing and meeting conflicting demands by engaging in fundamentally different activities
What distinguishes Founding entrepreneurs from General Managers according to the text?
Founding entrepreneurs are considered pure entrepreneurs who initiate new business based on new or improved products.
What characterizes Franchisees in the system described in the text?
They pay fees to a parent company and have the right to be associated with its trademark
In Entrepreneurship, what role do General Managers typically transition into as firms become well established?
Administrators
What is one way for a franchisee to participate in a joint venture with a franchisor?
Paying fees and royalties to use the franchisor's trademark
What is the main characteristic of Franchise as a method of distributing products or services?
Involvement of franchisor in business operations
What is a key consideration for a business when thinking about its physical operations?
Deciding on the location and facility
Which of the following best describes marketing operations?
The effort to identify and satisfy customers’ needs and wants
What should an organization do after assessing its distinctive competencies?
Establish a set of priorities based on organizational objectives
What is a primary focus of business operations?
Location and facility considerations
Which factor is central to marketing efforts?
Satisfying customers' needs and wants
What does the strategic planning process help organizations determine?
'Which strategies to pursue when competing in the broader market'
Test your knowledge on the introduction of new methods of production and market expansion strategies. Explore concepts like entering new markets and conquering new sources of supplies.
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