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Q:
(p. 400) __________ is the initial commercialization of invention by producing and selling a new product, service or process.
A. Improvement
B. Process development
C. Innovation
D. Invention
Q:
(p. 399) _________ is the creation of new products or processes through the development of new knowledge or from new combinations of existing knowledge.
A. Process development
B. Invention
C. Innovation
D. Improvement
Q:
(p. 399) A recent study by Boston Consulting Group found that the executives indicated their three biggest problems with innovation. Which of the following is NOT one of those biggest problems according to the study?
A. Leveraging suppliers for new ideas
B. Appropriately balancing risks, timeframes and returns
C. Generating potentially viable ideas
D. Moving quickly from idea generation to initial sales
Q:
Describe the freedom factors identified by Gordon Pinchot that need to be present in large companies seeking to encourage intrapreneurship.
Q:
Compare and contrast entrepreneurship with intrapreneurship.
Q:
With respect to entrepreneurship, what are resources and why are they important?
Q:
What skills, other than technical competence and business management ability are important in entrepreneurial teams?
Q:
How does a would-be entrepreneur assess whether an opportunity is a good business idea?
Q:
Define entrepreneurship and differentiate entrepreneurs from inventors.
Q:
What is the role of ideogoras in fostering innovation?
Q:
Define and briefly describe an example of a disruptive innovation. Is this the same as a breakthrough innovation?
Q:
What are the characteristics of successful innovations?
Q:
What is breakthrough innovation? How is it different from incremental innovation?
Q:
What is the Six Sigma approach to fostering innovation?
Q:
What is CCC21? How does it help Toyota?
Q:
Describe incremental innovation and give an example of continuous improvement.
Q:
How is innovation different from invention?
Q:
(p. 420) When an individual with an idea has only one person to consult or one channel to inquire into for developing the idea, innovation can be stifled. Intrapreneurship is:
A. Better than entrepreneurship, especially when there are many options for pursuing ideas
B. Inhibited when people have too many options for discussing or pursuing innovative ideas
C. Encouraged when people have many options for discussing or pursuing innovative ideas
D. Easily achieved with only one or two options
Q:
(p. 420) The pressure for quarterly profits in many U.S. companies stifles innovative behavior. However, investment in intrapreneurial activity requires:
A. No hand-offs
B. Self-selection
C. Patient money
D. Corporate slack
Q:
(p. 420) Organizations inhibit __________ by insisting that communication flow upward.
A. Corporate slack
B. Cross-functional interaction
C. Freedom from turfness
D. Cross-fertilization
Q:
(p. 420) In any organization, there are boundariesterritoriality--that stifle intrapreneurship. ____________ is often central to innovation and successful entrepreneurial teams.
A. Turf-building
B. "Cross-fertilization"
C. Corporate slack
D. Self-selection
Q:
(p. 420) Innovation inherently involves _______, so some failures should be tolerated and chalked up to experience.
A. "Home runs"
B. Risk
C. "Turfness"
D. Multiple options
Q:
(p. 420) Some company cultures foster an interest in innovation only when the ideas represent major breakthroughs. In this type of culture:
A. Intrapreneurship is very efficient
B. Intrapreneurship is predicated on the tolerance of failure
C. Intrapreneurship is very restricted
D. Intrapreneurship cannot happen
Q:
(p. 420) Firms that ___________ facilitate innovation.
A. Use the "home run" philosophy
B. Vastly limit corporate "slack"
C. Eliminate corporate "slack"
D. Set aside corporate "slack"
Q:
(p. 420) Giving the originator of an idea some freedom to make decisions about its further development and implementation:
A. Rather than relying on multiple levels of approval, enhances intrapreneurship
B. Can increase the downside risk to executives
C. Can actually discourage intrapreneurship
D. Can help limit the downside risk
Q:
(p. 420) To encourage intrapreneurship, the company should eliminate _________ after ideas are generated.
A. Corporate "slack"
B. "Home runs"
C. "Hand-offs"
D. "Patient money"
Q:
(p. 420) Companies should:
A. Designate the responsibility for innovation to a few individuals or groups
B. Not tolerate risk, failure and mistakes in intrapreneurship
C. Give innovators the chance to bring for their ideas
D. Encourage turf-building within the organization, to facilitate innovation
Q:
(p. 420) ____________ is a key characteristic of entrepreneurs. Likewise, time is the most critical resource, used in tandem to virtually "will" a new venture's success at numerous junctures early in its development.
A. Conservativeness
B. Freedom
C. Diligence
D. Determination
Q:
(p. 419) ________ are ten characteristics identified by Dr. Gordon Pinchot and elaborated on by others that need to be present in large companies seeking to encourage and increase innovation.
A. Intrapreneurship freedom factors
B. Cash-based freedom factors
C. "Slack" factors
D. The entrepreneurship factors
Q:
(p. 419) _________ is the process of attempting to identify, encourage, enable and assist entrepreneurship within a large, well established company so as to create new products, processes or services that become major new revenue streams and sources of cost savings for the company.
A. Entrepreneurship
B. Corporate "slack"
C. Market innovation
D. Intrapreneurship
Q:
(p. 419) __________ is usually obtained from one or more of three sources: friendly sources, informal venture investors or professional venture capitalists.
A. Debt financing
B. Resource financing
C. Equity financing
D. Loan financing
Q:
(p. 419) __________ are prevalent early in many new ventures.
A. Friendly sources
B. Professional venture capitalists
C. Informal venture investors
D. Angel investors
Q:
(p. 419) __________ are usually wealthy individuals, also called "angel" investors and they are increasingly active and accessible as possible equity investors.
A. Informal venture investors
B. Formal venture investors
C. Professional venture capitalists
D. Friendly sources
Q:
(p. 419) __________ seek investment in the truly high-growth potential ventures. They have particularly stringent criteria.
A. Public stock offerings
B. Friendly sources
C. Informal venture investors
D. Professional venture capitalists
Q:
(p. 419) _________ are available for a very select few new ventures that have usually gone through the other three sources of equity capital first.
A. Stock options
B. Public stock offerings
C. Venture capitalists
D. Friendly sources
Q:
(p.419) _________ is money provided to the venture that must be repaid at some point in time.
A. Bond financing
B. Debt financing
C. Equity financing
D. Distributive financing
Q:
(p.419) ________ is generally obtained from a commercial bank to pay for property, equipment and maybe provide working capital.
A. Equity financing
B. Debt financing
C. Bond financing
D. Stock financing
Q:
(p. 418) Entrepreneurs benefit when using __________ because they retain ownership and increase the return on their investment if things go as planned.
A. Equity capital
B. Debt capital
C. Stock financing
D. Loans against accounts payable
Q:
(p. 418) Most new ventures find _________ hard to get, so gradually nurturing a relationship with a commercial lender is a wise approach for the new entrepreneur.
A. Patient money
B. Friendly sources
C. Equity financing
D. Debt capital
Q:
(p. 418) _________ is money provided to a business venture that entitles the provider to rights or ownership in the venture and which is not expected to be repaid.
A. Restricted stock
B. Debt financing
C. External financing
D. Equity financing
Q:
(p. 418) _________ accrues to good entrepreneurs, but their focus is on opportunities, customers, markets and competition. They do not often seek ________ for its/their own sake.
A. Money; status
B. Financial stability; profits
C. Equity financing; equity
D. Power; status
Q:
(p. 417) The entrepreneur or team must possess the knowledge and skill necessary to create the products or services the new venture will provide. This refers most directly to the entrepreneur's:
A. Social skills
B. Marketing competence
C. Technical competence
D. Vision and capacity to inspire
Q:
(p. 416) When entrepreneurs can sell their product or service at gross margins in the ________ range, there is an attractive cushion built in that covers the mistakes they are likely to make while developing a new enterprise.
A. 10-15 percent
B. 15-30 percent
C. 50+ percent
D. 80-100 percent
Q:
(p. 414) Because certain ideal strengths rarely coexist in one individual, __________ is increasingly found to involve teams of people that combine their strengths.
A. Administration
B. Entrepreneurship
C. Invention
D. Promotion
Q:
(p. 414) The ideal ________ has strength in both creativity and management.
A. Administrator
B. Inventor
C. Promoter
D. Entrepreneur
Q:
(p. 414) _______ usually take pride in overseeing the smooth, efficient functioning of operations largely as they are.
A. Promoters
B. Inventors
C. Innovators
D. Administrators
Q:
(p. 414) Good _______ develop strong management skills, specific business know-how and the ability to organize people.
A. Promoters
B. Inventors
C. Innovators
D. Administrators
Q:
(p. 414) __________ are clever at devising schemes or programs to push a product or service, but aimed more at a quick payoff than a profitable, business building endeavor for the longer term.
A. Administrators
B. Promoters
C. Inventors
D. Entrepreneurs
Q:
(p. 414) __________ are exceptional for their technical talents, insights and creativity, but their creations are often unsuccessful in becoming commercial realities.
A. Marketers
B. Innovators
C. Intrapreneurs
D. Inventors
Q:
(p. 414) ____________ is the process of bringing together creative and innovative ideas and actions with the management and organizational skills necessary to mobilize the appropriate people, money and operating resources to meet an identifiable need and create wealth in the process.
A. Entrepreneurship
B. Market speculation
C. Venture capitalism
D. Franchising
Q:
(p. 411) ____________ are also referred to as crowdsourcing or open innovation.
A. Ideagoras
B. Disruptors
C. Sustainers
D. Golddiggers
Q:
What is a dashboard? How does it help monitor performance?
Q:
Describe the balance scorecard methodology. Why is it used?
Q:
Identify and discuss the steps common to all postaction controls.
Q:
What is implementation control? Identify the two basic types.
Q:
What is special alert control? Use an example to show its importance.
Q:
Define strategic surveillance. How does the nature of strategic surveillance differ from that of premise controls?
Q:
What is premise control? Identify and give examples of some environmental and industry factors.
Q:
How is strategic control different from postaction control?
Q:
Define strategic control. What questions does it help managers answer?
Q:
(p. 396) The overriding goal of a control system is to enable the ____ and ________ of the business.
A. Improvement, diversification
B. Process, development
C. Survival, long-term success
D. Invention, entrepreneurship
Q:
(p. 396) Strategic controls and comprehensive control programs like the _________ bring the entire management task into focus.
A. Capital budgeting
B. Balanced scorecard
C. Financial budgeting
D. Sales budgeting
Q:
(p. 395) A ______ is a user interface that organizes and presents information from multiple digital sources simultaneously in a user-designed format on the computer screen.
A. Wiki
B. Genie
C. Dashboard
D. Widget
Q:
(p. 393) The ___________ typically uses measures like cash flow, return on equity, sales and income growth as part of the balanced scorecard approach.
A. Customer perspective
B. Business process perspective
C. Learning and growth perspective
D. Financial perspective
Q:
(p.391) Robert Kaplan and David Norton created the _________, a management control system that enables companies to clarify their strategies, translate them into action and provide quantitative feedback as to whether the strategy is creating value, leveraging core competencies, satisfying the company's customers and generating a financial reward to its shareholders.
A. Balance-matrix
B. Shareholder methodology
C. Balanced scorecard
D. Strategic approach
Q:
(p. 390) The _______ is of particular interest because it provides a basis for examining suggested actions and for finalizing decisions on changes or adjustments in the firm's operations.
A. Progress to date
B. Simple ranking
C. Current deviation
D. Operational standard
Q:
(p. 390) Which of the following is NOT one of the steps necessary for operational control systems to be effective?
A. Measure post-action performance
B. Set standards for performance
C. Initiate corrective action
D. Identify deviations from standards set
Q:
(p. 388) The __________ that take place usually involve a full-scale reassessment of the strategy and of the advisability of continuing or refocusing the firm's direction.
A. Abandonment reviews
B. Milestone reviews
C. Strategic thrusts
D. Strategic implementation
Q:
(p. 387) __________ provide managers with information that helps them determine whether the overall strategy is progressing as planned or needs to be adjusted.
A. Strategic threats
B. Strategic thrusts
C. Milestone reviews
D. Frequency reviews
Q:
(p. 387) _____________ is designed to assess whether the overall strategy should be changed in light of the results associated with the incremental actions that implement the overall strategy.
A. Strategic surveillance
B. Special alert control
C. Premise control
D. Implementation control
Q:
(p. 387) The 2011 Japanese earthquake and tsunami would trigger what kind of control?
A. Strategic surveillance
B. Implementation control
C. Special altert control
D. Premise control
Q:
(p. 387) A(n) _____________ is the thorough and often rapid, reconsideration of the firm's strategy because of a sudden, unexpected event.
A. Special alert control
B. Implementation control
C. Milestone control
D. Premise control
Q:
(p. 384) _______ should be a loose environmental scanning activity.
A. Special alert control
B. Implementation control
C. Strategic surveillance
D. Premise control
Q:
(p. 386) Strategic surveillance must be kept:
A. As focused as possible
B. As unfocused as possible
C. As fast as possible
D. Internal
Q:
(p. 386) ___________ is designed to monitor a broad range of events inside and outside the firm that are likely to affect the course of its strategy.
A. Special alert control
B. Strategic surveillance
C. Premise control
D. Implementation control
Q:
(p. 383) ________ is the systematic recognition and analysis of assumptions upon which a strategic plan is based, to determine if those assumptions remain valid in changing circumstances and in light of new information.
A. Special alert control
B. Implementation control
C. Premise control
D. Strategic surveillance
Q:
(p. 383) ___________ is designed to check systematically and continuously whether the premises on which the strategy is based are still valid.
A. Strategic surveillance
B. Implementation control
C. Special alert control
D. Premise control
Q:
(p. 384) Which of the following types of strategic control seldom is used with environmental factors?
A. Strategic surveillance
B. Special alert control
C. Premise control
D. Implementation control
Q:
(p. 384) Which of the following types of strategic control has a low degree of centralization?
A. Special alert control
B. Implementation control
C. Strategic surveillance
D. Premise control
Q:
(p. 384) Which of the following types of strategic control has a low degree of formalization?
A. Special alert control
B. Implementation control
C. Strategic surveillance
D. Premise control