Strategic management of technology and innovation MCQ Set 6

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Q201. An Entrepreneur is an individual who embarks on new financial ventures despite the presence of:
a) Fixed returns
b) Predictable outcomes
c) Potential rewards
d) Guaranteed profits

Answer

c) Potential rewards

Q202. The Innovation System highlights the importance of exchanging technology and information among individuals, enterprises, and institutions to drive the process of:
a) Replicating existing solutions
b) Mitigating risks
c) Stifling progress
d) Facilitating innovation

Answer

d) Facilitating innovation

Q203. Technological Change (TC) encompasses the entire process of invention, innovation, and the dissemination of technology or processes, emphasizing its:
a) Fixed nature
b) Predictable outcomes
c) Dynamic characteristics
d) Linear progression

Answer

c) Dynamic characteristics

Q204. Enterprise Data defines a plan for an enterprise to utilize data required for executing business processes through:
a) Random selection
b) Artistic creativity
c) Strategic technology
d) Administrative procedures

Answer

c) Strategic technology

Q205. Innovation involves the development of new values through solutions that address:
a) Established requirements
b) Predictable needs
c) Outdated demands
d) Emerging requirements or needs

Answer

d) Emerging requirements or needs

Q206. Mission Engineering serves as an innovation that bridges the gap between business and engineering by considering requirements from both a:
a) Legal and financial perspective
b) User and developer perspective
c) Managerial and administrative perspective
d) Competitive and regulatory perspective

Answer

b) User and developer perspective

Q207. Strategy is best described as a high-level plan designed to achieve one or more goals under:
a) Predictable circumstances
b) Dynamic conditions
c) Controlled environments
d) Administrative frameworks

Answer

b) Dynamic conditions

Q208. Competitive Advantage refers to the advantage that a firm holds over its competitors, enabling it to:
a) Generate unpredictable sales
b) Offer unique products
c) Increase administrative costs
d) Retain more customers

Answer

d) Retain more customers

Q209. Environment in a business context refers to the setting or conditions within which a particular activity is:
a) Ignored
b) Initiated
c) Restricted
d) Carried on

Answer

d) Carried on

Q210. Strategic Management involves a firm’s effort to analyze its environment, strengths, and weaknesses, and then consciously choose a competitive path, indicating a focus on:
a) Routine operations
b) Administrative tasks
c) Business expansion
d) A deliberate strategy

Answer

d) A deliberate strategy

Q211. Cost Focus strategy exploits differences in cost behavior in specific markets, aiming to achieve:
a) The highest costs
b) Cost parity with competitors
c) Cost advantage in the target market
d) The lowest costs in all markets

Answer

c) Cost advantage in the target market

Q212. A Cost-leadership Strategy seeks to gain a competitive advantage primarily by:
a) Increasing economic costs
b) Matching competitors’ costs
c) Raising product prices
d) Reducing economic costs below competitors

Answer

d) Reducing economic costs below competitors

Q213. In a Differentiation Strategy, a firm strives to be unique in its industry along dimensions that are widely valued by buyers, which means it focuses on:
a) Offering the lowest prices
b) Providing standardized products
c) Meeting diverse customer needs
d) Eliminating all competitive attributes

Answer

c) Meeting diverse customer needs

Q214. Differentiation Focus strategy caters to niche buyers by offering them something:
a) Expensive
b) Identical to competitors
c) Different from competitors
d) Administrative in nature

Answer

c) Different from competitors

Q215. Enterprise Data refers to a plan that outlines how an enterprise intends to utilize data required for executing business processes through the application of:
a) Strategic technology
b) Administrative procedures
c) Artistic creativity
d) Random selection

Answer

a) Strategic technology

Q216. Innovation involves the creation of new values through solutions that address:
a) Established needs only
b) Predictable requirements only
c) Outdated demands only
d) Emerging requirements, inarticulate needs, or old customer and market needs

Answer

d) Emerging requirements, inarticulate needs, or old customer and market needs

Q217. Mission Engineering bridges the gap between business and engineering by addressing requirements from:
a) A legal perspective only
b) A managerial perspective only
c) A user and developer perspective
d) An administrative perspective only

Answer

c) A user and developer perspective

Q218. A Strategy can be defined as a high-level plan crafted to achieve one or more goals under conditions of:
a) Stability
b) Uncertainty
c) Isolation
d) Predictability

Answer

b) Uncertainty

Q219. Competitive Advantage refers to the edge that a firm possesses over its competitors, enabling it to generate higher:
a) Administrative costs
b) Risks
c) Sales or margins
d) Isolation

Answer

c) Sales or margins

Q220. In a business context, Environment refers to the backdrop or conditions in which a particular activity is:
a) Halted
b) Carried out
c) Replicated
d) Simplified

Answer

b) Carried out

Q221. Strategic Management involves a firm’s endeavor to analyze its environment, strengths, and weaknesses and then consciously select:
a) A reactive approach
b) A stagnant path
c) A predictive model
d) A competitive course of action

Answer

d) A competitive course of action

Q222. Cost Focus strategy exploits variations in cost behavior across specific markets to achieve a cost advantage in the:
a) Broader industry
b) Global market
c) Target market
d) Administrative realm

Answer

c) Target market

Q223. A Cost-leadership Strategy aims to gain a competitive advantage primarily by reducing its economic costs:
a) Slightly below competitors
b) To a level of parity with competitors
c) To the same level as competitors
d) Significantly below competitors

Answer

d) Significantly below competitors

Q224. A Differentiation Strategy seeks to set the firm apart by excelling along dimensions valued by buyers, which allows it to meet:
a) Every possible buyer need
b) The lowest price points
c) Specific attributes valued by buyers
d) Minimal customer preferences

Answer

c) Specific attributes valued by buyers

Q225. Differentiation Focus strategy aims to offer niche buyers something distinctive from competitors, providing:
a) Basic, standardized products
b) Products identical to competitors
c) Specialized product attributes
d) Administrative services

Answer

c) Specialized product attributes

Q226. Enterprise Data entails formulating a plan for how an enterprise will utilize data required to execute business processes through the strategic application of:
a) Administrative procedures
b) Artistic creativity
c) Random selection
d) Technology strategies

Answer

d) Technology strategies

Q227. Mission Engineering serves as an innovation that connects business and engineering by addressing requirements from both the:
a) Administrative and regulatory perspective
b) Financial and managerial perspective
c) User and developer perspective
d) Artistic and creative perspective

Answer

c) User and developer perspective

Q228. A Strategy is a high-level plan devised to achieve one or more goals in the face of:
a) Predictable circumstances
b) Certain outcomes
c) Unchanging conditions
d) Uncertainties

Answer

d) Uncertainties

Q229. Competitive Advantage pertains to the upper hand that a firm possesses over its competitors, enabling it to:
a) Stagnate its operations
b) Generate unpredictable sales
c) Increase administrative complexities
d) Retain more customers

Answer

d) Retain more customers

Q230. In the context of business, Environment refers to the backdrop or conditions within which a specific activity is:
a) Terminated
b) Carried out
c) Restricted
d) Simplified

Answer

b) Carried out

Q231. Strategic Management involves a firm’s conscious effort to assess its environment, strengths, and weaknesses and then select a competitive path, indicating a focus on:
a) Predictive models
b) Administrative tasks
c) Business expansion
d) A deliberate strategy

Answer

d) A deliberate strategy

Q232. Cost Focus strategy capitalizes on disparities in cost behavior within certain markets, with the aim of attaining a cost advantage in the:
a) Broader industry
b) Global market
c) Specific target market
d) Administrative sector

Answer

c) Specific target market

Q233. Generic competitive strategies are utilized by organizations to:
a) Adapt to market changes
b) Collaborate with competitors
c) Preserve their industry position
d) Change their business model

Answer

c) Preserve their industry position

Q234. A Generic Strategy of focus involves:
a) Expanding the competitive scope widely
b) Choosing a broad competitive scope
c) Concentrating on a narrow competitive scope
d) Pursuing multiple strategies simultaneously

Answer

c) Concentrating on a narrow competitive scope

Q235. A Strategic Plan outlines the business’s plans to achieve goals, but it remains ineffective without:
a) Financial investment
b) Administrative support
c) Implementation
d) Continuous monitoring

Answer

c) Implementation

Q236. Strategy Formulation encompasses the planning and decision-making activities related to:
a) Ad hoc adjustments
b) Reacting to market changes
c) Defining financial parameters
d) Developing organizational goals and plans

Answer

d) Developing organizational goals and plans

Q237. Strategy Implementation refers to the collective activities and choices essential for the:
a) Identification of competitive threats
b) Development of strategic goals
c) Execution of a strategic plan
d) Monitoring of financial parameters

Answer

c) Execution of a strategic plan

Q238. Behaviour Control is exerted through:
a) Strategic planning
b) Defining financial targets
c) Monitoring and evaluating systems
d) Identifying market opportunities

Answer

c) Monitoring and evaluating systems

Q239. Financial Control involves defining specific financial parameters and:
a) Developing strategic goals
b) Monitoring and evaluating systems
c) Creating market opportunities
d) Pursuing competitive strategies

Answer

b) Monitoring and evaluating systems

Q240. Generic competitive strategies serve the purpose of enabling an organization to:
a) Change its industry position
b) Collaborate with competitors
c) Adapt to market changes
d) Maintain a competitive advantage

Answer

d) Maintain a competitive advantage