12. Which of the following represents a firm's organizational resources?
a. All resources of the organization
b. IP and copyrights
c. Tangible assets
d. Routines and systems
13. The following are definitions of a firm's strategic resources except:
a. They help in implementing the firm's strategies
b. They grant the firm a competitive advantage
c. Helps you achieve your strategic goals
d. They are profitable
14. Bootstrapped entrepreneurial ventures denote firms that:
a. Operate as joint ventures
b. Operate independently without external support
c. Operate mainly to meet local needs
d. Are operated through coalition building
15. The 4 Ps of Marketing does not include:
a. Production
b. Place
c. Price
d. Promotion
16. SMEs are generally labor-intensive. This is a positive feature because:
a. It makes workers work harder and intensively
b. It caters for local needs
c. It creates employment opportunities
d. Laborers are within the firms
17. Assembling, as a resource mobilization strategy, means:
a. Equipping yourself with venture-specific knowledge and skills
b. Assembling all the tools and resources needed to start one's business
c. Combining resources with partners to start a venture
d. Making sure that all your resources are at one location
18. The system wherein the principles of entrepreneurship are practiced within the boundaries of the firm is called:
a. Entrepreneurship
b. Sole proprietorship
c. Intrapreneurship
d. Self-employment
19. The following are examples of a distributorship except:
a. Toyota
b. Coca Cola
c. Miami Dolphins
d. KFC
20. Which of the following specifies the geographical limits for a franchisee to operate in?
a. Grant
b. Term
c. Territory
d. Transfer
Answer (2)
The selected answers for the multiple-choice questions from 12 to 20 are A, D, B, A, C, C, C, C, C, and C respectively, encompassing concepts related to organizational resources, strategic resources, bootstrapped ventures, marketing principles, SMEs, resource mobilization, intrapreneurship, distributorship examples, and franchisee territories. These concepts form the foundational elements of business management and marketing strategies.
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Let's go through each question one by one:
The correct answer for 'Which of the following represents a firm's organizational resources?' is d. Routines and systems . Organizational resources can be seen as the routines, systems, and processes that a firm utilizes to operate effectively and efficiently. These resources are vital in managing the firm's assets, both tangible and intangible.
The statement that is not a definition of a firm's strategic resources is d. They are profitable . Strategic resources are those that provide a firm with a sustainable competitive advantage. While being profitable is desirable, the focus of strategic resources is more on helping the firm achieve its strategic goals and competitive edge.
Bootstrapped entrepreneurial ventures denote firms that b. Operate independently without external support . Bootstrapping refers to starting and growing a business using personal finances or the revenue generated by the company, rather than obtaining external investment.
The 4 Ps of Marketing does not include a. Production . The 4 Ps consist of Product, Price, Place, and Promotion. Production relates more to the manufacturing side, rather than the marketing aspect.
SMEs are generally labor-intensive. This is a positive feature because c. It creates employment opportunities . Being labor-intensive means they provide numerous jobs, supporting local economies by employing people.
Assembling, as a resource mobilization strategy, means b. Assembling all the tools and resources needed to start one's business . This refers to the process of gathering together necessary resources and tools required to initiate and run a business venture effectively.
The system wherein the principles of entrepreneurship are practiced within the boundaries of the firm is called c. Intrapreneurship . Intrapreneurship refers to fostering innovation and creativity within an organization by allowing employees to act like entrepreneurs.
The following are examples of a distributorship except c. Miami Dolphins . Distributorship involves businesses like Toyota, Coca Cola, and KFC, which are brands distributing products. Miami Dolphins, being a sports team, does not fit this category.
The term that specifies the geographical limits for a franchisee to operate in is c. Territory . The 'territory' in franchise agreements defines the geographic area where the franchisee has the right to operate and sell the franchisor’s products or services.
