Exam May 2017, questions PDF

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Name of School

Marketing, Branding and Tourism MIDDLESEX UNIVERSITY EXAMINATION PAPER Academic Year May 2017 MKT2290 Entrepreneurship and Small Business Marketing

Dr Stephen Donohoe

Time allowed:

2 hours

Total number of questions: Eighteen (18) Instructions to candidates: Section 1 (Multiple Choice): answer all 10 questions worth 10 marks Section 2 (Short Answers): answer any 2 out of 4 worth 40 marks Section 3 (Essay Style): answer any 1 out of 4 worth 50 marks

Materials provided:

OMR

Equipment permitted:

None

Total number of pages:

5 (including front Cover)

EXAM PAPER CANNOT BE REMOVED FROM THE EXAM ROOM

No books, paper or electronic devices are permitted to be brought into the examination room other than those specified above. Candidates are warned that credit cannot be given for work that is illegible

Section 1 (Multiple Choice): answer all 10 questions 10 answers x 1 mark each = 10 marks for this section Please select only one choice for each question PROVIDE YOUR ANSWER IN THE EXAMINATION BOOK.

1) Measuring brand awareness according to Aaker (1996), consists of 4 elements. Which one below is incorrect? a. Recall b. Knowledge c. Dominance d. Attention

2) What entrepreneurial theorist came up with the concept of ‘creative destruction’. a. b. c. d.

El and Hess Schumpeter Drucker Shapero

3) The Greiner growth model (1972), depicts in the phase 1 stage, a crisis of? a. autonomy b. growth c. leadership d. regulation 4) Value-driven marketing (Percy, 2001), places customers as? a. participative b. innovative c. focused d. demanding 5) Who came up with the concept of an entrepreneur? a. Schumpeter b. Shapero c. Cantillon d. Kirtzner 6) The key drivers of the business ‘gear-up’ framework are listed below. Which one is incorrect? a. b. c. d.

Customer acquisition Customer relations Customer delight Business model

7) A Social Entrepreneur can be defined as one who? a. Becomes self-employed due to social pressures b. Works for public service institutions c. Is involved in non-for-profit organisations d. Uses innovation as an agent for change

8) Creativity works well in a hierarchy structured organisation. Is this: a. True b. False 9) A ‘push’ factor for triggering entrepreneurial start-up is? a. Wealth b. Disagreements c. Return on investment d. Personal development

10) The EU definition of a medium- sized firm regarding employee numbers is? a. 250-500 b. 50-249 c. 10-250 d. 10-249

Section 2 (Short Answers): answer any 2 out of 4: 40 marks for this section, 20 marks per question.

1

Discuss the key situational and psychological barriers to new venture start-up, including the push and pull factors that can trigger new venture creation. (20 marks)

2

Read et al (2011), stated that there are seven myths about entrepreneurs ‘who see opportunities that others don’t’. Discuss these seven myths, highlighting how the message is that you don’t have to be ‘special’ to become an entrepreneur. (20 marks)

3

Alternative finance for small firms via internet-based crowdfunding platforms has evolved since 2010. Evaluate these new alternative methods of raising funding for small companies vis-a-vis the traditional bank route. (20 marks)

4

A lean ‘start-up’ methodology views the traditional business planning approach to starting a venture as wasteful, inefficient, and ineffective. Discuss the characteristics of the lean ‘startup’ process which demands a different type of business planning process. (20 marks)

Section 3 (Detailed-answer questions) ANSWER ONLY ONE (1) QUESTION IN THIS SECTION (Candidates may be advised to spend 50-60 minutes on this section) (Total Marks for Section 3 = 50 marks. All questions/sub questions carry equal marks) 1) a) Critically discuss the statement ‘whilst strategies and tactics might change rapidly in an entrepreneurial firm, vision and values are enduring’. (25 marks) b) Critically evaluate a value–driven marketing approach, as customers move away from just relationships to more sophisticated priorities and needs. (25 marks) 2) Establishing an entrepreneurial culture is vital if you want your business to remain entrepreneurial as it grows and avoids becoming bureaucratic. a) Critically discuss how an entrepreneur constructs the culture of an organisation based upon the three influences of cognitive processes, organisational processes, and behaviours. (25 marks) b) Critically discuss the characteristics that reflect an entrepreneurial culture, including the cultural web of an entrepreneurial organisation. (25 marks) 3)

Entrepreneurs accept risk- taking, they do not like it, and will strive to minimise and reduce risks. a)

Critically discuss the five-stage risk management framework and how you can mitigate against risks utilising the ‘risk matrix model’. (25 marks)

b) Critically discuss the generic strategies that can assist an entrepreneur in managing risks within a venture. Use any relevant examples to support your answer. (25 marks)

4) Several growth models have informed the challenges of growth faced by new growing ventures. One of the most widely used is the Greiner model (1972), which offers a framework for considering the development of the business. a) Critically analyse the management challenges facing the entrepreneur in this guiding framework, including following each phase of growth, in which a crisis develops, the necessary changes in the way the entrepreneur manages the business. (25 marks) b) Critically discuss what growth-orientated small firms do in strategic management practice. (25 marks)...