Question 1

A firm's value chain consists of ________.

Accepted Answer

A)  primary and support activities 
B)  primary and secondary activities 
C)  observable and surreptitious activities 
D)  regional and global activities 
A)  primary and support activities 
B)  primary and secondary activities 
C)  observable and surreptitious activities 
D)  regional and global activities

Question 2

Which one of the following is necessary if a firm is to maintain a competitive advantage?

Accepted Answer

A)  winning consistently over the short term in a competitive situation 
B)  charging a higher price than what competitors charge 
C)  reproducing the successful actions of competitors 
D)  providing products and services of a superior value than those of competitors 
A)  winning consistently over the short term in a competitive situation 
B)  charging a higher price than what competitors charge 
C)  reproducing the successful actions of competitors 
D)  providing products and services of a superior value than those of competitors

Question 3

Which of the following is true about the economic forces in the external environment?

Accepted Answer

A)  All economic forces affect all organizations equally. 
B)  In many service companies, such as consulting and law firms, the company's primary assets are its people. 
C)  Changes in the economy are usually temporary and are not long-term, structural changes. 
D)  Structural changes significantly affect the current and future dynamics of economic activity. 
A)  All economic forces affect all organizations equally. 
B)  In many service companies, such as consulting and law firms, the company's primary assets are its people. 
C)  Changes in the economy are usually temporary and are not long-term, structural changes. 
D)  Structural changes significantly affect the current and future dynamics of economic activity.

Question 4

A newly established company,The Malt Company,wishes to enter the beer market in Country A by building a new brewery there.Many companies already have breweries in Country A.These companies spend heavily on advertising,which Malt is finding difficult to afford.This is an example of ________.

Accepted Answer

A)  low costs of switching 
B)  barriers to entry 
C)  substitution 
D)  high costs of switching 
A)  low costs of switching 
B)  barriers to entry 
C)  substitution 
D)  high costs of switching

Question 5

In an industrial company,such as a manufacturer of automobiles,employees are its primary assets.

Accepted Answer

A) True 
 B)False

Question 6

What is a value chain?

Accepted Answer

A value chain is a set of key activities

Question 7

The concept of ________ is the ability of a firm to provide value to customers that exceeds what competitors can provide.

Accepted Answer

A)  strategic management 
B)  distinctive competence 
C)  competitive advantage 
D)  core competence 
A)  strategic management 
B)  distinctive competence 
C)  competitive advantage 
D)  core competence

Question 8

A(n)________ articulates the fundamental purpose of the organization and often contains several components.

Accepted Answer

A)  income statement 
B)  annual report 
C)  statement of faith 
D)  mission statement 
A)  income statement 
B)  annual report 
C)  statement of faith 
D)  mission statement

Question 9

Which of the following would lead to higher profits for an industry?

Accepted Answer

A)  price-based competition 
B)  many new entrants 
C)  fragmented customers 
D)  few suppliers 
A)  price-based competition 
B)  many new entrants 
C)  fragmented customers 
D)  few suppliers

Question 10

Which of the following is a primary value chain activity?

Accepted Answer

A)  technology development 
B)  human resource management 
C)  marketing and sales 
D)  firm infrastructure 
A)  technology development 
B)  human resource management 
C)  marketing and sales 
D)  firm infrastructure

Question 11

Refer to the scenario above.Which of the following,if true,would suggest that the company should concentrate on its strengths?

Accepted Answer

A)  The barriers to entry for this industry are low and the bargaining power of suppliers is increasing. 
B)  The managers make sure that they get the best talent in the market, even if they have to pay a high price for it. 
C)  With access to technology, the firm is able to produce some of the best ads in the market. 
D)  Employees have become complacent after a few successful campaigns, are highly demotivated and lack creativity. 
A)  The barriers to entry for this industry are low and the bargaining power of suppliers is increasing. 
B)  The managers make sure that they get the best talent in the market, even if they have to pay a high price for it. 
C)  With access to technology, the firm is able to produce some of the best ads in the market. 
D)  Employees have become complacent after a few successful campaigns, are highly demotivated and lack creativity.

Question 12

Which of the following,if true,would suggest that the company should concentrate on its opportunities?

Accepted Answer

A)  The managers make sure they get the best talent in the market, even if they have to pay a high price for it. 
B)  Employees have become complacent after a few successful campaigns, are highly demotivated, and lack creativity. 
C)  Despite innovative technology and the Internet, employees continue to use traditional animation techniques to create ads. 
D)  The company has no competitors due to high entry barriers. 
A)  The managers make sure they get the best talent in the market, even if they have to pay a high price for it. 
B)  Employees have become complacent after a few successful campaigns, are highly demotivated, and lack creativity. 
C)  Despite innovative technology and the Internet, employees continue to use traditional animation techniques to create ads. 
D)  The company has no competitors due to high entry barriers.

Question 13

A(n)________ provides a view of the firm over the long term and what it should achieve in the future.

Accepted Answer

A)  strategic vision 
B)  annual report 
C)  differentiated leadership strategy 
D)  multipoint competitive analysis 
A)  strategic vision 
B)  annual report 
C)  differentiated leadership strategy 
D)  multipoint competitive analysis

Question 14

Aliva,a bottled water company,places a premium on the marketing and sales of its products by offering purified water from the natural streams of the Himalayas.This way,compared to other companies,it provides superior value.This is an example of ________.

Accepted Answer

A)  open source advantage 
B)  absolute advantage 
C)  first-mover advantage 
D)  comparative advantage 
A)  open source advantage 
B)  absolute advantage 
C)  first-mover advantage 
D)  comparative advantage

Question 15

Products of a company would ________ when no other firms can have the capabilities needed to provide the same quality and quantity of products and services.

Accepted Answer

A)  have no market value 
B)  be a rarity 
C)  be difficult to imitate 
D)  be substituted easily 
A)  have no market value 
B)  be a rarity 
C)  be difficult to imitate 
D)  be substituted easily

Question 16

Managers pursuing a ________ seek to make their product or service different from those of competitors on dimensions valued by customers.

Accepted Answer

A)  global strategy 
B)  differentiation strategy 
C)  cost leadership strategy 
D)  multipoint competition strategy 
A)  global strategy 
B)  differentiation strategy 
C)  cost leadership strategy 
D)  multipoint competition strategy

Question 17

________ refers to the ability to fulfill a customer's need by alternative means.

Accepted Answer

A)  Rearrangement 
B)  Segmentation 
C)  Elimination 
D)  Substitution 
A)  Rearrangement 
B)  Segmentation 
C)  Elimination 
D)  Substitution

Question 18

The final step in the strategic management process is ________.

Accepted Answer

A)  performance 
B)  evaluation 
C)  internal analysis 
D)  monitor the outcome 
A)  performance 
B)  evaluation 
C)  internal analysis 
D)  monitor the outcome

Question 19

Campacola is a soda company that is seeking to enter the market by introducing an unusual line of sodas that contain granules that pop in the mouth.It intends to sell these sodas at no greater cost than normal sodas.What strategy is the company using in entering the soda market?

Accepted Answer

A)  cost leadership strategy 
B)  multipoint differentiation strategy 
C)  focused differentiation strategy 
D)  integrated differentiation-cost leadership strategy 
A)  cost leadership strategy 
B)  multipoint differentiation strategy 
C)  focused differentiation strategy 
D)  integrated differentiation-cost leadership strategy

Question 20

________ are those that lead to new features and capabilities in existing products or to completely new products.

Accepted Answer

A)  Sociocultural changes 
B)  Economic changes 
C)  Process technological changes 
D)  Product technological changes 
A)  Sociocultural changes 
B)  Economic changes 
C)  Process technological changes 
D)  Product technological changes

A firm's value chain consists of ________.

Which one of the following is necessary if a firm is to maintain a competitive advantage?

Which of the following is true about the economic forces in the external environment?

A newly established company,The Malt Company,wishes to enter the beer market in Country A by building a new brewery there.Many companies already have breweries in Country A.These companies spend heavily on advertising,which Malt is finding difficult to afford.This is an example of ________.

In an industrial company,such as a manufacturer of automobiles,employees are its primary assets.

What is a value chain?

The concept of ________ is the ability of a firm to provide value to customers that exceeds what competitors can provide.

A(n)________ articulates the fundamental purpose of the organization and often contains several components.

Which of the following would lead to higher profits for an industry?

Which of the following is a primary value chain activity?

Refer to the scenario above.Which of the following,if true,would suggest that the company should concentrate on its strengths?

Which of the following,if true,would suggest that the company should concentrate on its opportunities?

A(n)________ provides a view of the firm over the long term and what it should achieve in the future.

Aliva,a bottled water company,places a premium on the marketing and sales of its products by offering purified water from the natural streams of the Himalayas.This way,compared to other companies,it provides superior value.This is an example of ________.

Products of a company would ________ when no other firms can have the capabilities needed to provide the same quality and quantity of products and services.

Managers pursuing a ________ seek to make their product or service different from those of competitors on dimensions valued by customers.

________ refers to the ability to fulfill a customer's need by alternative means.

The final step in the strategic management process is ________.

Campacola is a soda company that is seeking to enter the market by introducing an unusual line of sodas that contain granules that pop in the mouth.It intends to sell these sodas at no greater cost than normal sodas.What strategy is the company using in entering the soda market?

________ are those that lead to new features and capabilities in existing products or to completely new products.

The Nature of Management

Social Responsibility and Managerial Ethics

International Management and Globalization

Planning

Organizational Structure and Design

Managing Diverse Human Resources

Leadership

Motivation

Groups and Teams

Communication and Negotiation

Individual and Group Decision Making

Operations Management

Control

Organizational Change and Development

Filters

Exam 4: Strategic Management

A firm's value chain consists of ________.

Which one of the following is necessary if a firm is to maintain a competitive advantage?

Which of the following is true about the economic forces in the external environment?

A newly established company,The Malt Company,wishes to enter the beer market in Country A by building a new brewery there.Many companies already have breweries in Country A.These companies spend heavily on advertising,which Malt is finding difficult to afford.This is an example of ________.

In an industrial company,such as a manufacturer of automobiles,employees are its primary assets.

What is a value chain?

The concept of ________ is the ability of a firm to provide value to customers that exceeds what competitors can provide.

A(n)________ articulates the fundamental purpose of the organization and often contains several components.

Which of the following would lead to higher profits for an industry?

Which of the following is a primary value chain activity?

Refer to the scenario above.Which of the following,if true,would suggest that the company should concentrate on its strengths?

Which of the following,if true,would suggest that the company should concentrate on its opportunities?

A(n)________ provides a view of the firm over the long term and what it should achieve in the future.

Aliva,a bottled water company,places a premium on the marketing and sales of its products by offering purified water from the natural streams of the Himalayas.This way,compared to other companies,it provides superior value.This is an example of ________.

Products of a company would ________ when no other firms can have the capabilities needed to provide the same quality and quantity of products and services.

Managers pursuing a ________ seek to make their product or service different from those of competitors on dimensions valued by customers.

________ refers to the ability to fulfill a customer's need by alternative means.

The final step in the strategic management process is ________.

Campacola is a soda company that is seeking to enter the market by introducing an unusual line of sodas that contain granules that pop in the mouth.It intends to sell these sodas at no greater cost than normal sodas.What strategy is the company using in entering the soda market?

________ are those that lead to new features and capabilities in existing products or to completely new products.

The Nature of Management

Social Responsibility and Managerial Ethics

International Management and Globalization

Planning

Organizational Structure and Design

Managing Diverse Human Resources

Leadership

Motivation

Groups and Teams

Communication and Negotiation

Individual and Group Decision Making

Operations Management

Control

Organizational Change and Development

Filters