Question 1

A resource is valuable and rare but neither difficult to imitate nor without substitutes. This should enable the firm to attain

Accepted Answer

A)  no competitive advantage. 
B)  competitive parity. 
C)  a temporary competitive advantage. 
D)  a sustainable competitive advantage. 
A)  no competitive advantage. 
B)  competitive parity. 
C)  a temporary competitive advantage. 
D)  a sustainable competitive advantage.

Question 2

A firm's intangible resources refer to its capacity to deploy tangible resources over time and leverage those resources effectively.

Accepted Answer

A) True 
 B)False

Question 3

Inbound logistics include

Accepted Answer

A)  machining and packaging. 
B)  warehousing and inventory control. 
C)  repair and parts supply. 
D)  promotion and packaging. 
A)  machining and packaging. 
B)  warehousing and inventory control. 
C)  repair and parts supply. 
D)  promotion and packaging.

Question 4

A meaningful ratio analysis

Accepted Answer

A)  must go beyond the calculation and interpretation of financial ratios. 
B)  is based primarily on leverage ratios. 
C)  involves only liquidity ratios. 
D)  involves profitability ratios at a single point in time. 
A)  must go beyond the calculation and interpretation of financial ratios. 
B)  is based primarily on leverage ratios. 
C)  involves only liquidity ratios. 
D)  involves profitability ratios at a single point in time.

Question 5

For a resource to provide a firm with potential sustainable advantages it must satisfy only two criteria: rareness and difficulty in substitution.

Accepted Answer

A) True 
 B)False

Question 6

The three key types of resources that are central to the resource-based view of the firm are

Accepted Answer

A)  tangible resources, intangible resources, and organizational structure. 
B)  culture, tangible resources, and intangible resources. 
C)  tangible resources, intangible resources, and organizational capabilities. 
D)  tangible resources, intangible resources, and top management. 
A)  tangible resources, intangible resources, and organizational structure. 
B)  culture, tangible resources, and intangible resources. 
C)  tangible resources, intangible resources, and organizational capabilities. 
D)  tangible resources, intangible resources, and top management.

Question 7

Historical comparisons provide information to managers about changes in a firm's competitive position. Historical comparisons are often misleading

Accepted Answer

A)  if the overall strategy of the firm is the same. 
B)  in periods of recession or economic boom. 
C)  if the firm shows constant growth. 
D)  if the firm's stock is publicly traded. 
A)  if the overall strategy of the firm is the same. 
B)  in periods of recession or economic boom. 
C)  if the firm shows constant growth. 
D)  if the firm's stock is publicly traded.

Question 8

Assessment of a firm's primary activities should include analysis of all of the following except

Accepted Answer

A)  inbound logistics. 
B)  operations. 
C)  human resources 
D)  marketing and sales. 
A)  inbound logistics. 
B)  operations. 
C)  human resources 
D)  marketing and sales.

Question 9

The balanced scorecard enables managers to consider their business from all of the following perspectives except

Accepted Answer

A)  customer perspective. 
B)  internal business perspective. 
C)  innovation and learning perspective. 
D)  ethical perspective. 
A)  customer perspective. 
B)  internal business perspective. 
C)  innovation and learning perspective. 
D)  ethical perspective.

Question 10

For firms such as Campbell Soup Company, information systems have been a source of competitive advantage by enabling them to

Accepted Answer

A)  forecast future demand. 
B)  replenish products in a timely manner. 
C)  monitor inventories in distribution centers. 
D)  all of these are correct. 
A)  forecast future demand. 
B)  replenish products in a timely manner. 
C)  monitor inventories in distribution centers. 
D)  all of these are correct.

Question 11

An important implication of the "balance scorecard" approach is that

Accepted Answer

A)  managers need to recognize tradeoffs in stakeholder demands and realize that such demands represent a "zero-sum" game in which one stakeholder will gain only at another's loss 
B)  the key emphasis on customer satisfaction and financial goals are only a means to that end 
C)  managers should not look at their job as primarily balancing stakeholder demands; increasing satisfaction among multiple stakeholders can be achieved simultaneously 
D)  gains in financial performance and customer satisfaction must often come at a cost of employee satisfaction 
A)  managers need to recognize tradeoffs in stakeholder demands and realize that such demands represent a "zero-sum" game in which one stakeholder will gain only at another's loss 
B)  the key emphasis on customer satisfaction and financial goals are only a means to that end 
C)  managers should not look at their job as primarily balancing stakeholder demands; increasing satisfaction among multiple stakeholders can be achieved simultaneously 
D)  gains in financial performance and customer satisfaction must often come at a cost of employee satisfaction

Question 12

Value chain analysis assumes that a firm's basic economic purpose is to create value and it is a useful framework for analyzing a firm's strengths and weaknesses.

Accepted Answer

A) True 
 B)False

Question 13

To create an intangible resource that cannot be easily copied, Canadian retailer Holt Renfrew combines

Accepted Answer

A)  real estate and store fixtures. 
B)  brand name and experienced staff. 
C)  accumulated reputation for quality. 
D)  all of these are correct 
A)  real estate and store fixtures. 
B)  brand name and experienced staff. 
C)  accumulated reputation for quality. 
D)  all of these are correct

Question 14

_____ are associated with collecting, storing, and distributing the product or service to buyers. They consist of warehousing, material handling, delivery operation, order processing, and scheduling.

Accepted Answer

A)  Services 
B)  Inbound logistics 
C)  Outbound logistics 
D)  Operations 
A)  Services 
B)  Inbound logistics 
C)  Outbound logistics 
D)  Operations

Question 15

A variety of firm resources include interpersonal relations among managers in the firm, its culture, and its reputation with its suppliers and customers. Such competitive advantages are based upon

Accepted Answer

A)  social complexity. 
B)  path dependency. 
C)  physical uniqueness. 
D)  tangible resources. 
A)  social complexity. 
B)  path dependency. 
C)  physical uniqueness. 
D)  tangible resources.

Question 16

According to value chain analysis, which of the following would be considered part of a firm's infrastructure?

Accepted Answer

A)  Human resource management 
B)  Information systems 
C)  Technology development 
D)  Procurement 
A)  Human resource management 
B)  Information systems 
C)  Technology development 
D)  Procurement

Question 17

Human resource management consists of activities involved in the recruiting, hiring, training, development, and compensation of all types of personnel. It

Accepted Answer

A)  supports only individual primary activities. 
B)  supports only individual support activities. 
C)  supports both individual primary and support activities and the entire value chain. 
D)  supports mostly support activities but does have some impact on primary activities. 
A)  supports only individual primary activities. 
B)  supports only individual support activities. 
C)  supports both individual primary and support activities and the entire value chain. 
D)  supports mostly support activities but does have some impact on primary activities.

Question 18

Advertising is a _____ activity. Supply of replacement parts is a _____ activity.

Accepted Answer

A)  primary; primary 
B)  support; primary 
C)  support; secondary 
D)  primary; support 
A)  primary; primary 
B)  support; primary 
C)  support; secondary 
D)  primary; support

Question 19

The value chain concept assumes that both primary and support activities are capable of producing value for customers.

Accepted Answer

A) True 
 B)False

Question 20

Explain the four attributes that a resource must have to provide a firm with a sustainable competitive advantage.

Accepted Answer

A resources must be

A resource is valuable and rare but neither difficult to imitate nor without substitutes. This should enable the firm to attain

A firm's intangible resources refer to its capacity to deploy tangible resources over time and leverage those resources effectively.

Inbound logistics include

A meaningful ratio analysis

For a resource to provide a firm with potential sustainable advantages it must satisfy only two criteria: rareness and difficulty in substitution.

The three key types of resources that are central to the resource-based view of the firm are

Historical comparisons provide information to managers about changes in a firm's competitive position. Historical comparisons are often misleading

Assessment of a firm's primary activities should include analysis of all of the following except

The balanced scorecard enables managers to consider their business from all of the following perspectives except

For firms such as Campbell Soup Company, information systems have been a source of competitive advantage by enabling them to

An important implication of the "balance scorecard" approach is that

Value chain analysis assumes that a firm's basic economic purpose is to create value and it is a useful framework for analyzing a firm's strengths and weaknesses.

To create an intangible resource that cannot be easily copied, Canadian retailer Holt Renfrew combines

_____ are associated with collecting, storing, and distributing the product or service to buyers. They consist of warehousing, material handling, delivery operation, order processing, and scheduling.

A variety of firm resources include interpersonal relations among managers in the firm, its culture, and its reputation with its suppliers and customers. Such competitive advantages are based upon

According to value chain analysis, which of the following would be considered part of a firm's infrastructure?

Human resource management consists of activities involved in the recruiting, hiring, training, development, and compensation of all types of personnel. It

Advertising is a _ activity. Supply of replacement parts is a _ activity.

The value chain concept assumes that both primary and support activities are capable of producing value for customers.

Explain the four attributes that a resource must have to provide a firm with a sustainable competitive advantage.

Strategic Management: Creating Competitive Advantages

Analyzing the External Environment of the Firm: Creating Competitive Advantages

Recognizing a Firms Intellectual Assets: Moving Beyond a Firms Tangible Resources

Business-Level Strategy: Creating and Sustaining Competitive Advantages

Corporate-Level Strategy: Creating Value Through Diversification

International Strategy: Creating Value in Global Markets

Entrepreneurial Strategy and Competitive Dynamics

Strategic Control and Corporate Governance

Creating Effective Organizational Designs

Strategic Leadership: Creating a Learning Organization and an Ethical Organization

Managing Innovation and Fostering Corporate Entrepreneurship

Filters

Exam 3: Assessing the Internal Environment of the Firm

A resource is valuable and rare but neither difficult to imitate nor without substitutes. This should enable the firm to attain

A firm's intangible resources refer to its capacity to deploy tangible resources over time and leverage those resources effectively.

Inbound logistics include

A meaningful ratio analysis

For a resource to provide a firm with potential sustainable advantages it must satisfy only two criteria: rareness and difficulty in substitution.

The three key types of resources that are central to the resource-based view of the firm are

Historical comparisons provide information to managers about changes in a firm's competitive position. Historical comparisons are often misleading

Assessment of a firm's primary activities should include analysis of all of the following except

The balanced scorecard enables managers to consider their business from all of the following perspectives except

For firms such as Campbell Soup Company, information systems have been a source of competitive advantage by enabling them to

An important implication of the "balance scorecard" approach is that

Value chain analysis assumes that a firm's basic economic purpose is to create value and it is a useful framework for analyzing a firm's strengths and weaknesses.

To create an intangible resource that cannot be easily copied, Canadian retailer Holt Renfrew combines

_____ are associated with collecting, storing, and distributing the product or service to buyers. They consist of warehousing, material handling, delivery operation, order processing, and scheduling.

A variety of firm resources include interpersonal relations among managers in the firm, its culture, and its reputation with its suppliers and customers. Such competitive advantages are based upon

According to value chain analysis, which of the following would be considered part of a firm's infrastructure?

Human resource management consists of activities involved in the recruiting, hiring, training, development, and compensation of all types of personnel. It

Advertising is a _____ activity. Supply of replacement parts is a _____ activity.

The value chain concept assumes that both primary and support activities are capable of producing value for customers.

Explain the four attributes that a resource must have to provide a firm with a sustainable competitive advantage.

Strategic Management: Creating Competitive Advantages

Analyzing the External Environment of the Firm: Creating Competitive Advantages

Recognizing a Firms Intellectual Assets: Moving Beyond a Firms Tangible Resources

Business-Level Strategy: Creating and Sustaining Competitive Advantages

Corporate-Level Strategy: Creating Value Through Diversification

International Strategy: Creating Value in Global Markets

Entrepreneurial Strategy and Competitive Dynamics

Strategic Control and Corporate Governance

Creating Effective Organizational Designs

Strategic Leadership: Creating a Learning Organization and an Ethical Organization

Managing Innovation and Fostering Corporate Entrepreneurship

Filters

Advertising is a _ activity. Supply of replacement parts is a _ activity.