Question 1

When analyzing Porter's three generic strategies for entering a market, if you have a focused strategy what market should you target?

Accepted Answer

A)  A niche market 
B)  A broad market 
C)  Neither niche nor broad markets 
D)  Both niche and broad markets 
A)  A niche market 
B)  A broad market 
C)  Neither niche nor broad markets 
D)  Both niche and broad markets

Question 2

Which of the following is not considered a category within the support value activities in a value chain analysis?

Accepted Answer

A)  Technology development 
B)  Outbound logistics 
C)  Human resource management 
D)  Firm infrastructure 
A)  Technology development 
B)  Outbound logistics 
C)  Human resource management 
D)  Firm infrastructure

Question 3

Firm infrastructure and human resource management are part of the primary value activities.

Accepted Answer

A) True 
 B)False

Question 4

Inbound logistics and operations are part of the primary value activities.

Accepted Answer

A) True 
 B)False

Question 5

A SWOT analysis evaluates an organization's strengths, worries, opportunities, and technologies to identify significant influences that work for or against business strategies.

Accepted Answer

A) True 
 B)False

Question 6

Your boss, Pam Anderson, has asked you to analyze the music industry using Porter's Five Forces Model. Which of the following represents supplier power in the music industry?

Accepted Answer

A)  Established record labels like EMI, Sony, Universal 
B)  Walmart, Target, iTunes 
C)  Game systems like Wii, social networks like Facebook 
D)  Taylor Swift, Beyoncé, The Beatles, The Stones. 
A)  Established record labels like EMI, Sony, Universal 
B)  Walmart, Target, iTunes 
C)  Game systems like Wii, social networks like Facebook 
D)  Taylor Swift, Beyoncé, The Beatles, The Stones.

Question 7

Which four elements are included in systems thinking?

Accepted Answer

A)  Output, Process, Feedback, and Accounting. 
B)  Process, Output, Operations, and Accounting. 
C)  Input, Process, Output, and Feedback. 
D)  Input, Output, Sales, and Feedback. 
A)  Output, Process, Feedback, and Accounting. 
B)  Process, Output, Operations, and Accounting. 
C)  Input, Process, Output, and Feedback. 
D)  Input, Output, Sales, and Feedback.

Question 8

What is production?

Accepted Answer

A)  Material items or products that customers will buy to satisfy a want or need 
B)  Tasks performed by people that customers will buy to satisfy a want or need 
C)  The process where a business takes raw materials and processes them or converts them into a finished product for its goods or services 
D)  The rate at which goods and services are produced based upon total output given total inputs 
A)  Material items or products that customers will buy to satisfy a want or need 
B)  Tasks performed by people that customers will buy to satisfy a want or need 
C)  The process where a business takes raw materials and processes them or converts them into a finished product for its goods or services 
D)  The rate at which goods and services are produced based upon total output given total inputs

Question 9

Cars, groceries, and clothing belong in which category?

Accepted Answer

A)  Goods 
B)  Services 
C)  Production 
D)  Productivity 
A)  Goods 
B)  Services 
C)  Production 
D)  Productivity

Question 10

Feedback is information that returns to its original transmitter and modifies the transmitter's actions. What would the original transmitter include?

Accepted Answer

A)  Input, Transform, Output. 
B)  Input, Transform, Outnumber. 
C)  Output, Input, Performer. 
D)  Input, Process, Transform. 
A)  Input, Transform, Output. 
B)  Input, Transform, Outnumber. 
C)  Output, Input, Performer. 
D)  Input, Process, Transform.

Question 11

When applying Porter's three generic strategies, Tiffany & Co. has a competitive scope and cost strategy that is ________.

Accepted Answer

A)  Broad market - high cost strategy 
B)  Narrow market - low cost strategy 
C)  Narrow market - high cost strategy 
D)  Broad market - low cost strategy 
A)  Broad market - high cost strategy 
B)  Narrow market - low cost strategy 
C)  Narrow market - high cost strategy 
D)  Broad market - low cost strategy

Question 12

Increasing costs and decreasing sales are examples of business strategies.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following statements is correct when considering a SWOT analysis?

Accepted Answer

A)  Strengths and weaknesses originate inside an organization. 
B)  Opportunities and threats originate inside an organization. 
C)  Strengths and threats originate inside an organization. 
D)  Opportunities and weaknesses organization outside an organization. 
A)  Strengths and weaknesses originate inside an organization. 
B)  Opportunities and threats originate inside an organization. 
C)  Strengths and threats originate inside an organization. 
D)  Opportunities and weaknesses organization outside an organization.

Question 14

If a business is following a focused strategy, then its competitive scope is ________.

Accepted Answer

A)  Broad market 
B)  Narrow market 
C)  Broad range products 
D)  Broad range of services 
A)  Broad market 
B)  Narrow market 
C)  Broad range products 
D)  Broad range of services

Question 15

If a supplier has high power, what can it do to influence its industry?

Accepted Answer

A)  Charge higher prices. 
B)  Shift costs to industry participants. 
C)  Limit quality or services. 
D)  All of these. 
A)  Charge higher prices. 
B)  Shift costs to industry participants. 
C)  Limit quality or services. 
D)  All of these.

Question 16

Which of the following represents a typical supply chain?

Accepted Answer

A)  Company - Customers - Suppliers 
B)  Company - Suppliers - Customers 
C)  Suppliers - Company - Customers 
D)  Suppliers - Customers - Company 
A)  Company - Customers - Suppliers 
B)  Company - Suppliers - Customers 
C)  Suppliers - Company - Customers 
D)  Suppliers - Customers - Company

Question 17

How can a company reduce the threat of substitute products or services?

Accepted Answer

A)  Market the product to less than 10 customers 
B)  Ignore competitive forces 
C)  Offer additional value through wider product distribution 
D)  Offer less value making the product far more generic and similar to the competition 
A)  Market the product to less than 10 customers 
B)  Ignore competitive forces 
C)  Offer additional value through wider product distribution 
D)  Offer less value making the product far more generic and similar to the competition

Question 18

Amazon.com uses a customer profiling system whenever a customer visits its website. Using this system, Amazon can offer products tailored to that particular customer's profile and buying pattern. What is Amazon using to achieve this competitive advantage?

Accepted Answer

A)  Rivalry 
B)  Buyer power 
C)  Product differentiation 
D)  Substitute product 
A)  Rivalry 
B)  Buyer power 
C)  Product differentiation 
D)  Substitute product

Question 19

Primary value activities are standardized activities that accomplish a specific task, such as processing a customer's order.

Accepted Answer

A) True 
 B)False

Question 20

Your boss, Pam Anderson, has asked you to analyze the music industry using Porter's Five Forces Model. Which of the following represents buyer power in the music industry?

Accepted Answer

A)  Established record labels like EMI, Sony, Universal 
B)  Walmart, Target, iTunes 
C)  Independent record labels 
D)  Game systems like Wii, social networks like Facebook 
A)  Established record labels like EMI, Sony, Universal 
B)  Walmart, Target, iTunes 
C)  Independent record labels 
D)  Game systems like Wii, social networks like Facebook

Exam 2: Identifying Competitive Advantages

When analyzing Porter's three generic strategies for entering a market, if you have a focused strategy what market should you target?

Which of the following is not considered a category within the support value activities in a value chain analysis?

Firm infrastructure and human resource management are part of the primary value activities.

Inbound logistics and operations are part of the primary value activities.

A SWOT analysis evaluates an organization's strengths, worries, opportunities, and technologies to identify significant influences that work for or against business strategies.

Your boss, Pam Anderson, has asked you to analyze the music industry using Porter's Five Forces Model. Which of the following represents supplier power in the music industry?

Which four elements are included in systems thinking?

What is production?

Cars, groceries, and clothing belong in which category?

Feedback is information that returns to its original transmitter and modifies the transmitter's actions. What would the original transmitter include?

When applying Porter's three generic strategies, Tiffany & Co. has a competitive scope and cost strategy that is ________.

Increasing costs and decreasing sales are examples of business strategies.

Which of the following statements is correct when considering a SWOT analysis?

If a business is following a focused strategy, then its competitive scope is ________.

If a supplier has high power, what can it do to influence its industry?

Which of the following represents a typical supply chain?

How can a company reduce the threat of substitute products or services?

Amazon.com uses a customer profiling system whenever a customer visits its website. Using this system, Amazon can offer products tailored to that particular customer's profile and buying pattern. What is Amazon using to achieve this competitive advantage?

Primary value activities are standardized activities that accomplish a specific task, such as processing a customer's order.

Your boss, Pam Anderson, has asked you to analyze the music industry using Porter's Five Forces Model. Which of the following represents buyer power in the music industry?

Business Driven Technology

Strategic Initiatives for Implementing Competitive Advantages

Measuring the Success of Strategic Initiatives

Organizational Structures That Support Strategic Initiatives

Valuing and Storing Organizational Informationdatabases

Accessing Organizational Informationdata Warehouses

Understanding Big Data and Its Impact on Business

Enabling the Organizationdecision Making

Extending the Organizationsupply Chain Management

Building a Customer-Centric Organizationcustomer Relationship Management

Integrating the Organization From End to Endenterprise Resource Planning

Creating Innovative Organizations

Ebusiness

Creating Collaborative Partnerships

Integrating Wireless Technology in Business

Developing Software to Streamline Operations

Methodologies for Supporting Agile Organizations

Managing Organizational Projects

Business Driven Technology

Identifying Competitive Advantages

Strategic Initiatives for Implementing Competitive Advantages

Measuring the Success of Strategic Initiatives

Organizational Structures That Support Strategic Initiatives

Valuing and Storing Organizational Informationdatabases

Accessing Organizational Informationdata Warehouses

Understanding Big Data and Its Impact on Business

Enabling the Organizationdecision Making

Extending the Organizationsupply Chain Management

Building a Customer-Centric Organizationcustomer Relationship Management

Integrating the Organization From End to Endenterprise Resource Planning

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