Question 1

Customer responsiveness is an important ___________________ attribute that can help to build brand loyalty.

Accepted Answer

A)  marketing 
B)  leadership 
C)  management 
D)  differentiating 
E)  None of the above 
A)  marketing 
B)  leadership 
C)  management 
D)  differentiating 
E)  None of the above

Question 2

Information systems refer to the largely electronic systems for managing inventory, tracking sales, pricing products, selling products, dealing with customer service inquiries, etc.

Accepted Answer

A) True 
 B)False

Question 3

Brad has developed a new, improved planting procedure for use in his apple orchard. Brad is creating a process innovation.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following is not one of the attributes that seem to be important in order for a product development team to function effectively?

Accepted Answer

A)  A heavyweight project manager 
B)  A team leader that is able to act as an advocate of the team to senior management 
C)  The team should be composed of at least one member from each key function. 
D)  Team members should be co-located. 
E)  The organization should develop set policies and procedures that all development teams should follow. 
A)  A heavyweight project manager 
B)  A team leader that is able to act as an advocate of the team to senior management 
C)  The team should be composed of at least one member from each key function. 
D)  Team members should be co-located. 
E)  The organization should develop set policies and procedures that all development teams should follow.

Question 5

Which of the following is not an example of a human resources strategy that could help improve organizational efficiency?

Accepted Answer

A)  Hiring strategy 
B)  Just-in-time inventory system 
C)  Eliminating supervisors and flattening the organizational structure 
D)  Self-managing teams 
E)  Pay for performance 
A)  Hiring strategy 
B)  Just-in-time inventory system 
C)  Eliminating supervisors and flattening the organizational structure 
D)  Self-managing teams 
E)  Pay for performance

Question 6

A company has a competitive advantage when its profitability is higher than the average for its industry.

Accepted Answer

A) True 
 B)False

Question 7

The basic philosophy underlying quality improvement methodologies include all of the following except

Accepted Answer

A)  costs decrease because of less work. 
B)  productivity improves. 
C)  better quality leads to higher market share. 
D)  reduces set-up time for complex manufacturing functions 
E)  increases the company's profitability and allows it to stay in business. 
A)  costs decrease because of less work. 
B)  productivity improves. 
C)  better quality leads to higher market share. 
D)  reduces set-up time for complex manufacturing functions 
E)  increases the company's profitability and allows it to stay in business.

Question 8

Which of the following support activities in the value chain provides inputs that allow the primary activities to take place?

Accepted Answer

A)  Human resources 
B)  Materials management, human resources, information systems, and company infrastructure 
C)  Company infrastructure 
D)  Human resources and company infrastructure 
E)  Information systems 
A)  Human resources 
B)  Materials management, human resources, information systems, and company infrastructure 
C)  Company infrastructure 
D)  Human resources and company infrastructure 
E)  Information systems

Question 9

Capabilities are

Accepted Answer

A)  a company's physical plant and equipment. 
B)  a company's technological know-how. 
C)  a company's resources. 
D)  a company's reputation. 
E)  a company's skills at coordinating resources and putting them to productive use. 
A)  a company's physical plant and equipment. 
B)  a company's technological know-how. 
C)  a company's resources. 
D)  a company's reputation. 
E)  a company's skills at coordinating resources and putting them to productive use.

Question 10

Identify and discuss the four building blocks of competitive advantage.

Accepted Answer

The four building blocks of competitive

Question 11

When a firm produces products that customers perceive as having higher utility than those of its rivals, this firm's source of competitive advantage is

Accepted Answer

A)  design. 
B)  low innovation. 
C)  superior quality. 
D)  efficiency. 
E)  customer responsiveness. 
A)  design. 
B)  low innovation. 
C)  superior quality. 
D)  efficiency. 
E)  customer responsiveness.

Question 12

Comment on this statement: "No competitive advantage lasts forever."

Accepted Answer

Students will acknowledge that this stat

Question 13

The main goal for a company's human resource function is to find ways to lower wage and benefits costs.

Accepted Answer

A) True 
 B)False

Question 14

Customer response time is the time it takes for a good to be delivered or a service to be performed.

Accepted Answer

A) True 
 B)False

Question 15

A firm can use __________ strategy, including aggressive pricing and promotion, to increase sales volume which leads to cost reductions from scale and learning effects.

Accepted Answer

A)  R&D 
B)  a differentiation 
C)  TQM 
D)  marketing 
E)  a cost leadership 
A)  R&D 
B)  a differentiation 
C)  TQM 
D)  marketing 
E)  a cost leadership

Question 16

Marketing strategy refers to the position that a company takes with regard to pricing, promotion, advertising, product design, and distribution.

Accepted Answer

A) True 
 B)False

Question 17

Superior value requires that

Accepted Answer

A)  a company have the lowest cost structure in an industry. 
B)  the gap between perceived value and costs of production be greater than the gap attained by competitors. 
C)  a company create the most valuable product in the eyes of the consumer. 
D)  a company create the highest quality product in the eyes of the consumer. 
E)  a company excel in all of the building blocks of competitive advantage. 
A)  a company have the lowest cost structure in an industry. 
B)  the gap between perceived value and costs of production be greater than the gap attained by competitors. 
C)  a company create the most valuable product in the eyes of the consumer. 
D)  a company create the highest quality product in the eyes of the consumer. 
E)  a company excel in all of the building blocks of competitive advantage.

Question 18

To achieve a competitive advantage, a company must excel in all of the building blocks of competitive advantage-efficiency, quality, innovation, and responsiveness to customers.

Accepted Answer

A) True 
 B)False

Question 19

The idea behind self-managing teams is to give middle management more control over lower-level hiring and firing decisions.

Accepted Answer

A) True 
 B)False

Question 20

Mass customization is the ability of companies to use flexible manufacturing technology to customize at cost normally associated with mass production.

Accepted Answer

A) True 
 B)False

Customer responsiveness is an important ___________________ attribute that can help to build brand loyalty.

Information systems refer to the largely electronic systems for managing inventory, tracking sales, pricing products, selling products, dealing with customer service inquiries, etc.

Brad has developed a new, improved planting procedure for use in his apple orchard. Brad is creating a process innovation.

Which of the following is not one of the attributes that seem to be important in order for a product development team to function effectively?

Which of the following is not an example of a human resources strategy that could help improve organizational efficiency?

A company has a competitive advantage when its profitability is higher than the average for its industry.

The basic philosophy underlying quality improvement methodologies include all of the following except

Which of the following support activities in the value chain provides inputs that allow the primary activities to take place?

Capabilities are

Identify and discuss the four building blocks of competitive advantage.

When a firm produces products that customers perceive as having higher utility than those of its rivals, this firm's source of competitive advantage is

Comment on this statement: "No competitive advantage lasts forever."

The main goal for a company's human resource function is to find ways to lower wage and benefits costs.

Customer response time is the time it takes for a good to be delivered or a service to be performed.

A firm can use __________ strategy, including aggressive pricing and promotion, to increase sales volume which leads to cost reductions from scale and learning effects.

Marketing strategy refers to the position that a company takes with regard to pricing, promotion, advertising, product design, and distribution.

Superior value requires that

To achieve a competitive advantage, a company must excel in all of the building blocks of competitive advantage-efficiency, quality, innovation, and responsiveness to customers.

The idea behind self-managing teams is to give middle management more control over lower-level hiring and firing decisions.

Mass customization is the ability of companies to use flexible manufacturing technology to customize at cost normally associated with mass production.

The Strategy-Making Process

The Mission, Governance, and Business Ethics

External Analysis: the Identification of Opportunities and Threats

Business-Level Strategy and Competitive Positioning

Strategy in the Global Environment

Corporate-Level Strategy and Long-Run Profitability

Strategic Change: Implementing Strategies to Build and Develop a Company

Implementing Strategy Through Organizational Design

Filters

Exam 4: Building Competitive Advantage

Customer responsiveness is an important ___________________ attribute that can help to build brand loyalty.

Information systems refer to the largely electronic systems for managing inventory, tracking sales, pricing products, selling products, dealing with customer service inquiries, etc.

Brad has developed a new, improved planting procedure for use in his apple orchard. Brad is creating a process innovation.

Which of the following is not one of the attributes that seem to be important in order for a product development team to function effectively?

Which of the following is not an example of a human resources strategy that could help improve organizational efficiency?

A company has a competitive advantage when its profitability is higher than the average for its industry.

The basic philosophy underlying quality improvement methodologies include all of the following except

Which of the following support activities in the value chain provides inputs that allow the primary activities to take place?

Capabilities are

Identify and discuss the four building blocks of competitive advantage.

When a firm produces products that customers perceive as having higher utility than those of its rivals, this firm's source of competitive advantage is

Comment on this statement: "No competitive advantage lasts forever."

The main goal for a company's human resource function is to find ways to lower wage and benefits costs.

Customer response time is the time it takes for a good to be delivered or a service to be performed.

A firm can use __________ strategy, including aggressive pricing and promotion, to increase sales volume which leads to cost reductions from scale and learning effects.

Marketing strategy refers to the position that a company takes with regard to pricing, promotion, advertising, product design, and distribution.

Superior value requires that

To achieve a competitive advantage, a company must excel in all of the building blocks of competitive advantage-efficiency, quality, innovation, and responsiveness to customers.

The idea behind self-managing teams is to give middle management more control over lower-level hiring and firing decisions.

Mass customization is the ability of companies to use flexible manufacturing technology to customize at cost normally associated with mass production.

The Strategy-Making Process

The Mission, Governance, and Business Ethics

External Analysis: the Identification of Opportunities and Threats

Business-Level Strategy and Competitive Positioning

Strategy in the Global Environment

Corporate-Level Strategy and Long-Run Profitability

Strategic Change: Implementing Strategies to Build and Develop a Company

Implementing Strategy Through Organizational Design

Filters