Question 1

Which of the following is NOT a characteristic of a resource that provides a firm with a sustainable competitive advantage?

Accepted Answer

A)  transferable 
B)  unique 
C)  tangible 
D)  valuable 
A)  transferable 
B)  unique 
C)  tangible 
D)  valuable C

Question 2

Which of the following best describes a capability that is valuable,rare,transferable,and easy to imitate?

Accepted Answer

A)  core competence 
B)  tangible advantage 
C)  short-term advantage 
D)  not a competitive advantage 
A)  core competence 
B)  tangible advantage 
C)  short-term advantage 
D)  not a competitive advantage C

Question 3

According to a market-based view of strategy development,the attractiveness of an industry is determined by all of the following EXCEPT ________.

Accepted Answer

A)  transferable resources of organizations 
B)  bargaining powers of suppliers 
C)  rivalries among competitors 
D)  threats from new entrants 
A)  transferable resources of organizations 
B)  bargaining powers of suppliers 
C)  rivalries among competitors 
D)  threats from new entrants A

Question 4

When identifying competitive advantages,comparisons made between a firm and its strongest competitors should be based on ________.

Accepted Answer

A)  managerial inputs 
B)  customer opinions 
C)  industry analysts 
D)  expert reviews 
A)  managerial inputs 
B)  customer opinions 
C)  industry analysts 
D)  expert reviews

Question 5

What is the first step of strategy development if a firm follows a resource-based view?

Accepted Answer

A)  targeting profitable market segments 
B)  analyzing the firm's strengths and weaknesses 
C)  assessing the company's external environment 
D)  identifying sustainable competitive advantages 
A)  targeting profitable market segments 
B)  analyzing the firm's strengths and weaknesses 
C)  assessing the company's external environment 
D)  identifying sustainable competitive advantages

Question 6

What is the difference between a market-based view of strategy development and a resource-based view? Briefly outline the steps for developing a strategy for each philosophy.

Accepted Answer

The market-based view assumes that succe

Question 7

Which of the following is a true statement about competitive advantages?

Accepted Answer

A)  Tangible resources are more important than intangible resources. 
B)  Tangible resources are more difficult to obtain than intangible resources. 
C)  Valuable and substitutable resources increase long-term customer loyalty rates. 
D)  Valuable and rare resources that are easily substituted provide short-term advantages. 
A)  Tangible resources are more important than intangible resources. 
B)  Tangible resources are more difficult to obtain than intangible resources. 
C)  Valuable and substitutable resources increase long-term customer loyalty rates. 
D)  Valuable and rare resources that are easily substituted provide short-term advantages.

Question 8

According to the market-based view of strategy development,how a firm competes is more important than where a firm competes.

Accepted Answer

A) True 
 B)False

Question 9

According to the market-based view of strategy development,the success of a firm most likely depends on ________.

Accepted Answer

A)  organizational resources 
B)  industry attractiveness 
C)  employee strengths 
D)  customer loyalty 
A)  organizational resources 
B)  industry attractiveness 
C)  employee strengths 
D)  customer loyalty

Question 10

According to modern strategic management theories,the best competitive advantages are ________.

Accepted Answer

A)  exploitable in other markets 
B)  based on customer demands 
C)  research oriented 
D)  intangible 
A)  exploitable in other markets 
B)  based on customer demands 
C)  research oriented 
D)  intangible

Question 11

What is the first step in the process of identifying competitive advantages?

Accepted Answer

A)  prioritizing customers' buying criteria 
B)  comparing the firm to competitors 
C)  analyzing the firm's value chain 
D)  assessing customers' loyalties 
A)  prioritizing customers' buying criteria 
B)  comparing the firm to competitors 
C)  analyzing the firm's value chain 
D)  assessing customers' loyalties

Question 12

A resource-based view of strategy development asserts that a firm's success depends on ________.

Accepted Answer

A)  profitability ratios 
B)  industry attractiveness 
C)  industry macro environments 
D)  sustainable competitive advantages 
A)  profitability ratios 
B)  industry attractiveness 
C)  industry macro environments 
D)  sustainable competitive advantages

Question 13

The strategic importance of value chain activities varies by industry.

Accepted Answer

A) True 
 B)False

Question 14

Studies show that the resource-based view more accurately predicts firm-level success than the market-based view.

Accepted Answer

A) True 
 B)False

Exam 24: Note : Competitive Advantages

Which of the following is NOT a characteristic of a resource that provides a firm with a sustainable competitive advantage?

Which of the following best describes a capability that is valuable,rare,transferable,and easy to imitate?

According to a market-based view of strategy development,the attractiveness of an industry is determined by all of the following EXCEPT ________.

When identifying competitive advantages,comparisons made between a firm and its strongest competitors should be based on ________.

What is the first step of strategy development if a firm follows a resource-based view?

What is the difference between a market-based view of strategy development and a resource-based view? Briefly outline the steps for developing a strategy for each philosophy.

Which of the following is a true statement about competitive advantages?

According to the market-based view of strategy development,how a firm competes is more important than where a firm competes.

According to the market-based view of strategy development,the success of a firm most likely depends on ________.

According to modern strategic management theories,the best competitive advantages are ________.

What is the first step in the process of identifying competitive advantages?

A resource-based view of strategy development asserts that a firm's success depends on ________.

The strategic importance of value chain activities varies by industry.

Studies show that the resource-based view more accurately predicts firm-level success than the market-based view.

Overview of Marketing Strategy the Strategic Marketing Process

Situation Assessment - the External Environment

Situation Assessment - the Company

Strategy Formation

Implementation

Planning,assessment,and Adjustment

Note : Market Definition

Note : Context: Pest Analysis

Note : Customer Assessment - Trends and Insights

Note : Consumer and Organizational Buyer Behavior

Note : Competitor Analysis - Competitive Intelligence

Note : Company Assessment - Missions and Visions

Note : Company Assessment - the Value Chain

Note : Industry Analysis

Note : the Product Life Cycle

Note : Experience Curve Effects on Cost Reduction

Note : Economies and Diseconomies of Scale

Note : Economies of Scope-Synergies and Virtuous Circles

Note : Market-Share Effects

Note : Scenario Analysis

Note : the Marketing Concept

Note : What Is a Marketing Strategy

Note : Generic Strategies - Advantage and Scope

Note : Generic Strategies - the Value Map

Note : Generic Strategies - Product-Market Growth Strategies

Note : Specific Marketing Strategies

Note : Market Segmentation

Note : Loyalty-Based Marketing,customer Acquisition,and Customer Retention

Note : Customer Lifetime Value

Note : Swot Analysis

Note : Targeting

Note : Positioning

Note : Customer-Oriented Market Research

Note : Brands and Branding

Note : Products - New Product Development

Note : Products - Innovations

Note : Products - Product Portfolios

Note : Pricing Strategies

Note : Promotion and People - Integrated Marketing Communications

Note : Place - Distribution

Note : Budgets,forecasts,and Objectives

Note : Staircase Analysis

Note : Assessment and Adjustment

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