Exam 2: Identifying Competitive Advantages

A first-mover advantage occurs when a company is the first to market with a competitive advantage.All of the following companies were first-movers except ____________.

A business process is a standardized set of activities that accomplish a specific task, such as processing a customer's order.

When evaluating the value chain, all of the following are included in the primary value activities except _________.

What includes support value activities and primary value activities and is used to determine how to create the greatest possible value for customers?

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?

Jennifer Bloom is writing a paper and she must determine which of Porter's three generic strategies The Museum Company has implemented.Jennifer finds out that The Museum Company offers specialty products found only in museums around the world to affluent customers.What would Jennifer determine The Museum Company is using as its generic strategy?

Decreasing customer loyalty, increasing costs, and decreasing sales are all examples of business strategies.

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

A SWOT analysis will evaluate potential internal strengths, internal weaknesses, and external opportunities.

Shawn McGill is on the executive board for ABC pharmaceuticals.The company produces the number one selling cancer fighting drug on the market.Due to its incredible success ABC pharmaceuticals has decided to increase the cost of the drug from $8 a pill to $15 a pill.Which force is ABC pharmaceutical using to increase its drug price?

Which of the following represents a reason why competitive advantages are typically temporary?

Your boss, Ty Jacob, has asked you to analyze the music industry using Porter's Five Forces model.Which of the following represents the threat of substitute products or services in the music industry?

A business strategy achieves a specific set of goals which include __________.

According to Porter's three generic strategies, Walmart is following a business strategy that focuses on broad market and low cost.

John Cleaver is the CEO of Tech World, which is a retail store that sells computers, monitors, cameras, televisions, and many other electronic products.John and his executive team are meeting to brainstorm new ideas on how to grow the business.One idea is to mimic a competitor's product that is attempting to sell a new product in a different industry.After performing a Porter's Five Forces analysis, John determines that all of the forces are high in this new industry.What should John do?

Which of the following are included as potential internal weaknesses in a SWOT analysis that are harmful to an organization?

When reviewing Porter's value chain analysis, which of the following provides customer support after the sale of goods and services?

Some industries' competition is much more intense than others.Retail grocery stores such as Kroger, Safeway, and Albertson's in the United States experience fierce competition and offer similar marketing campaigns to compete.What is this an example of in terms of Porter's Five Forces?

Product differentiation occurs when a company develops unique differences in its products or services with the intent to influence demand.

Imagine you are creating a new product to sell in an up-and-coming market.Which of the following statements indicates that it would be difficult for you to enter this new market?