Question 1

A leadership plan that achieves a specific set of goals or objectives is a business strategy.

Accepted Answer

A) True 
 B)False  True

Question 2

___________ make customers reluctant to switch to another product or service.

Accepted Answer

A)  Support activities 
B)  Switching costs 
C)  Loyalty rewards 
D)  Value chain activities 
A)  Support activities 
B)  Switching costs 
C)  Loyalty rewards 
D)  Value chain activities B

Question 3

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

Accepted Answer

A)  Market the product to fewer 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 fewer 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. C

Question 4

Your boss,Kerry Miller,has asked you to analyze the soft drink industry using Porter's Five Forces Model.Which of the following represents rivalry in the soft drink industry?

Accepted Answer

A)  Pepsi requires stores that carry Pepsi products to commit to minimum orders of 1,000 cases. 
B)  Walmart negotiates a lower cost per bottle from Coke in exchange for premium shelf space in every Walmart store. 
C)  Zevia Natural Diet Soda begins selling directly over the Internet. 
D)  Coke and Pepsi submit bids to the owner of a football stadium for the exclusive sale of their products during games. 
A)  Pepsi requires stores that carry Pepsi products to commit to minimum orders of 1,000 cases. 
B)  Walmart negotiates a lower cost per bottle from Coke in exchange for premium shelf space in every Walmart store. 
C)  Zevia Natural Diet Soda begins selling directly over the Internet. 
D)  Coke and Pepsi submit bids to the owner of a football stadium for the exclusive sale of their products during games.

Question 5

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?

Accepted Answer

A)  Rivalry among new entrants. 
B)  Rivalry among existing competitors. 
C)  Threat of substitute products or services. 
D)  Buyer power. 
A)  Rivalry among new entrants. 
B)  Rivalry among existing competitors. 
C)  Threat of substitute products or services. 
D)  Buyer power.

Question 6

Competitive __________ is the process of gathering information about the competitive environment,including competitors' plans,activities,and products,to improve a company's ability to succeed.

Accepted Answer

The answer of Competitive __________ is the process of gathering...

Question 7

Which of the following represents procurement as part of the support value activities in a value chain analysis?

Accepted Answer

A)  Purchases inputs, such as raw materials, resources, equipment, and supplies. 
B)  Applies MIS to processes to add value. 
C)  Distributes goods and services to customers. 
D)  Promotes, prices, and sells products to customers. 
A)  Purchases inputs, such as raw materials, resources, equipment, and supplies. 
B)  Applies MIS to processes to add value. 
C)  Distributes goods and services to customers. 
D)  Promotes, prices, and sells products to customers.

Question 8

Apple utilized the first-mover ________ with its iPod product.

Accepted Answer

The answer of Apple utilized the first-mover ________ with its...

Question 9

Which one of Porter's five forces is high when it is easy for new competitors to enter a market and low when there are significant entry barriers to joining a market?

Accepted Answer

A)  Threat of new entrants. 
B)  Threat of substitute products or services. 
C)  Threat of buyer power. 
D)  Supply chain competition. 
A)  Threat of new entrants. 
B)  Threat of substitute products or services. 
C)  Threat of buyer power. 
D)  Supply chain competition.

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

Which of the following represents a company in a supply chain?

Accepted Answer

A)  Customer and competitor. 
B)  Supplier and competitor. 
C)  Knowledge worker and supplier. 
D)  Supplier and customer. 
A)  Customer and competitor. 
B)  Supplier and competitor. 
C)  Knowledge worker and supplier. 
D)  Supplier and customer.

Question 12

In the bookstore industry,some of today's businesses compete with different business strategies and cost strategies.Which of the following is using a broad market competitive scope along with a low cost strategy?

Accepted Answer

A)  Amazon.com. 
B)  Any local independent bookstore that specializes in antique books. 
C)  Barnes & Noble. 
D)  Borders Books. 
A)  Amazon.com. 
B)  Any local independent bookstore that specializes in antique books. 
C)  Barnes & Noble. 
D)  Borders Books.

Question 13

Value chain analysis views a firm as a series of business processes that each add value to the product or service.

Accepted Answer

A) True 
 B)False

Question 14

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?

Accepted Answer

A)  Established record labels like EMI, Sony, and Universal. 
B)  Independent record labels. 
C)  Game systems like Wii and social networks like Facebook. 
D)  Taylor Swift, Beyonce, The Beatles, and The Rolling Stones. 
A)  Established record labels like EMI, Sony, and Universal. 
B)  Independent record labels. 
C)  Game systems like Wii and social networks like Facebook. 
D)  Taylor Swift, Beyonce, The Beatles, and The Rolling Stones.

Question 15

Which of the following is not a typical way that a company would duplicate a competitive advantage?

Accepted Answer

A)  Acquiring the new technology. 
B)  Copying the business operations. 
C)  Hiring away key employees. 
D)  Carrying large product inventories. 
A)  Acquiring the new technology. 
B)  Copying the business operations. 
C)  Hiring away key employees. 
D)  Carrying large product inventories.

Question 16

__________ power measures the ability of buyers to affect the price they must pay for an item.

Accepted Answer

The answer of __________ power measures the ability of buyers...

Question 17

What is a competitive advantage?

Accepted Answer

A)  A feature of a product or service on which customers place a lesser value on than on similar offerings from a new competitor. 
B)  A brand name customers place a greater value on than the quality of the product or service. 
C)  A service that customers place a lesser value on than similar offerings from a supplier. 
D)  A feature of a product or service on which customers place a greater value than on similar offerings from competitors. 
A)  A feature of a product or service on which customers place a lesser value on than on similar offerings from a new competitor. 
B)  A brand name customers place a greater value on than the quality of the product or service. 
C)  A service that customers place a lesser value on than similar offerings from a supplier. 
D)  A feature of a product or service on which customers place a greater value than on similar offerings from competitors.

Question 18

Gina Brooks works for Aquarium Retail Services selling high-end saltwater fish and tank supplies.Aquarium Retail Services is the current market leader in Gina's city.Gina has recently been approached by Deep Blue Incorporated with an opportunity to run its corporate nationwide marketing and sales division.Gina decides to jump at the opportunity! Deep Blue is attempting to gain a competitive ________ by stealing its competitor's key employees.

Accepted Answer

A)  power 
B)  entry barrier 
C)  advantage 
D)  loyalty 
A)  power 
B)  entry barrier 
C)  advantage 
D)  loyalty

Question 19

Your boss,Kerry Miller,has asked you to analyze the soft drink industry using Porter's Five Forces Model.Which of the following represents a substitute product in the soft drink industry?

Accepted Answer

A)  Pepsi requires stores that carry Pepsi products to commit to minimum orders of 1,000 cases. 
B)  Walmart negotiates a lower cost per bottle from Coke in exchange for premium shelf space in every Walmart store. 
C)  Zevia Natural Diet Soda begins selling directly over the Internet. 
D)  Vitamin water, fruit juice, and coffee. 
A)  Pepsi requires stores that carry Pepsi products to commit to minimum orders of 1,000 cases. 
B)  Walmart negotiates a lower cost per bottle from Coke in exchange for premium shelf space in every Walmart store. 
C)  Zevia Natural Diet Soda begins selling directly over the Internet. 
D)  Vitamin water, fruit juice, and coffee.

Question 20

When a company is the first to market with a competitive advantage,this is called a first-mover advantage.All of the following companies were first-movers except ____________.

Accepted Answer

A)  FedEx - the online self-service software 
B)  Apple - iPad 
C)  Apple - iPod 
D)  Microsoft - Bing search engine 
A)  FedEx - the online self-service software 
B)  Apple - iPad 
C)  Apple - iPod 
D)  Microsoft - Bing search engine

Exam 2: Identifying Competitive Advantages

A leadership plan that achieves a specific set of goals or objectives is a business strategy.

___________ make customers reluctant to switch to another product or service.

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

Your boss,Kerry Miller,has asked you to analyze the soft drink industry using Porter's Five Forces Model.Which of the following represents rivalry in the soft drink industry?

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?

Competitive __________ is the process of gathering information about the competitive environment,including competitors' plans,activities,and products,to improve a company's ability to succeed.

Which of the following represents procurement as part of the support value activities in a value chain analysis?

Apple utilized the first-mover ________ with its iPod product.

Which one of Porter's five forces is high when it is easy for new competitors to enter a market and low when there are significant entry barriers to joining a market?

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

Which of the following represents a company in a supply chain?

In the bookstore industry,some of today's businesses compete with different business strategies and cost strategies.Which of the following is using a broad market competitive scope along with a low cost strategy?

Value chain analysis views a firm as a series of business processes that each add value to the product or service.

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?

Which of the following is not a typical way that a company would duplicate a competitive advantage?

__________ power measures the ability of buyers to affect the price they must pay for an item.

What is a competitive advantage?

Your boss,Kerry Miller,has asked you to analyze the soft drink industry using Porter's Five Forces Model.Which of the following represents a substitute product in the soft drink industry?

When a company is the first to market with a competitive advantage,this is called a first-mover advantage.All of the following companies were first-movers except ____________.

Business Driven Technology

Strategic Initiatives for Implementing Competitive Advantages

Measuring the Success of Strategic Initiatives

Organizational Structures That Support Strategic Initiatives

Valuing Organizational Information

Storing Organizational Information-Databases

Accessing Organizational Information-Data Warehouse

Enabling the Organization-Decision Making

Extending the Organization-Supply Chain Management

Building a Customer-Centric Organization-Customer Relationship Management

Integrating the Organization From End to End-Enterprise 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

Developing a 21st-Century Organization

Business Basics

Business Process

Hardware and Software Basics

Mis Infrastructures

Networks and Telecommunications

Information Security

Ethics

Operations Management

Sustainable Mis Infrastructures

Business Intelligence

Global Information Systems

Global Trends

Filters