Question 1

Identifying competitive advantages can be difficult and explains why they are typically _______.

Accepted Answer

A)  temporary 
B)  satisfactory 
C)  terminated 
D)  unsuccessful 
A)  temporary 
B)  satisfactory 
C)  terminated 
D)  unsuccessful

Question 2

The goal of value chain analysis is to identify processes in which the firm can add value for the customer and create a competitive advantage for itself,with a ________ or ________________.

Accepted Answer

A)  focused strategy, product differentiation 
B)  focused strategy, cost advantage 
C)  cost advantage, primary value activities 
D)  cost advantage, product differentiation 
A)  focused strategy, product differentiation 
B)  focused strategy, cost advantage 
C)  cost advantage, primary value activities 
D)  cost advantage, product differentiation

Question 3

The __________ chain consists of all parties involved,directly or indirectly,in obtaining raw materials or a product.

Accepted Answer

The answer of The __________ chain consists of all parties...

Question 4

Which of the following offers an example where Porter's five forces are mostly strong and competition is high?

Accepted Answer

A)  A dog walking business. 
B)  A ski resort. 
C)  A professional hockey team. 
D)  All of these. 
A)  A dog walking business. 
B)  A ski resort. 
C)  A professional hockey team. 
D)  All of these.

Question 5

Your boss,Ty Jacob,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, and Universal. 
B)  Walmart, Target, iTunes. 
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)  Walmart, Target, iTunes. 
C)  Game systems like Wii and social networks like Facebook. 
D)  Taylor Swift, Beyonce, The Beatles, and The Rolling Stones.

Question 6

Porter suggests adopting only __________ of the three generic strategies.

Accepted Answer

The answer of Porter suggests adopting only __________ of the...

Question 7

The Victory Wireless store in Denver is currently offering a fabulous marketing strategy for potential new iPhone customers.Victory Wireless offers customers who purchase an iPhone with a two-year subscription a free OtterBox phone case,car charger,ear phones,and speakers.In terms of Porter's Five Forces,what is Victory Wireless attempting to achieve with this marketing strategy?

Accepted Answer

A)  Increase buyer power. 
B)  Increase substitute products. 
C)  Decrease supplier power. 
D)  Decrease buyer power. 
A)  Increase buyer power. 
B)  Increase substitute products. 
C)  Decrease supplier power. 
D)  Decrease buyer power.

Question 8

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 9

Your boss,Tom Repicci,has asked you to analyze the airline industry using Porter's three generic strategies.Which of the following companies are using a differentiation strategy?

Accepted Answer

A)  Southwest, Horizon, Frontier, and JetBlue. 
B)  British Airways, Singapore Airlines, and Virgin Atlantic. 
C)  Sky Taxi, a rent-by-the-hour personal plane service. 
D)  All of these. 
A)  Southwest, Horizon, Frontier, and JetBlue. 
B)  British Airways, Singapore Airlines, and Virgin Atlantic. 
C)  Sky Taxi, a rent-by-the-hour personal plane service. 
D)  All of these.

Question 10

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

Accepted Answer

A)  developing new products or services and attracting new competition 
B)  increasing costs and attracting new competition 
C)  attracting new customers and developing new products or services 
D)  All of these 
A)  developing new products or services and attracting new competition 
B)  increasing costs and attracting new competition 
C)  attracting new customers and developing new products or services 
D)  All of these

Question 11

Updating business strategies is a continuous undertaking,as internal and external environments ________.

Accepted Answer

A)  become less competitive 
B)  rmain stagnant 
C)  rapidly change 
D)  become more consistent 
A)  become less competitive 
B)  rmain stagnant 
C)  rapidly change 
D)  become more consistent

Question 12

Porter has identified three generic business strategies,including focused,broad cost leadership,and switching strategy.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following offers an example where Porter's five forces are mostly weak and competition is low?

Accepted Answer

A)  An international hotel chain purchasing milk. 
B)  A coffee shop. 
C)  A single consumer purchasing milk. 
D)  A dog walking business. 
A)  An international hotel chain purchasing milk. 
B)  A coffee shop. 
C)  A single consumer purchasing milk. 
D)  A dog walking business.

Question 14

The banking industry has implemented several competitive advantages,including ATMs,online bill-pay services,and electronic statements.Of course,these competitive advantages were quickly duplicated by any competitor that wanted to remain in the banking industry.These are examples of ___________.

Accepted Answer

A)  acquiring new technology products and services 
B)  hiring new employees 
C)  reducing expenses 
D)  gaining invaluable feedback from customers 
A)  acquiring new technology products and services 
B)  hiring new employees 
C)  reducing expenses 
D)  gaining invaluable feedback from customers

Exam 2: Identifying Competitive Advantages

Identifying competitive advantages can be difficult and explains why they are typically _______.

The goal of value chain analysis is to identify processes in which the firm can add value for the customer and create a competitive advantage for itself,with a ________ or ________________.

The __________ chain consists of all parties involved,directly or indirectly,in obtaining raw materials or a product.

Which of the following offers an example where Porter's five forces are mostly strong and competition is high?

Your boss,Ty Jacob,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?

Porter suggests adopting only __________ of the three generic strategies.

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

Your boss,Tom Repicci,has asked you to analyze the airline industry using Porter's three generic strategies.Which of the following companies are using a differentiation strategy?

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

Updating business strategies is a continuous undertaking,as internal and external environments ________.

Porter has identified three generic business strategies,including focused,broad cost leadership,and switching strategy.

Which of the following offers an example where Porter's five forces are mostly weak and competition is low?

The banking industry has implemented several competitive advantages,including ATMs,online bill-pay services,and electronic statements.Of course,these competitive advantages were quickly duplicated by any competitor that wanted to remain in the banking industry.These are examples of ___________.

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

The goal of value chain analysis is to identify processes in which the firm can add value for the customer and create a competitive advantage for itself,with a or ________.