Question 1

Scarcity relative to demand is called ________.

Accepted Answer

A)  valuable 
B)  distinctive 
C)  rarity 
D)  tangible 
A)  valuable 
B)  distinctive 
C)  rarity 
D)  tangible

Question 2

What role does the value chain play in a firm's competitive advantage?

Accepted Answer

The value chain is the total of all the

Question 3

Competitors who get to market later must settle for lower prices because ________.

Accepted Answer

A)  technology has changed 
B)  there are fewer resources available 
C)  there are more customers 
D)  prices have fallen 
A)  technology has changed 
B)  there are fewer resources available 
C)  there are more customers 
D)  prices have fallen

Question 4

Resource accumulation is static while possession of stocks of resources is dynamic.

Accepted Answer

A) True 
 B)False

Question 5

Tangible resources offer the best opportunity for competitive advantage.

Accepted Answer

A) True 
 B)False

Question 6

What are capabilities?

Accepted Answer

Capabilities refer t

Question 7

It is relatively easy for an established competitor to imitate the successful value chain of a leading competitor.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following is not a support activity on the value chain?

Accepted Answer

A)  sales 
B)  accounting 
C)  procurement 
D)  human resources 
A)  sales 
B)  accounting 
C)  procurement 
D)  human resources

Question 9

Wal-Mart competes with its low prices. It is willing to make a tradeoff between ________.

Accepted Answer

A)  lower sales and greater relative margins 
B)  greater sales and lower relative margins 
C)  higher prices and lower cost merchandise 
D)  lower prices and higher cost merchandise 
A)  lower sales and greater relative margins 
B)  greater sales and lower relative margins 
C)  higher prices and lower cost merchandise 
D)  lower prices and higher cost merchandise

Question 10

A complementary relationship between tangible resources and capabilities gives a firm a competitive advantage.

Accepted Answer

A) True 
 B)False

Question 11

SWOT is an acronym for strengths, weaknesses, opportunities and ________.

Accepted Answer

A)  technologies 
B)  threats 
C)  tools 
D)  tradeoffs 
A)  technologies 
B)  threats 
C)  tools 
D)  tradeoffs

Question 12

You can judge whether a firm's debt is excessive by comparing one firm's ________ against others in the industry.

Accepted Answer

A)  multiplier 
B)  invoices 
C)  assets 
D)  liabilities 
A)  multiplier 
B)  invoices 
C)  assets 
D)  liabilities

Question 13

Firms can achieve a competitive advantage by configuring value-chain activities in ways that add more value to their products and services.

Accepted Answer

A) True 
 B)False

Question 14

Southwest Airline's use of only one type of jet gives it all but which of the following?

Accepted Answer

A)  faster turnarounds 
B)  more reliable maintenance by ground crews 
C)  higher luggage handling capacity 
D)  greater flexibility with pilots 
A)  faster turnarounds 
B)  more reliable maintenance by ground crews 
C)  higher luggage handling capacity 
D)  greater flexibility with pilots

Question 15

Intel is successful because it doesn't license its technology to other manufacturers.

Accepted Answer

A) True 
 B)False

Question 16

Differences in long-term performance between firms in the same industry primarily come from different internal sources of competitive advantage.

Accepted Answer

A) True 
 B)False

Question 17

Kohl's is able to sell products for higher prices than competitors, or manage a higher priced mix of products. This suggests that one of Kohls' differentiators might be the ability to ________.

Accepted Answer

A)  merchandise lower-margin products 
B)  buy products at a lower price than competitors 
C)  merchandise higher-margin products 
D)  buy products at a higher volume than competitors 
A)  merchandise lower-margin products 
B)  buy products at a lower price than competitors 
C)  merchandise higher-margin products 
D)  buy products at a higher volume than competitors

Question 18

Tangible resources include knowledge, culture, and patents.

Accepted Answer

A) True 
 B)False

Question 19

Wal-Mart has gained a competitive advantage by locating stores in rural markets.

Accepted Answer

A) True 
 B)False

Question 20

Stock can be reduced by all but which of the following?

Accepted Answer

A)  sustained investment 
B)  divestiture of business units 
C)  loss of key personnel 
D)  shifts in the competitive environment 
A)  sustained investment 
B)  divestiture of business units 
C)  loss of key personnel 
D)  shifts in the competitive environment

Scarcity relative to demand is called ________.

What role does the value chain play in a firm's competitive advantage?

Competitors who get to market later must settle for lower prices because ________.

Resource accumulation is static while possession of stocks of resources is dynamic.

Tangible resources offer the best opportunity for competitive advantage.

What are capabilities?

It is relatively easy for an established competitor to imitate the successful value chain of a leading competitor.

Which of the following is not a support activity on the value chain?

Wal-Mart competes with its low prices. It is willing to make a tradeoff between ________.

A complementary relationship between tangible resources and capabilities gives a firm a competitive advantage.

SWOT is an acronym for strengths, weaknesses, opportunities and ________.

You can judge whether a firm's debt is excessive by comparing one firm's ________ against others in the industry.

Firms can achieve a competitive advantage by configuring value-chain activities in ways that add more value to their products and services.

Southwest Airline's use of only one type of jet gives it all but which of the following?

Intel is successful because it doesn't license its technology to other manufacturers.

Differences in long-term performance between firms in the same industry primarily come from different internal sources of competitive advantage.

Kohl's is able to sell products for higher prices than competitors, or manage a higher priced mix of products. This suggests that one of Kohls' differentiators might be the ability to ________.

Tangible resources include knowledge, culture, and patents.

Wal-Mart has gained a competitive advantage by locating stores in rural markets.

Stock can be reduced by all but which of the following?

Introducing Strategic Management

Leading Strategically Through Effective Vision and Mission

Exploring the External Environment: Macro Industry and Dynamics

Creating Business Strategies

Crafting Business Strategy of Dynamic Contexts

Developing Corporate Strategy

Looking at International Strategies

Understanding Alliances and Cooperative Strategies

Studying Merges and Acquisitions

Organizational Structure, Systems, and Processes

Considering New Ventures and Corporate Renewal

Corporate Governance in the Twenty-First Century

Filters

Exam 3: Examining the Internal Environment: Resources

Scarcity relative to demand is called ________.

What role does the value chain play in a firm's competitive advantage?

Competitors who get to market later must settle for lower prices because ________.

Resource accumulation is static while possession of stocks of resources is dynamic.

Tangible resources offer the best opportunity for competitive advantage.

What are capabilities?

It is relatively easy for an established competitor to imitate the successful value chain of a leading competitor.

Which of the following is not a support activity on the value chain?

Wal-Mart competes with its low prices. It is willing to make a tradeoff between ________.

A complementary relationship between tangible resources and capabilities gives a firm a competitive advantage.

SWOT is an acronym for strengths, weaknesses, opportunities and ________.

You can judge whether a firm's debt is excessive by comparing one firm's ________ against others in the industry.

Firms can achieve a competitive advantage by configuring value-chain activities in ways that add more value to their products and services.

Southwest Airline's use of only one type of jet gives it all but which of the following?

Intel is successful because it doesn't license its technology to other manufacturers.

Differences in long-term performance between firms in the same industry primarily come from different internal sources of competitive advantage.

Kohl's is able to sell products for higher prices than competitors, or manage a higher priced mix of products. This suggests that one of Kohls' differentiators might be the ability to ________.

Tangible resources include knowledge, culture, and patents.

Wal-Mart has gained a competitive advantage by locating stores in rural markets.

Stock can be reduced by all but which of the following?

Introducing Strategic Management

Leading Strategically Through Effective Vision and Mission

Exploring the External Environment: Macro Industry and Dynamics

Creating Business Strategies

Crafting Business Strategy of Dynamic Contexts

Developing Corporate Strategy

Looking at International Strategies

Understanding Alliances and Cooperative Strategies

Studying Merges and Acquisitions

Organizational Structure, Systems, and Processes

Considering New Ventures and Corporate Renewal

Corporate Governance in the Twenty-First Century

Filters