Question 1

The most difficult part of benchmarking is

Accepted Answer

A)  the decision of whether to do it at all. 
B)  how to gain access to information regarding rivals' practices and costs. 
C)  when to initiate the process. 
D)  what information to utilize in the analysis process. 
E)  when to stop the process and move forward with strategy. 
A)  the decision of whether to do it at all. 
B)  how to gain access to information regarding rivals' practices and costs. 
C)  when to initiate the process. 
D)  what information to utilize in the analysis process. 
E)  when to stop the process and move forward with strategy.

Question 2

One important indicator of how well a company's present strategy is working is whether

Accepted Answer

A)  it has more core competencies than close rivals. 
B)  its strategy is built around at least two of the industry's key success factors. 
C)  the company is achieving gains in financial strength. 
D)  it has been able to create new industry demand through the use of a blue ocean strategy. 
E)  it is subject to weaker competitive forces and pressures than close rivals (a good sign). 
A)  it has more core competencies than close rivals. 
B)  its strategy is built around at least two of the industry's key success factors. 
C)  the company is achieving gains in financial strength. 
D)  it has been able to create new industry demand through the use of a blue ocean strategy. 
E)  it is subject to weaker competitive forces and pressures than close rivals (a good sign).

Question 3

A company's value chain

Accepted Answer

A)  consists of the primary activities that it performs in seeking to deliver value to shareholders in the form of higher dividends and a higher stock price. 
B)  depicts the internally performed activities associated with creating and enhancing the company's competitive assets. 
C)  consists of two broad categories of activities: the primary activities that create customer value and the requisite support activities that facilitate and enhance the performance of the primary activities. 
D)  concerns the basic process the company goes through in performing R&D and developing new products. 
E)  consists of the series of steps a company goes through to develop a new product,get it produced and into the marketplace,and then start collecting revenues and earning a profit. 
A)  consists of the primary activities that it performs in seeking to deliver value to shareholders in the form of higher dividends and a higher stock price. 
B)  depicts the internally performed activities associated with creating and enhancing the company's competitive assets. 
C)  consists of two broad categories of activities: the primary activities that create customer value and the requisite support activities that facilitate and enhance the performance of the primary activities. 
D)  concerns the basic process the company goes through in performing R&D and developing new products. 
E)  consists of the series of steps a company goes through to develop a new product,get it produced and into the marketplace,and then start collecting revenues and earning a profit.

Question 4

Describe some ways that a company can improve (1)its supplier-related value chain activities and (2)activities of its forward channel allies.

Accepted Answer

1) To improve its supplier-related value

Question 5

Explain the benefits of preparing a competitive strength assessment.

Accepted Answer

The answer of Explain the benefits of preparing a competitive...

Question 6

The competitive power of a company resource depends on

Accepted Answer

A)  whether it helps differentiate a company's product offering from the product offerings of rival firms. 
B)  whether the resource is really competitively valuable,if it is rare and something competitors lack,how hard it is to copy or imitate,and how easily it can be trumped by the substitute resource strengths and competitive capabilities of rivals. 
C)  whether customers are aware of the resource and view it positively enough to boost the company's brand name reputation. 
D)  whether the resource is something rivals are unable to perform,if it is an important differentiating product or service feature,how strongly it contributes to the company's brand image,and if it is the foundation of a cost-based advantage. 
E)  whether the resource is technology-based or based on superior marketing know-how. 
A)  whether it helps differentiate a company's product offering from the product offerings of rival firms. 
B)  whether the resource is really competitively valuable,if it is rare and something competitors lack,how hard it is to copy or imitate,and how easily it can be trumped by the substitute resource strengths and competitive capabilities of rivals. 
C)  whether customers are aware of the resource and view it positively enough to boost the company's brand name reputation. 
D)  whether the resource is something rivals are unable to perform,if it is an important differentiating product or service feature,how strongly it contributes to the company's brand image,and if it is the foundation of a cost-based advantage. 
E)  whether the resource is technology-based or based on superior marketing know-how.

Question 7

What are the three main approaches to rectify a weakness in a company's customer value proposition?

Accepted Answer

The answer of What are the three main approaches to...

Question 8

Which of the following best describes the market opportunities that tend to be most relevant to a particular company?

Accepted Answer

A)  Those market opportunities that provide avenues for taking market share away from close rivals and enhance a company's image as a leader in product innovation and product quality 
B)  Those market opportunities that offer the company a chance to raise entry barriers 
C)  Those market opportunities that help promote greater diversification of revenues and profits 
D)  Those market opportunities that match up well with the firm's financial resources and competitive capabilities,offer the best growth and profitability,and present the most potential for competitive advantage 
E)  Those market opportunities that help correct a company's biggest weaknesses and competitive deficiencies 
A)  Those market opportunities that provide avenues for taking market share away from close rivals and enhance a company's image as a leader in product innovation and product quality 
B)  Those market opportunities that offer the company a chance to raise entry barriers 
C)  Those market opportunities that help promote greater diversification of revenues and profits 
D)  Those market opportunities that match up well with the firm's financial resources and competitive capabilities,offer the best growth and profitability,and present the most potential for competitive advantage 
E)  Those market opportunities that help correct a company's biggest weaknesses and competitive deficiencies

Question 9

Draw a typical value chain for an entire industry.Why are the activities performed by value chain allies strategically relevant?

Accepted Answer

A typical value chain for an entire indu

Question 10

In order to sustain the competitive power of resources and capabilities they must be

Accepted Answer

A)  continually strengthened and nurtured. 
B)  broadened and deepened to cover emerging market opportunities. 
C)  refreshed,modified,or sometimes phased out and replaced in response to ongoing market changes. 
D)  difficult to imitate. 
E)  All of these. 
A)  continually strengthened and nurtured. 
B)  broadened and deepened to cover emerging market opportunities. 
C)  refreshed,modified,or sometimes phased out and replaced in response to ongoing market changes. 
D)  difficult to imitate. 
E)  All of these.

Question 11

Doing a competitive strength assessment entails

Accepted Answer

A)  determining whether a company has a cost-effective value chain. 
B)  ranking the company against major rivals on each of the important factors that determine market success and ascertaining whether the company has a net competitive advantage or disadvantage versus major rivals. 
C)  identifying a company's core competencies and distinctive competencies (if any). 
D)  analyzing whether a company is well positioned to gain market share and be the industry's profit leader. 
E)  developing quantitative measures of a company's chances for future profitability. 
A)  determining whether a company has a cost-effective value chain. 
B)  ranking the company against major rivals on each of the important factors that determine market success and ascertaining whether the company has a net competitive advantage or disadvantage versus major rivals. 
C)  identifying a company's core competencies and distinctive competencies (if any). 
D)  analyzing whether a company is well positioned to gain market share and be the industry's profit leader. 
E)  developing quantitative measures of a company's chances for future profitability.

Question 12

When looking at the entire industry,the main areas in a company's overall value chain where important differences between firm's cost and value do not occur are in

Accepted Answer

A)  a company's own internal activities. 
B)  the suppliers industry value chain. 
C)  the forward channel portion of the industry chain. 
D)  restoring cost parity of deficiencies. 
E)  None of these. 
A)  a company's own internal activities. 
B)  the suppliers industry value chain. 
C)  the forward channel portion of the industry chain. 
D)  restoring cost parity of deficiencies. 
E)  None of these.

Question 13

The two most important parts of SWOT analysis are

Accepted Answer

A)  pinpointing the company's competitive assets and pinpointing its competitive liabilities. 
B)  identifying the company's resource strengths and identifying the company's best market opportunities. 
C)  identifying the external threats to a company's future profitability and pinpointing how many market opportunities it has. 
D)  drawing conclusions from the SWOT listings about the company's overall situation and translating these conclusions into strategic actions to better match the company's strategy to its resource strengths and market opportunities,correct the important weaknesses,and defend against external threats. 
E)  making accurate lists of the company's strengths,weaknesses,opportunities,and threats and then using these lists as a basis for ascertaining how well the company's strategy is working. 
A)  pinpointing the company's competitive assets and pinpointing its competitive liabilities. 
B)  identifying the company's resource strengths and identifying the company's best market opportunities. 
C)  identifying the external threats to a company's future profitability and pinpointing how many market opportunities it has. 
D)  drawing conclusions from the SWOT listings about the company's overall situation and translating these conclusions into strategic actions to better match the company's strategy to its resource strengths and market opportunities,correct the important weaknesses,and defend against external threats. 
E)  making accurate lists of the company's strengths,weaknesses,opportunities,and threats and then using these lists as a basis for ascertaining how well the company's strategy is working.

Question 14

Draw a typical company value chain and briefly explain the difference between primary activities and support activities.

Accepted Answer

The answer of Draw a typical company value chain and...

Question 15

Which of the following is not accurate as concerns the task of identifying the strategic issues and problems that merit front-burner managerial attention?

Accepted Answer

A)  It entails drawing upon the results and conclusions from analyzing the company's external environment. 
B)  It entails drawing on the results and conclusions from evaluating the company's own resources and competitive position. 
C)  It entails developing a "worry list" of problems and issues for managerial strategy making. 
D)  Identifying the strategic issues and problems that the company faces is the first thing that company managers need to do before starting to analyze the company's internal and external environment. 
E)  Developing a list of what issues and problems that managements needs to address (and to resolve)should always precede deciding upon a strategy and what actions to take to improve the company's position and prospects. 
A)  It entails drawing upon the results and conclusions from analyzing the company's external environment. 
B)  It entails drawing on the results and conclusions from evaluating the company's own resources and competitive position. 
C)  It entails developing a "worry list" of problems and issues for managerial strategy making. 
D)  Identifying the strategic issues and problems that the company faces is the first thing that company managers need to do before starting to analyze the company's internal and external environment. 
E)  Developing a list of what issues and problems that managements needs to address (and to resolve)should always precede deciding upon a strategy and what actions to take to improve the company's position and prospects.

Question 16

The difference between a distinctive competence and a core competence is that

Accepted Answer

A)  a distinctive competence refers to a company's best-executed functional strategy and a core competence refers to a company's best-executed business strategy. 
B)  a distinctive competence refers to a company's most strategically important resource whereas a core competence refers to the basis of a company's competitive advantage over rivals. 
C)  a distinctive competence is a competitively relevant internal activity that a firm performs especially well relative to other internal activities,whereas a core competence is a competitively important activity performed by key strategic allies. 
D)  a distinctive competence represents internal activity that is performed with a very high level of proficiency whereas a core competence is a proficiently performed internal activity that is central to a company's strategy and competitiveness. 
E)  a core competence usually resides in a company's technology and physical assets (state-of-the-art plants and equipment,attractive real estate locations,and so on)whereas a distinctive competence usually resides in a company's human capital,information capital,or organizational capital. 
A)  a distinctive competence refers to a company's best-executed functional strategy and a core competence refers to a company's best-executed business strategy. 
B)  a distinctive competence refers to a company's most strategically important resource whereas a core competence refers to the basis of a company's competitive advantage over rivals. 
C)  a distinctive competence is a competitively relevant internal activity that a firm performs especially well relative to other internal activities,whereas a core competence is a competitively important activity performed by key strategic allies. 
D)  a distinctive competence represents internal activity that is performed with a very high level of proficiency whereas a core competence is a proficiently performed internal activity that is central to a company's strategy and competitiveness. 
E)  a core competence usually resides in a company's technology and physical assets (state-of-the-art plants and equipment,attractive real estate locations,and so on)whereas a distinctive competence usually resides in a company's human capital,information capital,or organizational capital.

Question 17

What is a resource-based strategy?

Accepted Answer

A resource-based strategy is a business

Question 18

Which of the following is not a good option for trying to remedy high internal costs vis-à-vis rivals firms?

Accepted Answer

A)  Investing in productivity-enhancing,cost-saving technological improvements 
B)  Redesigning the product or some of its components to permit more economical manufacture or assembly 
C)  Implementing aggressive strategic resource mapping to permit across-the-board cost reduction 
D)  Outsourcing high-cost activities to vendors or contractors who can perform them more economically 
E)  Relocating high-cost activities (like manufacturing)to geographic areas (such as China or Latin America or Eastern Europe)where they can be performed more cheaply 
A)  Investing in productivity-enhancing,cost-saving technological improvements 
B)  Redesigning the product or some of its components to permit more economical manufacture or assembly 
C)  Implementing aggressive strategic resource mapping to permit across-the-board cost reduction 
D)  Outsourcing high-cost activities to vendors or contractors who can perform them more economically 
E)  Relocating high-cost activities (like manufacturing)to geographic areas (such as China or Latin America or Eastern Europe)where they can be performed more cheaply

Question 19

A company that is at a disadvantage in the marketplace because it lacks competitively valuable resources possessed by rivals

Accepted Answer

A)  should consider divesting assets and making future investments in promising new industries. 
B)  may be able to develop substitute resources that accomplish the same objective as the competitively valuable resource possessed by rivals. 
C)  can still marshal competitive power in the marketplace by incorporating product or service features desired by niche buyers. 
D)  is virtually blockaded from using offensive strategies and must rely on defensive strategies. 
E)  should abandon strategy elements that have caused its weakness in the marketplace. 
A)  should consider divesting assets and making future investments in promising new industries. 
B)  may be able to develop substitute resources that accomplish the same objective as the competitively valuable resource possessed by rivals. 
C)  can still marshal competitive power in the marketplace by incorporating product or service features desired by niche buyers. 
D)  is virtually blockaded from using offensive strategies and must rely on defensive strategies. 
E)  should abandon strategy elements that have caused its weakness in the marketplace.

Question 20

Which one of the following is not something that can be learned from doing a competitive strength assessment?

Accepted Answer

A)  The factors on which a company is competitively strongest and weakest vis-à-vis key rivals 
B)  Whether a company should correct its weaknesses by adopting best practices and revamping the makeup of its value chain 
C)  Which of the rated companies is competitively strongest and what size competitive advantage it enjoys 
D)  Whether a company has a net competitive advantage or a net competitive disadvantage relative to key rivals (with the size of the advantage/disadvantage being indicated by the differences among the companies' competitive strength scores) 
E)  Which rival company is competitively weakest and the areas where it is most vulnerable to competitive attack 
A)  The factors on which a company is competitively strongest and weakest vis-à-vis key rivals 
B)  Whether a company should correct its weaknesses by adopting best practices and revamping the makeup of its value chain 
C)  Which of the rated companies is competitively strongest and what size competitive advantage it enjoys 
D)  Whether a company has a net competitive advantage or a net competitive disadvantage relative to key rivals (with the size of the advantage/disadvantage being indicated by the differences among the companies' competitive strength scores) 
E)  Which rival company is competitively weakest and the areas where it is most vulnerable to competitive attack

The most difficult part of benchmarking is

One important indicator of how well a company's present strategy is working is whether

A company's value chain

Describe some ways that a company can improve (1)its supplier-related value chain activities and (2)activities of its forward channel allies.

Explain the benefits of preparing a competitive strength assessment.

The competitive power of a company resource depends on

What are the three main approaches to rectify a weakness in a company's customer value proposition?

Which of the following best describes the market opportunities that tend to be most relevant to a particular company?

Draw a typical value chain for an entire industry.Why are the activities performed by value chain allies strategically relevant?

In order to sustain the competitive power of resources and capabilities they must be

Doing a competitive strength assessment entails

When looking at the entire industry,the main areas in a company's overall value chain where important differences between firm's cost and value do not occur are in

The two most important parts of SWOT analysis are

Draw a typical company value chain and briefly explain the difference between primary activities and support activities.

Which of the following is not accurate as concerns the task of identifying the strategic issues and problems that merit front-burner managerial attention?

The difference between a distinctive competence and a core competence is that

What is a resource-based strategy?

Which of the following is not a good option for trying to remedy high internal costs vis-à-vis rivals firms?

A company that is at a disadvantage in the marketplace because it lacks competitively valuable resources possessed by rivals

Which one of the following is not something that can be learned from doing a competitive strength assessment?

Strategy, Business Models, and Competitive Advantage

Charting a Companys Direction: Vision and Mission, Objectives, and Strategy

Evaluating a Companys External Environment

The Five Generic Competitive Strategies

Strengthening a Companys Competitive Position: Strategic Moves, Timing, and Scope of Operations

Strategies for Competing in International Markets

Corporate Strategy: Diversification and the Multibusiness Company

Ethics, Corporate Social Responsibility, Environmental Sustainability, and Strategy

Superior Strategy Execution-Another Path to Competitive Advantage

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Exam 4: Evaluating a Companys Resources, Capabilities, and Competitiveness

The most difficult part of benchmarking is

One important indicator of how well a company's present strategy is working is whether

A company's value chain

Describe some ways that a company can improve (1)its supplier-related value chain activities and (2)activities of its forward channel allies.

Explain the benefits of preparing a competitive strength assessment.

The competitive power of a company resource depends on

What are the three main approaches to rectify a weakness in a company's customer value proposition?

Which of the following best describes the market opportunities that tend to be most relevant to a particular company?

Draw a typical value chain for an entire industry.Why are the activities performed by value chain allies strategically relevant?

In order to sustain the competitive power of resources and capabilities they must be

Doing a competitive strength assessment entails

When looking at the entire industry,the main areas in a company's overall value chain where important differences between firm's cost and value do not occur are in

The two most important parts of SWOT analysis are

Draw a typical company value chain and briefly explain the difference between primary activities and support activities.

Which of the following is not accurate as concerns the task of identifying the strategic issues and problems that merit front-burner managerial attention?

The difference between a distinctive competence and a core competence is that

What is a resource-based strategy?

Which of the following is not a good option for trying to remedy high internal costs vis-à-vis rivals firms?

A company that is at a disadvantage in the marketplace because it lacks competitively valuable resources possessed by rivals

Which one of the following is not something that can be learned from doing a competitive strength assessment?

Strategy, Business Models, and Competitive Advantage

Charting a Companys Direction: Vision and Mission, Objectives, and Strategy

Evaluating a Companys External Environment

The Five Generic Competitive Strategies

Strengthening a Companys Competitive Position: Strategic Moves, Timing, and Scope of Operations

Strategies for Competing in International Markets

Corporate Strategy: Diversification and the Multibusiness Company

Ethics, Corporate Social Responsibility, Environmental Sustainability, and Strategy

Superior Strategy Execution-Another Path to Competitive Advantage

Filters