Question 1

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

Accepted Answer

A)   Feedback.
B)   Information.
C)   Competitive intelligence.
D)   Data.E) A) and B)
F) A) and C)

Question 2

Which of the below 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.E) A) and C)
F) All of the above

Question 3

Porter has identified three _________ business strategies for entering a new market: (1)broad cost leadership,(2)broad differentiation,and (3)focused strategy.

Accepted Answer

The answer of Porter has identified three _________ business strategies...

Question 4

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

Accepted Answer

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

Question 5

Paula Logston is the owner and operator of a high-end online custom clothing company.Paula has never heard of Porter's Five-Forces Model,and she wants to understand why she would perform an analysis using it.If you were tasked with explaining Porter's Five-Forces Model to Paula,what would be the primary reason she would want to use this type of analysis?

Accepted Answer

A)   To help Paula choose a clothing business focus.
B)   To help Paula evaluate the attractiveness of the clothing industry.
C)   To help Paula evaluate and execute business goals.
D)   All of these.E) A) and D)
F) A) and B)

Question 6

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

Accepted Answer

Supply

Question 7

What are costs that 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.E) B) and C)
F) A) and D)

Question 8

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

Accepted Answer

A)   Supplier power.
B)   Operations management.
C)   Porter's Five-Forces Model.
D)   Value chain analysis.E) All of the above
F) A) and B)

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.E) None of the above
F) A) and C)

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.E) None of the above
F) All of the above C

Question 11

When evaluating the value chain,which of the following is included in the support value activities?

Accepted Answer

A)   Inbound activities.
B)   Marketing and sales.
C)   Firm infrastructure.
D)   Finance and sales.E) A) and B)
F) A) and C)

Question 12

Two ways to reduce buyer power are through switching costs and loyalty programs.

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.E) None of the above
F) A) and D)

Question 14

Describe Porter's Five-Forces Model and explain each of the five forces.

Accepted Answer

Porter's Five-Forces Model analyzes the competitive forces within the environment in which a company operates,to assess the potential for profitability in an industry.Buyer power is the ability of buyers to affect the price they must pay for an item.Supplier power is the suppliers' ability to influence the prices they charge for supplies (including materials,labor,and services).Threat of substitute products or services is high when there are many alternatives to a product or service and low when there are few alternatives from which to choose.Threat of new entrants is high when it is easy for new competitors to enter a market and low when there are significant entry barriers to entering a market.Rivalry among existing competitors is high when competition is fierce in a market and low when competition is more complacent.

Question 15

Supplier power is one of Porter's five forces,and it measures the suppliers' ability to influence the prices they charge for supplies (including materials,labor,and services).

Accepted Answer

A) True 
 B)False

Question 16

Which of the following represents a typical supply chain?

Accepted Answer

A)   Company-Customers-Suppliers.
B)   Company-Suppliers-Customers.
C)   Suppliers-Company-Customers.
D)   Suppliers-Customers-Company.E) A) and C)
F) C) and D)

Question 17

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?

Accepted Answer

A)   Rivalry.
B)   Buyer power.
C)   Product differentiation.
D)   Substitute product.E) A) and B)
F) All of the above

Question 18

Imagine you are creating a new product to sell in an up-and-coming market.Which of the below statements indicates that it would be easy for you,as the new entrant,to compete in this market?

Accepted Answer

A)   The threat-of-new-entrants force is high in the up-and-coming market.
B)   The threat-of-new-entrants force is low in the up-and-coming market.
C)   The threat-of-new-entrants force is impossible to define in the up-and-coming market.
D)   All of these, depending on the time of year.E) B) and D)
F) A) and B)

Question 19

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 cost leadership 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.E) A) and C)
F) B) and C)

Question 20

When applying Porter's three generic strategies,Tiffany & Co.has a competitive scope and cost strategy that is a __________.

Accepted Answer

A)   Broad market, high cost strategy.
B)   Narrow market, low cost strategy.
C)   Narrow market, high cost strategy.
D)   Broad market, low cost strategy.E) B) and C)
F) None of the above

Exam 2: Identifying Competitive Advantages

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

Correct Answer
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Which of the below represents a company in a supply chain?

Correct Answer
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Porter has identified three _________ business strategies for entering a new market: (1)broad cost leadership,(2)broad differentiation,and (3)focused strategy.

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

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

Correct Answer
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Supply

What are costs that make customers reluctant to switch to another product or service?

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

Correct Answer
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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?

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

Correct Answer
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C

When evaluating the value chain,which of the following is included in the support value activities?

Correct Answer
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Two ways to reduce buyer power are through switching costs and loyalty programs.

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

Correct Answer
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Describe Porter's Five-Forces Model and explain each of the five forces.

Supplier power is one of Porter's five forces,and it measures the suppliers' ability to influence the prices they charge for supplies (including materials,labor,and services).

Correct Answer
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Which of the following represents a typical supply chain?

Correct Answer
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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?

Correct Answer
verified

Imagine you are creating a new product to sell in an up-and-coming market.Which of the below statements indicates that it would be easy for you,as the new entrant,to compete in this market?

Correct Answer
verified

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 cost leadership strategy?

Correct Answer
verified

When applying Porter's three generic strategies,Tiffany & Co.has a competitive scope and cost strategy that is a __________.

Correct Answer
verified

Exam 2: Identifying Competitive Advantages

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Porter has identified three _________ business strategies for entering a new market: (1)broad cost leadership,(2)broad differentiation,and (3)focused strategy.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedSupply

What are costs that make customers reluctant to switch to another product or service?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedC

When evaluating the value chain,which of the following is included in the support value activities?

Correct AnswerverifiedShow Answer

Two ways to reduce buyer power are through switching costs and loyalty programs.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Describe Porter's Five-Forces Model and explain each of the five forces.

Supplier power is one of Porter's five forces,and it measures the suppliers' ability to influence the prices they charge for supplies (including materials,labor,and services).

Correct AnswerverifiedShow Answer

Which of the following represents a typical supply chain?

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedShow Answer

Imagine you are creating a new product to sell in an up-and-coming market.Which of the below statements indicates that it would be easy for you,as the new entrant,to compete in this market?

Correct AnswerverifiedShow Answer

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 cost leadership strategy?

Correct AnswerverifiedShow Answer

When applying Porter's three generic strategies,Tiffany & Co.has a competitive scope and cost strategy that is a __________.

Correct AnswerverifiedShow Answer

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Supply

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C

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