Question 1

Which of the following is similar to focused strategy versus broad strategy?

Accepted Answer

A)   Large market versus leadership
B)   Large market versus uniqueness
C)   Niche market versus large market
D)   Niche market versus generic.E) None of the above
F) A) and C)

Question 2

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 analysisE) All of the above
F) None of the above

Question 3

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.E) B) and D)
F) C) and D)

Question 4

What is the rate at which goods and services are produced based upon total output given total inputs?

Accepted Answer

A)   Goods
B)   Services
C)   Production
D)   ProductivityE) B) and D)
F) A) and B)

Question 5

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 salesE) B) and C)
F) A) and D)

Question 6

What includes all parties involved, directly or indirectly, in obtaining raw materials or a product?

Accepted Answer

A)   Support chain
B)   Supply chain
C)   System chain
D)   Supply choiceE) A) and D)
F) B) and C)

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 activitiesE) B) and C)
F) All of the above

Question 8

What are goods?

Accepted Answer

A)   Material items or products that customers will buy to satisfy a want or need
B)   Tasks performed by people that customers will buy to satisfy a want or need
C)   The process where a business takes raw materials and processes them or converts them into a finished product for its goods or services
D)   The rate at which goods and services are produced based upon total output given total inputsE) B) and D)
F) B) and C)

Question 9

In a SWOT analysis, which of the following could you discover as potential internal strengths (helpful) ?

Accepted Answer

A)   Cost advantages
B)   Damaged reputation
C)   New markets
D)   Competitor issuesE) A) and D)
F) B) and C)

Question 10

A SWOT analysis will evaluate potential internal strengths, internal weaknesses, and external opportunities.

Accepted Answer

A) True 
 B)False

Question 11

MIS can add value to both primary and support activities within a business. Which of the following is not an example of a company adding value by the use of MIS in a support activity?

Accepted Answer

A)   Netflix creating a business strategy for the video rental market that delivers videos via the mail
B)   The human resources department creates a tracking system to efficiently reward employees based on their performance
C)   Scottrade Corp. creating an online system for employees to track paychecks, benefits, wellness rewards program, and other employee benefit items
D)   The University of Forks creates a program to automatically order office supplies such as pens and pads of paper for its employeesE) A) and B)
F) C) and D)

Question 12

MIS can be an important enabler of business success and innovation. Which of the below statements is accurate when referring to MIS?

Accepted Answer

A)   MIS equals business success and innovation.
B)   MIS represents business success and innovation.
C)   MIS is not a valuable tool that leverages talent.
D)   MIS is a valuable tool that can leverage the talents of people who know how to use and manage it effectively.E) A) and D)
F) A) and C)

Question 13

Which of the following describes a stakeholder?

Accepted Answer

A)   A leadership plan that achieves a specific set of goals or objectives.
B)   A feature of a product or service on which customers place a greater value.
C)   A person or group that has an interest or concern in an organization.
D)   Information about a competitive environment.E) A) and C)
F) B) and C)

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

Your boss, David Ferrell, has asked you to analyze the soft drink industry using Porter's Five Forces Model. Which of the following represents a threat of a new entrant 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 are all beverage options available to consumers.E) C) and D)
F) B) and D)

Question 16

A business process is a standardized set of activities that accomplishes a specific task, such as processing a customer's order.

Accepted Answer

A) True 
 B)False

Question 17

In a SWOT analysis, which of the following could you discover as potential inner weaknesses (harmful) ?

Accepted Answer

A)   Cost advantages
B)   Damaged reputation
C)   New markets
D)   Competitor issuesE) B) and C)
F) A) and D)

Question 18

In terms of system thinking, what is output?

Accepted Answer

A)   Data entered in a computer
B)   Controls to ensure correct processes
C)   The resulting information from the computer program
D)   The computer program that processes the dataE) A) and B)
F) B) and D)

Question 19

A first-mover advantage occurs when a company is the first to market with a competitive advantage. All of the following companies were first-movers except ________.

Accepted Answer

A)   FedEx - online self-service software
B)   Apple - iPad
C)   Apple - iPod
D)   Microsoft - Bing Search EngineE) A) and B)
F) A) and C)

Question 20

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

Exam 2: Identifying Competitive Advantages

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

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In terms of system thinking, what is output?

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MIS can be an important enabler of business success and innovation. Which of the below statements is accurate when referring to MIS?

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

Correct AnswerverifiedShow Answer

Which of the following is similar to focused strategy versus broad strategy?

Correct AnswerverifiedShow Answer

In a SWOT analysis, which of the following could you discover as potential inner weaknesses (harmful) ?

Correct AnswerverifiedShow Answer

A SWOT analysis will evaluate potential internal strengths, internal weaknesses, and external opportunities.

Correct AnswerverifiedShow Answer

What are goods?

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, David Ferrell, has asked you to analyze the soft drink industry using Porter's Five Forces Model. Which of the following represents a threat of a new entrant in the soft drink industry?

Correct AnswerverifiedShow Answer

A business process is a standardized set of activities that accomplishes a specific task, such as processing a customer's order.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following describes a stakeholder?

Correct AnswerverifiedShow Answer

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

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A first-mover advantage occurs when a company is the first to market with a competitive advantage. All of the following companies were first-movers except ________.

Correct AnswerverifiedShow Answer

What is the rate at which goods and services are produced based upon total output given total inputs?

Correct AnswerverifiedShow Answer

What includes all parties involved, directly or indirectly, in obtaining raw materials or a product?

Correct AnswerverifiedShow Answer

In a SWOT analysis, which of the following could you discover as potential internal strengths (helpful) ?

Correct AnswerverifiedShow Answer

MIS can add value to both primary and support activities within a business. Which of the following is not an example of a company adding value by the use of MIS in a support activity?

Correct AnswerverifiedShow Answer

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

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