Question 1

In terms of system thinking, what controls to ensure correct processes?

Accepted Answer

A)   Input
B)   Output
C)   Process
D)   FeedbackE) A) and B)
F) B) and C)

Question 2

Which of the following offers an example of a company operating in a narrow focused-market operating as the low-cost provider?

Accepted Answer

A)   Walmart
B)   Tiffany & Co.
C)   Neiman Marcus
D)   Payless ShoesE) A) and B)
F) A) and C)

Question 3

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

Accepted Answer

Porter's Five Forces Model analyzes the ...

Question 4

Inbound logistics and operations are part of the support value activities.

Accepted Answer

A) True 
 B)False

Question 5

Value chain analysis views a firm as a series of business processes that each adds value to the product or service.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is considered a service?

Accepted Answer

A)   Teaching
B)   Waiting tables
C)   Cutting hair
D)   All of the choices are correctE) A) and D)
F) A) and C)

Question 7

Explain why competitive advantages are temporary.

Accepted Answer

A competitive advantage is a feature of ...

Question 8

Tiffany & Company competes in the marketplace by offering high-cost custom jewelry. Tiffany & Company is following a broad market and cost leadership strategy.

Accepted Answer

A) True 
 B)False

Question 9

According to Porter's three generic strategies, Walmart is following a business strategy that focuses on broad market and low cost.

Accepted Answer

A) True 
 B)False

Question 10

Which group of stakeholders' primary interests include professional associations, ethical recycling, and increasing employment?

Accepted Answer

A)   Employees
B)   Shareholders/Investors
C)   Community
D)   CustomersE) None of the above
F) A) and B)

Question 11

In terms of system thinking, what is the computer program that processes the data?

Accepted Answer

A)   Input
B)   Output
C)   Process
D)   FeedbackE) B) and C)
F) B) and D)

Question 12

Which of the following analyzes a company's business processes and is useful for determining how to create the greatest possible value for customers?

Accepted Answer

A)   Product analysis
B)   Primary supplier power
C)   Value chain analysis
D)   Buyer chain analysisE) All of the above
F) A) and B)

Question 13

What evaluates industry attractiveness?

Accepted Answer

A)   SWOT Analysis
B)   The Five Forces Model
C)   Value Chain Analysis
D)   Three Generic StrategiesE) A) and D)
F) A) and C)

Question 14

Porter identified three generic strategies that a business could follow after identifying a market it wanted to enter. Which of the following is not included as one of Porter's three generic strategies?

Accepted Answer

A)   Broad differentiation
B)   Supplier cost differentiation
C)   Focused strategy
D)   Broad cost leadershipE) B) and D)
F) A) and B)

Question 15

When a company is the first to market with a competitive advantage, this is called a first-mover 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 Engine.E) A) and C)
F) None of the above

Question 16

What is the name of a company's internal computer department?

Accepted Answer

A)   Management information systems (MIS) 
B)   Information systems (IS) 
C)   Information technology (IT) 
D)   All of the choices are correctE) All of the above
F) C) and D)

Question 17

Which group of stakeholders' primary interests include reliable contracts, ethical materials handling, and responsible production?

Accepted Answer

A)   Partners/Suppliers
B)   Shareholders/Investors
C)   Community
D)   GovernmentE) B) and D)
F) A) and B)

Question 18

Which group of stakeholders' primary interests include adhering to regulations/laws, increasing employment, and ethical taxation reporting?

Accepted Answer

A)   Partners/Suppliers
B)   Shareholders/Investors
C)   Community
D)   GovernmentE) B) and D)
F) B) and C)

Question 19

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 businessE) C) and D)
F) None of the above

Question 20

A standardized set of activities that accomplishes a specific task is called a supply chain component.

Accepted Answer

A) True 
 B)False

Exam 2: Identifying Competitive Advantages

A standardized set of activities that accomplishes a specific task is called a supply chain component.

Correct AnswerverifiedShow Answer

Which group of stakeholders' primary interests include adhering to regulations/laws, increasing employment, and ethical taxation reporting?

Correct AnswerverifiedShow Answer

Which group of stakeholders' primary interests include professional associations, ethical recycling, and increasing employment?

Correct AnswerverifiedShow Answer

Inbound logistics and operations are part of the support value activities.

Correct AnswerverifiedShow Answer

What evaluates industry attractiveness?

Correct AnswerverifiedShow Answer

In terms of system thinking, what is the computer program that processes the data?

Correct AnswerverifiedShow Answer

Which of the following is considered a service?

Correct AnswerverifiedShow Answer

Explain why competitive advantages are temporary.

Correct AnswerverifiedA competitive advantage is a feature of ...View AnswerShow Answer

Which of the following offers an example of a company operating in a narrow focused-market operating as the low-cost provider?

Correct AnswerverifiedShow Answer

Which of the following analyzes a company's business processes and is useful for determining how to create the greatest possible value for customers?

Correct AnswerverifiedShow Answer

Value chain analysis views a firm as a series of business processes that each adds value to the product or service.

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

When a company is the first to market with a competitive advantage, this is called a first-mover advantage. All of the following companies were first-movers except ________.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedPorter's Five Forces Model analyzes the ...View AnswerShow Answer

What is the name of a company's internal computer department?

Correct AnswerverifiedShow Answer

According to Porter's three generic strategies, Walmart is following a business strategy that focuses on broad market and low cost.

Correct AnswerverifiedShow Answer

Tiffany & Company competes in the marketplace by offering high-cost custom jewelry. Tiffany & Company is following a broad market and cost leadership strategy.

Correct AnswerverifiedShow Answer

In terms of system thinking, what controls to ensure correct processes?

Correct AnswerverifiedShow Answer

Porter identified three generic strategies that a business could follow after identifying a market it wanted to enter. Which of the following is not included as one of Porter's three generic strategies?

Correct AnswerverifiedShow Answer

Which group of stakeholders' primary interests include reliable contracts, ethical materials handling, and responsible production?

Correct AnswerverifiedShow Answer

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A competitive advantage is a feature of ...
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Porter's Five Forces Model analyzes the ...
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