Question 1

Some industries' competition is much more intense than others.Retail grocery stores,such as Kroger,Safeway,and Albertson's in the United States,experience fierce competition and offer similar marketing campaigns to compete.What is this an example of in terms of Porter's Five Forces?

Accepted Answer

A)   Rivalry among new entrants.
B)   Rivalry among existing competitors.
C)   Threat of substitute products or services.
D)   Buyer power.E) B) and D)
F) A) and D)

Question 2

Your boss,Ty Jacob,has asked you to analyze the music industry using Porter's Five Forces Model.Which of the following represents the threat of substitute products or services in the music industry?

Accepted Answer

A)   Established record labels like EMI, Sony, and Universal.
B)   Independent record labels.
C)   Game systems like Wii and social networks like Facebook.
D)   Taylor Swift, Beyonce, The Beatles, and The Rolling Stones.E) B) and C)
F) A) and B)

Question 3

What is a competitive advantage?

Accepted Answer

A)   A feature of a product or service on which customers place a lesser value on than on similar offerings from a new competitor.
B)   A brand name customers place a greater value on than the quality of the product or service.
C)   A service that customers place a lesser value on than similar offerings from a supplier.
D)   A feature of a product or service on which customers place a greater value than on similar offerings from competitors.E) B) and C)
F) None of the above

Question 4

Your boss,Kerry Miller,has asked you to analyze the soft drink industry using Porter's Five Forces Model.Which of the following represents rivalry 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)   Coke and Pepsi submit bids to the owner of a football stadium for the exclusive sale of their products during games.E) A) and B)
F) All of the above

Question 5

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

Accepted Answer

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

Question 6

Which of the following represents procurement as part of the support value activities in a value chain analysis?

Accepted Answer

A)   Purchases inputs, such as raw materials, resources, equipment, and supplies.
B)   Applies MIS to processes to add value.
C)   Distributes goods and services to customers.
D)   Promotes, prices, and sells products to customers.E) C) and D)
F) B) and D)

Question 7

___________ 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 D)
F) A) and D) B

Question 8

Gina Brooks works for Aquarium Retail Services selling high-end saltwater fish and tank supplies.Aquarium Retail Services is the current market leader in Gina's city.Gina has recently been approached by Deep Blue Incorporated with an opportunity to run its corporate nationwide marketing and sales division.Gina decides to jump at the opportunity! Deep Blue is attempting to gain a competitive ________ by stealing its competitor's key employees.

Accepted Answer

A)   power
B)   entry barrier
C)   advantage
D)   loyaltyE) A) and D)
F) All of the above

Question 9

Which one of Porter's five forces is high when it is easy for new competitors to enter a market and low when there are significant entry barriers to joining a market?

Accepted Answer

A)   Threat of new entrants.
B)   Threat of substitute products or services.
C)   Threat of buyer power.
D)   Supply chain competition.E) B) and D)
F) B) and C)

Question 10

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

Question 11

__________ power measures the ability of buyers to affect the price they must pay for an item.

Accepted Answer

The answer of __________ power measures the ability of buyers...

Question 12

How can a company reduce the threat of substitute products or services?

Accepted Answer

A)   Market the product to fewer than 10 customers.
B)   Ignore competitive forces.
C)   Offer additional value through wider product distribution.
D)   Offer less value, making the product far more generic and similar to the competition.E) All of the above
F) B) and D) C

Question 13

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 - the online self-service software
B)   Apple - iPad
C)   Apple - iPod
D)   Microsoft - Bing search engineE) None of the above
F) B) and D)

Question 14

In the bookstore industry,some of today's businesses compete with different business strategies and cost strategies.Which of the following is using a broad market competitive scope along with a low cost strategy?

Accepted Answer

A)   Amazon.com.
B)   Any local independent bookstore that specializes in antique books.
C)   Barnes & Noble.
D)   Borders Books.E) B) and C)
F) A) and D)

Question 15

Which of the following 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) None of the above
F) A) and B)

Question 16

A leadership plan that achieves a specific set of goals or objectives is a business strategy.

Accepted Answer

A) True 
 B)False  True

Question 17

Your boss,Kerry Miller,has asked you to analyze the soft drink industry using Porter's Five Forces Model.Which of the following represents a substitute product 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.E) C) and D)
F) B) and D)

Question 18

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

Accepted Answer

The answer of Competitive __________ is the process of gathering...

Question 19

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 20

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

Accepted Answer

A) True 
 B)False

Exam 2: Identifying Competitive Advantages

Some industries' competition is much more intense than others.Retail grocery stores,such as Kroger,Safeway,and Albertson's in the United States,experience fierce competition and offer similar marketing campaigns to compete.What is this an example of in terms of Porter's Five Forces?

Correct Answer
verified

Your boss,Ty Jacob,has asked you to analyze the music industry using Porter's Five Forces Model.Which of the following represents the threat of substitute products or services in the music industry?

Correct Answer
verified

What is a competitive advantage?

Correct Answer
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Your boss,Kerry Miller,has asked you to analyze the soft drink industry using Porter's Five Forces Model.Which of the following represents rivalry in the soft drink industry?

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

Correct Answer
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Which of the following represents procurement as part of the support value activities in a value chain analysis?

Correct Answer
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___________ make customers reluctant to switch to another product or service.

Correct Answer
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B

Correct Answer
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Which one of Porter's five forces is high when it is easy for new competitors to enter a market and low when there are significant entry barriers to joining a market?

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

Correct Answer
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__________ power measures the ability of buyers to affect the price they must pay for an item.

Correct Answer
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How can a company reduce the threat of substitute products or services?

Correct Answer
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C

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 Answer
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In the bookstore industry,some of today's businesses compete with different business strategies and cost strategies.Which of the following is using a broad market competitive scope along with a low cost strategy?

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

Correct Answer
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A leadership plan that achieves a specific set of goals or objectives is a business strategy.

Correct Answer
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True

Your boss,Kerry Miller,has asked you to analyze the soft drink industry using Porter's Five Forces Model.Which of the following represents a substitute product in the soft drink industry?

Correct Answer
verified

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

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

Correct Answer
verified

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

Correct Answer
verified

Exam 2: Identifying Competitive Advantages

Some industries' competition is much more intense than others.Retail grocery stores,such as Kroger,Safeway,and Albertson's in the United States,experience fierce competition and offer similar marketing campaigns to compete.What is this an example of in terms of Porter's Five Forces?

Correct AnswerverifiedShow Answer

Your boss,Ty Jacob,has asked you to analyze the music industry using Porter's Five Forces Model.Which of the following represents the threat of substitute products or services in the music industry?

Correct AnswerverifiedShow Answer

What is a competitive advantage?

Correct AnswerverifiedShow Answer

Your boss,Kerry Miller,has asked you to analyze the soft drink industry using Porter's Five Forces Model.Which of the following represents rivalry in the soft drink industry?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following represents procurement as part of the support value activities in a value chain analysis?

Correct AnswerverifiedShow Answer

___________ make customers reluctant to switch to another product or service.

Correct AnswerverifiedB

Correct AnswerverifiedShow Answer

Which one of Porter's five forces is high when it is easy for new competitors to enter a market and low when there are significant entry barriers to joining a market?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

__________ power measures the ability of buyers to affect the price they must pay for an item.

Correct AnswerverifiedShow Answer

How can a company reduce the threat of substitute products or services?

Correct AnswerverifiedC

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

In the bookstore industry,some of today's businesses compete with different business strategies and cost strategies.Which of the following is using a broad market competitive scope along with a low cost strategy?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A leadership plan that achieves a specific set of goals or objectives is a business strategy.

Correct AnswerverifiedTrue

Your boss,Kerry Miller,has asked you to analyze the soft drink industry using Porter's Five Forces Model.Which of the following represents a substitute product in the soft drink industry?

Correct AnswerverifiedShow Answer

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

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

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

Correct AnswerverifiedShow Answer

Correct Answer
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B

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C

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True

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