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Q:
Polaroid had a unique competitive advantage for many years until it forgot to observe competitive intelligence. The firm went bankrupt when people began taking digital pictures. Polaroid provides a great example of Porter's supplier power.
Q:
Explain why competitive advantages are temporary.
Q:
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).
Q:
Explain systems thinking and how management information systems enable business communications.
Q:
Buyer power is the ability of buyers to affect the price they must pay for an item.
Q:
Identify the different departments in a company and why they must work together to achieve success.
Q:
There are many challenges to changing doctors, including transferring medical records and losing the doctor patient relationship along with the doctors knowledge of the patients history. Changing doctors provides a great example of switching costs.
Q:
Describe the information age and the differences between data, information, business intelligence, and knowledge.
Q:
With the Five Forces Model, companies should watch the forces in the market. If the forces are strong, competition generally increases, and if the forces are weak, competition typically decreases.
Q:
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?
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 employees
Q:
Porter's Five Forces Model outlines the process for a sales strategy.
Q:
MIS can add value to both primary activities and support activities in the value chain. Which of the following is NOT an example of a company adding value by the use of MIS in a primary activity?
A. Scottrade Corp. creating an online system for employees to track paychecks, benefits, wellness rewards program, and other employee benefit items
B. a system for the sales and marketing departments to track specific sales targets and follow up processes
C. an easy electronic survey, similar to the survey monkey, to be sent to the customer right after a service was completed
D. Royal Crest Dairy using their custom order and delivery system through an easily accessible Web portal for the customer to track delivery status
Q:
Mark Peterson identified the Porters Five Forces Model which analyzes the competitive forces within a business environment.
Q:
Which of the following decisions does a firm need to make as soon as it has identified the activities from the value chain that are bringing the highest added value to their customers?
A. target high value-adding activities to further enhance their value
B. target low value-adding activities to increase their value
C. perform some combination of the two
D. All of these are correct.
Q:
In a SWOT analysis, potential external threats are harmful when they identify all threats or risks detrimental to your organization, including new market entrants, substitute products, employee turnover, differentiating products, shrinking markets, adverse changes in regulations, economic shifts, and so on.
Q:
When evaluating the value chain, which of the following is included in the support value activities?
A. inbound activities
B. marketing and sales
C. firm infrastructure
D. finance and sales
Q:
In a SWOT analysis, potential external opportunities are helpful when they identify all significant trends along with how the organization can benefit from each, including new markets, additional customer groups, legal changes, innovative technologies, population changes, competitor issues, and so on.
Q:
When evaluating the value chain, all of the following are included in the primary value activities except _________.
A. inbound activities
B. operations
C. service
D. MIS development
Q:
In a SWOT analysis, potential internal weaknesses are harmful when they identify all key areas that require improvement. Weaknesses focus on the absence of certain strengths, including absence of an Internet marketing plan, damaged reputation, problem areas for service, outdated technology, employee issues, and so on.
Q:
Sandy works as the Chief Knowledge Officer for Bend Lumbar Company. She has been given the responsibility to create a product or service that will bring an added value to its customers to increase the companys revenue. Sandy determines that the best value she can add is by creating a service that offers free next day shipping on any order over $50. Where in the value chain is Sandy adding value?
A. the primary value activity outbound logistics
B. the primary value activity inbound logistics
C. the primary value activity marketing and sales
D. the primary value activity operations
Q:
In a SWOT analysis, potential internal strengths are helpful when they identify all key strengths associated with the competitive advantage including cost advantages, new and/or innovative services, special expertise and/or experience, proven market leader, improved marketing campaigns, and so on.
Q:
What is the support value activity that provides employees with training, hiring, and compensation?
A. procurement
B. operations resource management
C. human resource management
D. firm infrastructure
Q:
In a SWOT analysis, strengths and weaknesses originate inside an organization, or internally. Opportunities and threats originate outside an organization, or externally, and cannot always be anticipated or controlled.
Q:
Which of the following is not considered a category within the support value activities in a value chain analysis?
A. technology development
B. outbound logistics
C. human resource management
D. firm infrastructure
Q:
A SWOT analysis evaluates an organizations strengths, worries, opportunities, and technologies to identify significant influences that work for or against business strategies.
Q:
Which of the following is not considered a category within the primary value activities in a value chain analysis?
A. inbound logistics
B. firm infrastructure
C. operations
D. service
Q:
A SWOT analysis evaluates an organizations strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies.
Q:
What are the two main categories in a value chain analysis?
A. primary value activities and secondary value activities
B. primary value activities and support value activities
C. primary value activities and strengthening value activities
D. None of these are correct.
Q:
FedEx created a first-mover advantage by developing its customer self-service software, which allows people to request parcel pickups, print mailing slips, and track parcels online.
Q:
The goal of value chain analysis is to identify processes in which the firm can add value for the customer and create a competitive advantage for itself, with a ________ or ________.
A. focused strategy; product differentiation
B. focused strategy; cost advantage
C. cost advantage; primary value activities
D. cost advantage; product differentiation
Q:
Competitive intelligence is information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making.
Q:
Which of the following analyzes a companys business processes and is useful for determining how to create the greatest possible value for customers?
A. product analysis
B. primary supplier power
C. value chain analysis
D. buyer chain analysis
Q:
A first-mover advantage is the process of gathering information about the competitive environment, including competitors plans, activities, and products, to improve a companys ability to succeed.
Q:
What is a standardized set of activities that accomplishes a specific task?
A. business strategy
B. business outcome
C. business process
D. knowledge process
Q:
Decreasing customer loyalty, increasing costs, and decreasing sales are all examples of business strategies.
Q:
What includes support value activities and primary value activities and is used to determine how to create the greatest possible value for customers?
A. supplier power
B. operations management
C. Porters Five Forces Model
D. value chain analysis
Q:
Attracting new customers, decreasing costs, and entering new markets are all examples of successful business strategies.
Q:
Which of the following represents procurement as part of the support value activities in a value chain analysis?
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
Q:
Businesses rarely need to update business strategies as the business environment remains relatively stable.
Q:
When reviewing Porters value chain analysis, which of the following provides customer support after the sale of goods and services?
A. inbound logistics
B. outbound logistics
C. operations
D. service
Q:
When a company is the first to market with a competitive advantage, it gains a particular benefit known as competitive intelligence.
Q:
What is a value chain analysis?
A. evaluates an organizations strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies
B. analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry
C. views a firm as a series of business processes, each of which adds value to the product or service
D. generic business strategies that are neither organization nor industry specific and can be applied to any business, product, or service
Q:
Competitive advantages provide the same product or service either at a lower price or with additional value that can fetch premium prices.
Q:
What executes business strategy?
A. SWOT Analysis
B. The Five Forces Model
C. Value Chain Analysis
D. Three Generic Strategies
Q:
Companies update business strategies continuously as internal and external environments change.
Q:
When applying Porters three generic strategies, Tiffany and Co. has a competitive scope and cost strategy that is __________.
A. broad market high cost strategy
B. narrow market low cost strategy
C. narrow market high cost strategy
D. broad market low cost strategy
Q:
A leadership plan that achieves a specific set of goals or objectives is a business strategy.
Q:
Your boss has asked you to analyze the airline industry using Porters three generic strategies. Which of the following companies are using a cost leadership strategy?
A. Southwest, Horizon, Frontier, JetBlue
B. British Airways, Singapore Airlines, Virgin Atlantic
C. Sky Taxi a rent by the hour personal plane service
D. All of these are correct.
Q:
It is not uncommon to find stakeholders' business strategies have conflicting interests such as investors looking to increase profits by eliminating employee jobs.
Q:
Which of the following offers an example of a company operating in a narrow focused-market operating as the low-cost provider?
A. Walmart.
B. Tiffany and Co.
C. Neiman Marcus
D. Payless Shoes
Q:
A stakeholder is a person or group that has an interest or concern in an organization. Stakeholders drive business strategies, and depending on the stakeholder's perspective, the business strategy can change.
Q:
When analyzing Porter's three generic strategies for entering a market, if you have a focused strategy, what market should you target?
A. a niche market
B. a broad market
C. neither niche or broad markets
D. both niche and broad markets
Q:
To combat business challenges, leaders communicate and execute business strategies, a term deriving from the Greek word stratus for army and ago for leading.
Q:
Which of the below is similar to focused strategy versus broad strategy?
A. large market versus leadership
B. large market versus uniqueness
C. niche market versus large market
D. niche market versus generic
Q:
If a business could produce more hamburgers with the same inputs it would see a rise in productivity and possibly an increase in profits.
Q:
When analyzing the book store industry, some of todays 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?
A. Amazon.com
B. any local independent books store that specializes in antique books
C. Barnes and Noble
D. your college bookstore
Q:
If a business could produce the same hamburger with less expensive inputs it would probably see a decrease in profits.
Q:
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 Porters three generic strategies?
A. broad differentiation
B. supplier cost differentiation
C. focused strategy
D. broad cost leadership
Q:
A grilled cheese sandwich is considered the final output of a making-a-sandwich process.
Q:
If a business is following a focused strategy, then its competitive scope is ________.
A. broad market
B. narrow market
C. broad range products
D. broad range of services
Q:
Bread, cheese, and butter are included in the process of making a grilled cheese sandwich.
Q:
Which of the following demonstrates a company that has implemented a low cost, broad market strategy?
A. Neiman Marcus
B. Payless Shoes
C. The Sharper Image
D. Walmart
Q:
Cooking a patty and putting the ingredients together are included in the process of making a hamburger.
Q:
According to Porter, companies that wish to dominate broad markets should operate using a ________ strategy.
A. cost leadership with a low cost
B. differentiation with a low cost
C. cost leadership with a high cost
D. All of these are correct.
Q:
Lettuce, tomatoes, patty, bun, and ketchup are included in the output of making a hamburger.
Q:
Your boss has asked you to analyze the airline industry using Porters three generic strategies. Which of the following companies are using a focused strategy?
A. Southwest, Horizon, Frontier, JetBlue
B. British Airways, Singapore Airlines, Virgin Atlantic
C. Sky Taxi a rent by the hour personal plane service
D. All of these are correct.
Q:
Productivity is the rate at which goods and services are produced based upon total output given total inputs.
Q:
Jennifer is writing a paper and she must determine which of Porters three generic strategies The Museum Company has implemented. Jennifer finds out that The Museum Company offers specialty products found only in museums around the world to affluent customers. What would Jennifer determine The Museum Company is using as its generic strategy?
A. broad market, low cost
B. narrow market, high cost
C. broad market, high cost
D. narrow market, low cost
Q:
Production is the process where a business takes raw materials and processes them or converts them into a finished product for its goods or services.
Q:
Broad differentiation, broad cost leadership, and _________ create the three generic strategies identified by Porter.
A. narrow market leadership
B. high cost versus low cost
C. focused strategy
D. None of these are correct.
Q:
Cars, groceries, and clothing are all examples of goods.
Q:
What are Porters three generic strategies?
A. evaluates an organizations strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies
B. analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry
C. views a firm as a series of business processes, each of which adds value to the product or service
D. generic business strategies that are neither organization nor industry specific and can be applied to any business, product, or service
Q:
Goods are material items or products that customers will buy to satisfy a want or need.
Q:
John is the CEO of Tech World, a retail store that sells computers, monitors, cameras, televisions and many other electronic products. John and his executive team are meeting to brainstorm new ideas on how to grow the business. One idea is to mimic a competitors product that is attempting to sell a new product in a different industry. After performing a Porters Five Forces analysis, John determines that all of the forces are high in this new industry. What should John do?
A. explode into the market with an overflow of the product
B. contemplate other products to introduce at the same time in this new market
C. compare the competitors prices and offer his product lower in this new market
D. not introduce the product because all five forces are strong and this would be a highly risky business strategy
Q:
The chief knowledge officer is responsible for collecting, maintaining, and distributing company knowledge.
Q:
Which strategy below helps an organization choose its business focus?
A. SWOT Analysis
B. The Five Forces Model
C. Value Chain Analysis
D. Three Generic Strategies
Q:
The chief knowledge officer is responsible for overseeing all uses of MIS and ensuring that MIS strategically aligns with business goals and objectives.
Q:
Some industries competition is much more intense than others. Retail grocery stores such as Kroger, Safeway, and Albertsons in the United States experience fierce competition and offer similar marketing campaigns to compete. What is this an example of in terms of Porters Five Forces?
A. rivalry among new entrants
B. rivalry among existing competitors
C. threat of substitute products or services
D. buyer power
Q:
The chief privacy officer is responsible for ensuring the ethical and legal use of information within a company.
Q:
Which of the following offers an example where Porters five forces are mostly weak and competition is low?
A. an international hotel chain purchasing milk
B. a coffee shop
C. a single consumer purchasing milk
D. a dog walking business