Strategic Management and Correct Answer

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  • Topic: Strategic management, Information technology, Porter five forces analysis
  • Pages : 8 (1598 words )
  • Download(s) : 239
  • Published : October 9, 2012
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1.
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

Feedback: 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 cost advantage or product differentiation. Points Earned:| 0.0/1.0| |

Correct Answer(s):| D|

2.
If a supplier has high power, what can it do to influence its industry? A) Charge higher prices
B) Shift costs to industry participants
C) Limit quality or services
D) All of these

Feedback: If the supplier power is high, the supplier can influence the industry by (1) charging higher prices, (2) limiting quality or services, and (3) shifting costs to industry participants. Points Earned:| 0.0/1.0| |

Correct Answer(s):| D|

3.
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 ____________. A) FedEx—the online self-service software

B) Apple—iPad
C) Apple—iPod
D) Microsoft—Bing Search Engine

Feedback: First-mover advantage is an advantage that occurs when a company can significantly increase its market share by being first with a competitive advantage. Google was first to market with search engine technology. Points Earned:| 0.0/1.0| |

Correct Answer(s):| D|

4.
What is the name of a company's internal MIS department?
A) Management information systems (MIS)
B) Information systems (IS)
C) Information technology (IT)
D) All of these

Feedback: Typical organizations have an internal MIS department often called information technology (IT), information systems (IS), or management information systems (MIS). Points Earned:| 0.0/1.0| |

Correct Answer(s):| D|

5.
Which of the following is not a typical way that a company would duplicate a competitive advantage? A) Acquiring the new technology
B) Copying the business operations
C) Hiring away key employees
D) Carrying large product inventories

Feedback: Ways that companies duplicate competitive advantages include acquiring new technology, copying the business operations, and hiring away key employees. Points Earned:| 0.0/1.0| |
Correct Answer(s):| D|

6.
Why do students need to study information technology?
A) Information technology is everywhere in business.
B) Information technology is rarely discussed in business.
C) Information technology is rarely used in organizations.
D) Information technology is found in only a few businesses.

Feedback: Information technology is everywhere in business. Points Earned:| 1.0/1.0| |
Correct Answer(s):| A|

7.
Which of the following represents a reason that competitive advantages are typically temporary? A) The competitor will hire away your key employees
B) The competitor quickly seeks ways to duplicate your business operations C) The competitor will purchase new technology
D) All of these

Feedback: Competitive advantages are typically temporary, because competitors often quickly seek ways to duplicate them by acquiring new technology, copying the business operations, and hiring away key employees. Points Earned:| 0.0/1.0| |

Correct Answer(s):| D|

8.
Updating business strategies is a continuous undertaking as internal and external environments ________. A) Become less competitive
B) Remain stagnant
C) Rapidly change
D) Become more consistent

Feedback: Updating business strategies is a continuous undertaking as internal and external environments rapidly change. Points Earned:| 1.0/1.0| |
Correct Answer(s):| C|

9.
In the center of Porter's Five Forces Model is competition. Which of the...
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