Question 1 Which of the following is Hyundai using as its generic strategy?
Broad cost leadership
Question 2 Which of the following is not one of Porter's Five Forces?
Threat of substitute buyers
Question 3 Which of the following forces is commonly reduced through the use of a loyalty program?
Buyer power
Question 4 Michael Porter, a University Professor at Harvard Business School, identified four competitive forces that can hurt potential sales. Which of the following is not one of the forces Porter identified?
Knowledgeable customers can force down prices by pitting rivals against each another
Substitute products can steal customers
Influential suppliers can drive down profits by refusing to purchase any products
New market entrants can steal potential investment capital
Question 5 If supplier power is high, how can the supplier directly influence the industry?
Charging higher prices
Limiting quality or services
Shifting costs to industry participants
All of the above
Question 6 Which part of the value chain acquires raw materials and manufactures, delivers, markets, sells, and provides after-sales services?
Primary value activities
Secondary value activities
Support value activities
None of the above
Question 7 A supply chain consists of all parties involved, directly or indirectly, in the procurement of a product or raw material.
True
False
Question 8 Switching costs are typically used to decrease Porter's three generic strategies.
True
False
Question 9 What is an entry barrier?
A product or service feature that customers no longer expect from organizations in a particular industry and do not need to be offered by an entering organization to compete and survive
A product feature that customers have come to expect from organizations in a particular industry and must be offered by an entering organization to compete and survive
A product or service feature that customers have come to expect from organizations in a particular industry and must be offered by an entering organization to compete and survive
A service feature that customers have come to expect from organizations in a particular industry and must be offered by an entering organization to compete and survive
Question 10 Which company uses environmental scanning to determine everything from how well competing products are selling to the strategic placement of its own products?
FedEx
Frito Lay
Audi
KIA
Question 11 What is the acquisition and analysis of events and trends in the environment external to an organization?
Loyalty program
Environmental scanning
First-mover advantage
Private exchange
Question 12 Which approach views an organization as a series of processes, each of which adds value to the product or service for each customer?
Value chain
Business process
Low cost strategy
First-mover advantage
Question 13 Which of the following can an organization use to evaluate the effectiveness of its business processes?
First-mover advantage strategy
Three generic strategies
Value chain
Porter's Five Forces Model
Question 14 Buyer power, supplier power, threat of substitute products or services, threat of new entrants, and rivalry among existing competitors are all included in Porter's Five Forces Model.
True
False
Question 15 An entry barrier is typically used to influence the rivalry among existing competitors.
True
False
Question 16 What is high when competition is fierce in a market and low when competition is more complacent?
Rivalry among existing competitors
Threat of substitute products or services
Supplier power
Buyer power
Question 17 All of the following are part of Porter's Three Generic Strategies, except:
Broad cost leadership
Focused strategy
Business process strategy
Broad differentiation
Question 18 What are costs that can make customers reluctant to switch to another product or service?
Rivalry among existing competitors
Threat of substitute products or services
Switching costs
Buyer power
Question 19 Which of the following represents buyer power in Porter's Five Forces Model?
Low when buyers have many choices of whom to buy from and high when their choices are few
High when buyers have many customers of whom to buy from and low when their customers are few
Assessed by analyzing the ability of buyers to directly impact the price they are willing to pay for an item
Assessed by analyzing the ability of suppliers to directly impact the amount of products that are developed
Question 20 Which of the following represents supplier power in Porter's Five Forces Model?
Low when buyers have few choices of whom to buy from and high when their choices are many
High when buyers have many choices of whom to buy from and low when their choices are few
Assessed by the suppliers' ability to directly impact the price they are charging for supplies
Assessed by the buyers' ability to directly impact the amount of product the company products
Question 21 Product differentiation occurs when a company develops unique differences in its products with the intent to influence demand. Which of the following is a reason why a company would use product differentiation?
Reduce rivalry
Increase switching costs
Reduce substitute products
All of the above
Question 22 A competitive advantage is typically temporary, unless it is a first-mover advantage.
True
False
Question 23 What is a competitive advantage?
A product or service that an organization's customers value more highly than similar offerings from a supplier
A product that an organization's customers place a lesser value on than similar offerings from a competitor
A product or service that an organization's customers place a greater value on than similar offerings from a competitor offerings from a supplier
A service that an organization's customers place a lesser value on than similar offerings from a supplier
Question 24 What does the Five Forces Model help determine the relative attractiveness of?
A company
An investment
An industry
A product
Question 25 What occurs when an organization can significantly impact its market share by being the first to market with a competitive advantage?
Private exchange
Environmental scanning
First-mover advantage
Loyalty program
Question 26 All of the following are common tools used in industry to analyze and develop competitive advantages, except:
Three Generic Strategies
Value chain analysis
Five Forces Model
Competitive analysis model
Question 27 Product differentiation occurs when a company develops completely different products than its competition is offering.
True
False
Question 28 Environmental scanning is the acquisition and analysis of events and trends in the internal environment of an organization.
True
False
Question 29 Value chain analysis is a highly useful tool in that it provides hard and fast numbers for evaluating the activities that add value to products and services.
True
False
Question 30 Which part of the value chain deals with the firm's infrastructure, human resource management, technology development, and procurement?
Primary value activities
Secondary value activities
Support value activities
None of the above
Question 31 Match the five forces of competitive advantage with the phrase the best describes the force.
1. Buyer Power = Ability to directly influence what someone will pay for something.
2. Supplier Power = Ability to directly influence what someone will be charged for something.
3. Threat of Substitute Products or Services = High when there are many alternatives to a product or service.
4. Threat of New Entrants = High when it is easy for new competitors to enter a market.
5. Rivalry Among Existing Competitors = High when competition is fierce in a market.
--------------------------------------------------------------------------------------------------------1. In today’s global business environment, does the physical location of a business matter?
It totally depends upon business type. However, most today’s business has been an international level of business. In this globalization culture it does not matter the business needs the physical location. Most of work is done by technology. For instance, we don’t work what we used to work; the working style has changed because of new technology, so we can work remotely, no need to go office to work done.
2. Why is collaboration among universities important?
Collaboration is a key to working successfully and important because it is a leadership skill. Any good leader knows that it has to let go of some control where in passing it down to someone else and working together.
3. Is there a competitiveness problem in the United States?
The competitive problems in 80’s and 90’s didn’t really go away. It was just hidden during the bubble years behind a mirage of prosperity, and all the while the country’s industrial base continued to erode. Now, the U.S. has finally taken the problem seriously. Rebuilding its wealth-generating machine—that is, restoring the ability of enterprises to develop and manufacture high-technology products in America—is the only way the country can hope to pay down its enormous deficits and maintain, let alone raise, its citizens’ standard of living. Reversing the decline in competitiveness will require two drastic changes:
4. What are the big differences in the way communities approach development today compare to 1990, when Porter wrote the Competitive Advantage of Nation?
There has been tremendous change in the last 15 or 20 years. Before Competitive Advantage was published, the dominant view was that we need to get costs down, offer incentives, and have a development department that hunts for investment. I think the level of sophistication has risen at the state and local level. They now understand that competitiveness does not just mean low costs. Another big change from 20 years ago is that the notion of industry clusters is now pretty much universal. Many regions now look at development in these terms, and have identified hundreds and hundreds of different clusters. I think that the fact that productivity growth has risen dramatically shows that economic development has been a big success over the past few years.
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