Question 1

What is a competitive advantage?

Accepted Answer

A)  A product that an organization's customers place a lesser value on than similar offerings from a competitor.
B)  A feature of a product or service on which customers place a lesser value than they do on similar offerings from a supplier.
C)  A service that an organization's 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 they do on similar offerings from competitors.E) All of the above
F) None of the above

Question 2

Porter has identified three generic business strategies including focused, broad cost leadership, and switching strategy.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following statements is correct when considering a SWOT analysis?

Accepted Answer

A)  Strengths and weaknesses originate outside an organization.
B)  Opportunities and threats originate outside an organization.
C)  Strengths and threats originate inside an organization.
D)  Opportunities and weaknesses organization outside an organization.E) A) and D)
F) All of the above

Question 4

Which of the following describes a stakeholder?

Accepted Answer

A)  A leadership plan that achieves a specific set of goals or objectives.
B)  A feature of a product or service on which customers place a greater value.
C)  A person or group that has an interest or concern in an organization.
D)  Information about a competitive environment.E) B) and D)
F) None of the above

Question 5

If a business is following a focused strategy, then its competitive scope is ________.

Accepted Answer

A)  Broad market
B)  Narrow market
C)  Broad range products
D)  Broad range of servicesE) None of the above
F) B) and C)

Question 6

What is a standardized set of activities that accomplishes a specific task?

Accepted Answer

A)  Business strategy
B)  Business outcome
C)  Business process
D)  Knowledge processE) B) and C)
F) A) and D)

Question 7

The threat of substitute products or services refers to the power of competitors to enter a new market.

Accepted Answer

A) True 
 B)False

Question 8

There are many different stakeholders found in an organization.Stakeholders drive business strategies, and depending on the stakeholder's perspective, the business strategy can change.Which of the following is a main concern for the government?

Accepted Answer

A)  Maximize profits
B)  Adhere to regulations/laws
C)  Exceptional customer service
D)  Reliable contractsE) A) and C)
F) B) and C)

Question 9

Your boss, Penny Dirks, has asked you to analyze the airline industry using Porter's three generic strategies.Which of the following companies are using a cost leadership strategy?

Accepted Answer

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.E) C) and D)
F) A) and B)

Question 10

Which of the following are included as potential external opportunities in a SWOT analysis that are helpful to an organization?

Accepted Answer

A)  Core competencies, market leaders, cost advantages, excellent management.
B)  Lack of strategic direction, obsolete technologies, lack of managerial talent, outdated, product line.
C)  Expanded product line, increase in demand, new markets, new regulations.
D)  New entrants, substitute products, shrinking markets, costly regulatory, requirements.E) A) and D)
F) C) and D)

Question 11

Porter's Five Forces Model outlines the process for a sales strategy.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following evaluates a project's position?

Accepted Answer

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

Question 13

Mark Peterson identified the Porter's Five Forces Model which analyzes the competitive forces within a business environment.

Accepted Answer

A) True 
 B)False

Question 14

Demonstrate how a company can add value by using Porter's value chain analysis.

Accepted Answer

To identify competitive advantages, Mich...

Question 15

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 16

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?

Accepted Answer

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.E) A) and B)
F) A) and C)

Question 17

Businesses rarely need to update business strategies as the business environment remains relatively stable.

Accepted Answer

A) True 
 B)False

Question 18

A SWOT analysis evaluates an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies.

Accepted Answer

A) True 
 B)False

Question 19

Compare Porter's three generic strategies.

Accepted Answer

Organizations typically follow one of Po...

Question 20

To combat business challenges, leaders communicate and execute business strategies (from the Greek word stratus for army and ago for leading).

Accepted Answer

A) True 
 B)False

Exam 2: Identifying Competitive Advantages

Businesses rarely need to update business strategies as the business environment remains relatively stable.

Correct AnswerverifiedShow Answer

Which of the following statements is correct when considering a SWOT analysis?

Correct AnswerverifiedShow Answer

There are many different stakeholders found in an organization.Stakeholders drive business strategies, and depending on the stakeholder's perspective, the business strategy can change.Which of the following is a main concern for the government?

Correct AnswerverifiedShow Answer

Which of the following evaluates a project's position?

Correct AnswerverifiedShow Answer

What is a competitive advantage?

Correct AnswerverifiedShow Answer

A SWOT analysis evaluates an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies.

Correct AnswerverifiedShow Answer

What is a standardized set of activities that accomplishes a specific task?

Correct AnswerverifiedShow Answer

Demonstrate how a company can add value by using Porter's value chain analysis.

Correct AnswerverifiedTo identify competitive advantages, Mich...View AnswerShow Answer

Which of the following are included as potential external opportunities in a SWOT analysis that are helpful to an organization?

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

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?

Correct AnswerverifiedShow Answer

To combat business challenges, leaders communicate and execute business strategies (from the Greek word stratus for army and ago for leading).

Correct AnswerverifiedShow Answer

Porter has identified three generic business strategies including focused, broad cost leadership, and switching strategy.

Correct AnswerverifiedShow Answer

Which of the following describes a stakeholder?

Correct AnswerverifiedShow Answer

Compare Porter's three generic strategies.

Correct AnswerverifiedOrganizations typically follow one of Po...View AnswerShow Answer

Mark Peterson identified the Porter's Five Forces Model which analyzes the competitive forces within a business environment.

Correct AnswerverifiedShow Answer

If a business is following a focused strategy, then its competitive scope is ________.

Correct AnswerverifiedShow Answer

Your boss, Penny Dirks, has asked you to analyze the airline industry using Porter's three generic strategies.Which of the following companies are using a cost leadership strategy?

Correct AnswerverifiedShow Answer

Porter's Five Forces Model outlines the process for a sales strategy.

Correct AnswerverifiedShow Answer

The threat of substitute products or services refers to the power of competitors to enter a new market.

Correct AnswerverifiedShow Answer

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To identify competitive advantages, Mich...
View Answer

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Organizations typically follow one of Po...
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