Question 1

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.

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A)  Market the product to less 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) A) and D)
F) None of the above

Question 4

There are many different stakeholders found in an organization with common business interests.Depending on the stakeholder's perspective, the business strategy can change.Which of the following is not a main concern for shareholders/investors?

Accepted Answer

A)  Maximize profits
B)  Grow market share
C)  Job security
D)  High return on investmentE) None of the above
F) A) and B)

Question 5

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 focused 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) B) and C)
F) C) and D)

Question 6

Your boss, Ty Jacob, has asked you to analyze the music industry using Porter's five forces model.Which of the following represents supplier power in the music industry?

Accepted Answer

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

Question 7

Which of the following represents a typical supply chain?

Accepted Answer

A)  Company - Customers - Suppliers
B)  Company - Suppliers - Customers
C)  Suppliers - Company - Customers
D)  Suppliers - Customers - CompanyE) All of the above
F) B) and D)

Question 8

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, coffee are all beverage options available to consumers.E) All of the above
F) A) and B)

Question 9

What are the two main categories in a value chain analysis?

Accepted Answer

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.E) All of the above
F) A) and B)

Question 10

Where would you categorize weaknesses in a SWOT analysis?

Accepted Answer

A)  Internal, helpful
B)  Internal, harmful
C)  External, helpful
D)  External, harmfulE) B) and C)
F) A) and D)

Question 11

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

Question 12

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.

Accepted Answer

A) True 
 B)False

Question 13

In the center of Porter's Five Forces model is competition.Which of the following represents the four outer boxes?

Accepted Answer

A)  Buyer power, systems power, threat of false entrants, and threat of substitute products or services
B)  Buyer power, systems power, threat of new entrants, and threat of substitute products or services
C)  Buyer power, supplier power, threat of new entrants, and threat of substitute products or services
D)  Business power, supplier power, threat of new entrants, and threat of powerful servicesE) B) and C)
F) A) and B)

Question 14

In a SWOT analysis, which of the following could you discover as potential inner weaknesses (harmful) ?

Accepted Answer

A)  Cost advantages
B)  Damaged reputation
C)  New markets
D)  Competitor issuesE) C) and D)
F) B) and C)

Question 15

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 employees?

Accepted Answer

A)  Exceptional customer service
B)  Fair compensation
C)  Professional associations
D)  Reliable contractsE) None of the above
F) A) and C)

Question 16

Identifying competitive advantages can be difficult, which explains why most competitive advantages are typically

Accepted Answer

A)  temporary.
B)  satisfactory.
C)  terminated.
D)  unsuccessful.E) All of the above
F) A) and D)

Question 17

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 ________________.

Accepted Answer

A)  Focused strategy, product differentiation
B)  Focused strategy, cost advantage
C)  Cost advantage, primary value activities
D)  Cost advantage, product differentiationE) None of the above
F) A) and B)

Question 18

Which of the following analyzes a company's business processes and is useful for determining how to create the greatest possible value for customers?

Accepted Answer

A)  Product analysis
B)  Primary supplier power
C)  Value chain analysis
D)  Buyer chain analysisE) A) and D)
F) A) and C)

Question 19

What is threat of substitute products or services?

Accepted Answer

A)  The ability of buyers to affect the price they must pay for an item.
B)  The suppliers' ability to influence the prices they charge for supplies (including materials, labor, and services) .
C)  High when it is easy for new competitors to enter a market and low when there are significant entry barriers to joining a market.
D)  High when there are many alternatives to a product or service and low when there are few alternatives from which to choose.E) A) and B)
F) A) and C)

Question 20

Which group of stakeholders' primary interests include maximizing profits, growing market share, and high return on investment?

Accepted Answer

A)  Partners/Suppliers
B)  Shareholders/Investors
C)  Community
D)  GovernmentE) A) and B)
F) A) and C)

Exam 2: Identifying Competitive Advantages

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

Which group of stakeholders' primary interests include maximizing profits, growing market share, and high return on investment?

Correct AnswerverifiedShow Answer

What are the two main categories in a value chain analysis?

Correct AnswerverifiedShow Answer

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

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 employees?

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 focused strategy?

Correct AnswerverifiedShow Answer

There are many different stakeholders found in an organization with common business interests.Depending on the stakeholder's perspective, the business strategy can change.Which of the following is not a main concern for shareholders/investors?

Correct AnswerverifiedShow Answer

Where would you categorize weaknesses in a SWOT analysis?

Correct AnswerverifiedShow Answer

Which of the following analyzes a company's business processes and is useful for determining how to create the greatest possible value for customers?

Correct AnswerverifiedShow Answer

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 ________________.

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 supplier power in the music industry?

Correct AnswerverifiedShow Answer

In the center of Porter's Five Forces model is competition.Which of the following represents the four outer boxes?

Correct AnswerverifiedShow Answer

What is threat of substitute products or services?

Correct AnswerverifiedShow Answer

In a SWOT analysis, which of the following could you discover as potential inner weaknesses (harmful) ?

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

Identifying competitive advantages can be difficult, which explains why most competitive advantages are typically

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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.

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 represents a typical supply chain?

Correct AnswerverifiedShow Answer

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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 ________.

Correct Answer
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