Exam 2: Identifying Competitive Advantages

A) An international hotel chain purchasing milk.
B) A coffee shop.
C) A single consumer purchasing milk.
D) A dog walking business.

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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B) Lack of strategic direction, obsolete technologies, lack of managerial talent, outdated, product line.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.

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A) Evaluation of an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies.
B) Analysis of the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry.
C) View of 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.

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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.

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A) The threat of new entrants' force is high in the up-and-coming market.
B) The threat of new entrants' force is low in the up-and-coming market.
C) The threat of new entrants' force is impossible to define in the up-and-coming market.
D) All of these depending on the time of year.

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A) Evaluation of an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies.
B) Analysis of the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry.
C) View of 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.

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A) The three generic strategies.
B) The Five Forces Model.
C) First-mover advantage.
D) SWOT analysis.

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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.

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A) Internal, helpful
B) Internal, harmful
C) External, helpful
D) External, harmful

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A) Cost advantages
B) Damaged reputation
C) New markets
D) Competitor issues

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A) Increase buyer power
B) Increase substitute products
C) Decrease supplier power
D) Decrease buyer power

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A) Broad market - high cost strategy
B) Narrow market - low cost strategy
C) Narrow market - high cost strategy
D) Broad market - low cost strategy

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A) Strengths, weaknesses, organizations, and technology.
B) Strengths, weaknesses, opportunities, and threats.
C) Success, willingness, opportunities, and technology.
D) Success, weaknesses, organizations, and threats.

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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.

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