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Exam 2: Identifying Competitive Advantages

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Question 61

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Which of the following decisions does a firm need to make as soon as it has identified the activities from the value chain that are bringing the highest added value to their customers?

A) Target high value-adding activities to further enhance their value.
B) Target low value-adding activities to increase their value.
C) Perform some combination of the two.
D) All of these.

E) A) and B)
F) A) and D)

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Question 62

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According to Porter's three generic strategies for entering a market,if you have a focused strategy what market should you target?

A) A niche market.
B) A broad market.
C) Neither niche or broad markets.
D) Both niche and broad markets.

E) A) and D)
F) A) and C)

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Question 63

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__________ value activities are found at the bottom of the value chain.These include business processes that acquire raw materials and manufacture,deliver,market,sell,and provide after-sales services.

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

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

A __________ chain analysis views a firm as a series of business processes that each adds value to the product or service.

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

Which of the following demonstrates a company that has implemented a low-cost,broad-market strategy?

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?

In the bookstore industry,some of today's businesses compete with different business strategies and cost strategies.Which of the following is using a broad market competitive scope along with a low cost strategy?

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

Steve Jobs and Apple created a big advantage in the technology industry with the introduction of the iPod,iPhone,and iPad.What are these all examples of?

Rivalry among existing competitors is __________ when competition is fierce in a market and low when competitors are more complacent.

John Cleaver is the CEO of Tech World,which is a retail store that sells computers,monitors,cameras,televisions,and many other electronic products.John and his executive team are meeting to brainstorm new ideas on how to grow the business.One idea is to mimic the product of a competitor that is attempting to sell a new product in a different industry.After performing a Porter's Five-Forces analysis,John determines that all of the forces are high in this new industry.What should John do?

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?

Broad differentiation,broad cost leadership,and _________ are the three generic strategies identified by Porter.