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MGT 491 Midterm

Above-average returns are
Returns in excess of what an investor expects to earn from other investments with a similar level of risk.
New markets created by iPods, PDAs, and WiFi are a result of
Disruptive Technologies
The ability to effectively and efficiently access and use information is
an important source of competitive advantage in virtually all industries.
Which of the following statements about organizational knowledge is correct?
*All of the Above*
-Knowledge is an intangible resource.
-The importance of knowledge is increasing.
-The value of knowledge as a proportion of shareholder value is increasing.
The industrial organization (I/O) model argues that
the key factor in success is choosing the correct industry in which to compete.
The three parts of the external environment which affect a firms strategic actions are
general, industry, and competitor
The environmental segments that comprise the general environment typically will NOT include
substitute products or services.
Which of the following is NOT an activity used in the external environmental analysis process?
Decrypting
When analysts develop feasible projections of future events and how quickly they will occur based on observed changes and trends, they are engaged in
Forecasting
The likelihood of entry of new competitors is affected by ____ and ____.
barriers to entry, expected retaliation of current industry organizations
Which of the following is NOT a factor affecting sustainability of a competitive advantage?
The length of time the core competence has existed.
Internal analysis enables a firm to determine what the firm
can do.
Which of the following is not a component of internal analysis leading to competitive advantage?
Analysis of supplier power
Valuable capabilities
allow the firm to exploit opportunities or neutralize threats in its external environment.
Capabilities that other firms cannot develop easily are classified as
costly to imitate.
Business-level strategies detail commitments and actions taken to provide value to customers and gain competitive advantage by exploiting core competencies in
specific product markets.
In order to meet and exceed customer’s expectations, firms must
continuously improve, innovate, and upgrade their core competencies.
The three dimensions of a firm’s relationships with customers include all the following EXCEPT
Exclusiveness
What is not considered a generic business-level strategies?
Product Diversification
A company using a narrow target market in its business strategy is
Limiting the group of customer segments served
The effectiveness of any of the generic business-level strategies is contingent upon
The match between the opportunities and threats in its external market and the strengths of its internal environment
A cost leadership strategy provides goods or services with features that are
Acceptable
Research suggests that having a competitive advantage in ____ creates more value in the cost leadership strategy than it does in the differentiation strategy.
Logistics
A company pursuing the differentiation or focused differentiation strategy would tend to
Develop flexible systems that allow rapid response to customers changing needs
Ever improving levels of efficiency enhance profit margins for a cost leader. This affects which of the five forces of industry structure most directly?
Potential Entrants
Competitive rivalry has the most effect on the firm’s ____ strategies than the firm’s other strategies
Business-level
Multimarket competition occurs when firms
compete against each other in several geographic or product markets.
Firms with ______ market commonality and _____ resource similarity are direct and mutually acknowledged competitors.
high; high
The competitive actions and responses in __________ markets are designed to seek large market shares, to gain customer loyalty through brand names, and to carefully control the firm’s operations in order to consistently provide the same positive experience for customers.
Standard-cycle
Lawsuits over patent and copyright infringements are more common and intense in
slow-cycle markets, because of the ability to shelter the company from imitation of its competitive advantage.

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