Question 1

__________ are the competencies or skills that a firm employs to transform inputs into outputs.

Accepted Answer

A)   Tangible resources
B)   Organizational capabilities
C)   Reputational resources
D)   Intangible resourcesE) A) and B)
F) None of the above

Question 2

The strengths and capabilities of a firm are enough to enable it to achieve a competitive advantage in the marketplace.

Accepted Answer

A) True 
 B)False

Question 3

The resource-based view (RBV)combines both the internal analysis of the firm and the external analysis of the environment.Discuss and provide examples.

Accepted Answer

The resource-based view (RBV) is a strat...

Question 4

Amazon Prime is credited for helping to increase the Amazon stock price by nearly 300 percent from 2008 to 2010.This is competitive advantage is known as _________.

Accepted Answer

A)   causal ambiguity
B)   product rarity
C)   service validity
D)   substitutabilityE) A) and C)
F) All of the above

Question 5

The SWOT analysis can show managers how to achieve a competitive advantage.

Accepted Answer

A) True 
 B)False

Question 6

Technology development is a much broader concept than research and development.

Accepted Answer

A) True 
 B)False

Question 7

A primary benefit of the balanced scorecard is that it complements financial indicators with operational measures of customer satisfaction,internal processes,and the innovation and improvement activities of the organization.

Accepted Answer

A) True 
 B)False

Question 8

Financial analysis provides an accurate way to assess the relative strengths of firms and can be used as a complete guide to study companies.

Accepted Answer

A) True 
 B)False

Question 9

In conducting a SWOT analysis,a risk for strategists is that they rely on traditional definitions of their industry and competitive environment and therefore focus too narrowly on current competitors.

Accepted Answer

A) True 
 B)False

Question 10

Historical comparisons provide information to managers about changes in the competitive position of a firm.Historical comparisons often are misleading _____________.

Accepted Answer

A)   if the overall strategy of the firm is the same
B)   if the firm shows constant growth
C)   in periods of recession or economic boom
D)   if the firm's stock is publicly tradedE) A) and D)
F) All of the above

Question 11

In value-chain analysis,value is measured by the market value of the total stock outstanding of the company.

Accepted Answer

A) True 
 B)False

Question 12

In a retail service industry,which of the following is not a primary value-chain activity?

Accepted Answer

A)   purchasing goods
B)   operating stores
C)   partnering with vendors
D)   human resource managementE) B) and D)
F) B) and C)

Question 13

According to value-chain analysis,which of the following would be considered part of the general administration in a firm?

Accepted Answer

A)   human resource management
B)   technology development
C)   information systems
D)   procurementE) All of the above
F) B) and D)

Question 14

For a resource to provide a firm with potential sustainable advantages it must satisfy only two criteria: rareness and difficulty in substitution.

Accepted Answer

A) True 
 B)False

Question 15

At Sephora.com,a customer service representative taking a phone call from a repeat customer has instant access to what shade of lipstick she likes best.This is an example of a procurement support activity in the value chain.

Accepted Answer

A) True 
 B)False

Question 16

The three key types of resources that are central to the resource-based view of the firm are:

Accepted Answer

A)   tangible resources, intangible resources, and organizational structure
B)   culture, tangible resources, intangible resources
C)   tangible resources, intangible resources, and organizational capabilities
D)   tangible resources, intangible resources, and top managementE) A) and D)
F) A) and C)

Question 17

In value-chain analysis,the activities of an organization are divided into two major categories of value activities: primary and support.Which of the following is a primary activity?

Accepted Answer

A)   purchasing key inputs
B)   repairing the product for the consumer
C)   recruiting and training employees
D)   monitoring the cost of producing the product through a cost accounting systemE) B) and C)
F) None of the above

Question 18

In considering the business from the internal business perspective using the balanced scorecard,periodic financial statements are used to indicate the consequences of improved quality,response time,productivity,and innovative products.These consequences include improved sales.

Accepted Answer

A) True 
 B)False

Question 19

Value-chain analysis assumes that the basic economic purpose of a firm is to create value and it is a useful framework for analyzing the strengths and weaknesses of the firm.

Accepted Answer

A) True 
 B)False

Question 20

One advantage of SWOT analysis is that it helps managers to identify strengths that are almost always sources of competitive advantages that are sustainable.

Accepted Answer

A) True 
 B)False

Exam 3: Assessing the Internal Environmentof the Firm

At Sephora.com,a customer service representative taking a phone call from a repeat customer has instant access to what shade of lipstick she likes best.This is an example of a procurement support activity in the value chain.

Correct AnswerverifiedShow Answer

Value-chain analysis assumes that the basic economic purpose of a firm is to create value and it is a useful framework for analyzing the strengths and weaknesses of the firm.

Correct AnswerverifiedShow Answer

Amazon Prime is credited for helping to increase the Amazon stock price by nearly 300 percent from 2008 to 2010.This is competitive advantage is known as _________.

Correct AnswerverifiedShow Answer

In value-chain analysis,value is measured by the market value of the total stock outstanding of the company.

Correct AnswerverifiedShow Answer

A primary benefit of the balanced scorecard is that it complements financial indicators with operational measures of customer satisfaction,internal processes,and the innovation and improvement activities of the organization.

Correct AnswerverifiedShow Answer

According to value-chain analysis,which of the following would be considered part of the general administration in a firm?

Correct AnswerverifiedShow Answer

The strengths and capabilities of a firm are enough to enable it to achieve a competitive advantage in the marketplace.

Correct AnswerverifiedShow Answer

In a retail service industry,which of the following is not a primary value-chain activity?

Correct AnswerverifiedShow Answer

Technology development is a much broader concept than research and development.

Correct AnswerverifiedShow Answer

One advantage of SWOT analysis is that it helps managers to identify strengths that are almost always sources of competitive advantages that are sustainable.

Correct AnswerverifiedShow Answer

__________ are the competencies or skills that a firm employs to transform inputs into outputs.

Correct AnswerverifiedShow Answer

The resource-based view (RBV)combines both the internal analysis of the firm and the external analysis of the environment.Discuss and provide examples.

Correct AnswerAnswered by ExamLex AIThe resource-based view (RBV) is a strat...View AnswerShow Answer

The SWOT analysis can show managers how to achieve a competitive advantage.

Correct AnswerverifiedShow Answer

In conducting a SWOT analysis,a risk for strategists is that they rely on traditional definitions of their industry and competitive environment and therefore focus too narrowly on current competitors.

Correct AnswerverifiedShow Answer

In considering the business from the internal business perspective using the balanced scorecard,periodic financial statements are used to indicate the consequences of improved quality,response time,productivity,and innovative products.These consequences include improved sales.

Correct AnswerverifiedShow Answer

In value-chain analysis,the activities of an organization are divided into two major categories of value activities: primary and support.Which of the following is a primary activity?

Correct AnswerverifiedShow Answer

For a resource to provide a firm with potential sustainable advantages it must satisfy only two criteria: rareness and difficulty in substitution.

Correct AnswerverifiedShow Answer

Historical comparisons provide information to managers about changes in the competitive position of a firm.Historical comparisons often are misleading _____________.

Correct AnswerverifiedShow Answer

Financial analysis provides an accurate way to assess the relative strengths of firms and can be used as a complete guide to study companies.

Correct AnswerverifiedShow Answer

The three key types of resources that are central to the resource-based view of the firm are:

Correct AnswerverifiedShow Answer

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The resource-based view (RBV) is a strat...
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