Description : Core Competencies are the skills and abilities by which Resources are deployed through a Firm's activities and processes to enable the Company to ----------- : A. Survive B. ... imitate or acquire C. Achieve Competitive Advantage in ways others cannot imitate D. Achieve superior position
Last Answer : Achieve Competitive Advantage in ways others cannot imitate
Description : Essex Office Products has decided to use a particular competitive tool that it feels will have a major impact. Its consultant, Dr. Bell, contends that this particular approach is the one most ... in question is: A)price B)market segmentation C)distribution D)promotion E)product innovation
Last Answer : A)price
Description : Why the concept of ‘Innovation’ is required in the business? a. To get first mover advantage b. Utmost Consumer Satisfaction c. To acquire larger market share d. All of the above
Last Answer : d. All of the above
Description : If RCA developed a new technology that made 3-D imagery possible through the use of videotape played on an advanced television set, it would be more likely to market this innovation if it could obtain a: A)competitive advancement B)patent C)low price advantage D)technological assessment
Last Answer : B)patent
Description : From the point of view of international business, an organization that enjoys competitive advantage in an industry has done so by: A. Focusing on long-term profit. B. Charging lower prices than competition. C. Creating superior value for customers. D. Constantly enlarging its marketing activities.
Last Answer : Creating superior value for customers.
Description : Porter's notion of a differentiation strategy is best described as one in which firms seek a competitive advantage . A. Through achieving a match between their internal and external ... competitors. C. Through concentrating on a narrow market segment. D. Through establishing their uniqueness
Last Answer : Through establishing their uniqueness
Description : Anything the Firm does especially well compared to rival Firms could be considered a Competitive Advantage
Last Answer : True
Description : Porter's notion of a differentiation strategy is best described as one in which firms seek a competitive advantage . A. Through achieving a match between their internal and external environments ... . C. Through concentrating on a narrow market segment. D. Through establishing their uniqueness.
Last Answer : Through establishing their uniqueness.
Description : The Diamond Model suggests that four factors determine a firm's competitive advantage: a) 1) home demand conditions; 2) home supply conditions; 3) firm strategy and structure; 4) supporting ... home demand conditions; 2) home supply; 3) firm strategy; 4) related and supporting industries.
Last Answer : home demand conditions; 2) home factor conditions; 3) firm strategy, structure and rivalry; 4) related and supporting industries
Description : The Diamond Model assumes that: a) Multinational firms must develop global strategies based only on home demand conditions. b) Multinational firms must pay less attention to global consumers than domestic ... a firm plays a key role in shaping that firm's competitive advantage in global markets.
Last Answer : The national home base of a firm plays a key role in shaping that firm's competitive advantage in global markets.
Description : Dynamic capabilities refer to: a) the firm's ability to integrate, build, and reconfigure internal and external competences to address rapidly changing environments. b) the link between ... underlie a company's multiple production lines and critically underpin the firm's competitive advantage
Last Answer : the firm's ability to integrate, build, and reconfigure internal and external competences to address rapidly changing environments.
Description : What is meant by focused differentiation? A. Providing a high perceived value service or product to a selected market segment that justifies a substantial price premium B. ... differentiation D. Concentrating on differentiation as the primary means of achieving competitive advantage
Last Answer : Providing a high perceived value service or product to a selected market segment that justifies a substantial price premium
Description : It is generally agreed that the central role of strategy is to Select one: a. Achieve competitive advantage. b. Make best use of resources. c. Make the best products and service d. Make profits for the company
Last Answer : Achieve competitive advantage.
Description : The purpose of all good small business strategy is__________. A. to increase turnover. B. to increase profitability. C. to achieve competitive advantage. D. to achieve stated objectives.
Last Answer : D. to achieve stated objectives.
Description : This strategy will concentrate on the Traditional and Low End segment. Competitive advantage will be gained by keeping R&D costs, Production costs, and raw materials costs to a minimum, ... Life Cycle Focus d. Differentiation Strategy with a Product Life Cycle Focus e. Broad Differentiation
Last Answer : b. Niche Cost Leader
Description : This strategy will allow us to maintain a presence in every market segment. Competitive advantage will be gained by keeping R&D costs, Production costs and raw material costs to a minimum, ... Life Cycle Focus d. Differentiation Strategy with a Product Life Cycle Focus e. Broad Differentiation
Last Answer : a. Broad Cost Leader
Description : Enterpreneurial ability is a special kind of labour that - (1) is hired out to firms at high wages (2) organizes the process of production (3) produces new capital goods to earn interest (4) manages to avoid losses by continual innovation
Last Answer : (2) organizes the process of production Explanation: In economics, factors of production are the inputs to the production process. Factors of production' may also refer specifically to the 'primary factors', ... the other factors of production, land, labor, and capital, in order to make a profit.
Description : Enterpreneurial ability is a special kind of labour that (1) is hired out to firms at high wages (2) organizes the process of production (3) produces new capital goods to earn interest (4) manages to avoid losses by continual innovation
Last Answer : organizes the process of production
Description : You decide to do more research on the view that conflict should be encouraged as a means to achieve change and innovation. This view is termed: (a) the traditional view. ; (b) the human relations view. ; (c) the interactionist view. (d) the acceptance view.
Last Answer : ; (c) the interactionist view.
Description : The dimension of the conflict-handling intention labeled assertiveness is: (a) the degree to which one party attempts to satisfy his/her own concerns. (b) the degree to which one party attempts to ... party attempts to satisfy everyone's concerns. (d) the degree to which one party is competitive.
Last Answer : (a) the degree to which one party attempts to satisfy his/her own concerns.
Description : Which one of the following statements is not correct ? (A) Business firms combine to avoid wasteful competition (B) Business combination is possible only among joint stock companies (C) Business ... firms (D) During economic depression, small firms are absorbed by financially sound large firms
Last Answer : Answer: Business combination is possible only among joint stock companies
Description : What is the main evolutionary innovation presented by nematodes? What is the advantage of that innovation?
Last Answer : The main evolutionary innovation of nematodes is the complete digestive system, with two openings (mouth and anus). Since the ingestion and the defecation processes can occur in different ... body and not yet eliminated. Phylum Nematoda Review - Image Diversity: nematode digestive system
Description : Tendency to which experiences of potential customers fits with innovation is called A. relative advantage B. divisibility C. communicability D. compatibility
Last Answer : compatibility
Description : What is public relations? How is it helpful to Firms?
Last Answer : answer:
Description : How does international law facilitate international trade and investment? A. It makes it easier to resolve contract disputes for firms involved in internatio nal trade and investment. B. It ... are open to differing interpretations. D. The Uniform Commercial Code favors big US multinationals.
Last Answer : It makes it easier to resolve contract disputes for firms involved in internatio nal trade and investment.
Description : Competition is beneficial to the competing firms besides benefiting the ______? A. producers. B. intermediaries. C. finances. D. consumers
Last Answer : D. consumers.
Description : What are the best qualifications, degrees, certifications or skills, etc. in the business field that one should obtain so as to be competitive when the job market rebounds?
Last Answer : It has been my understanding in the past that one is usually expected to work in the business field for a few years before going for an MBA. I don't know if that is changing with ... based programming and networking will be in demand but you have to decide where your aptitudes and interests lie.
Description : Macro environment is also known as _________? A. direct environment . B. indirect environment. C. competitive environment. D. social environment.
Last Answer : B. indirect environment.
Description : Which of these is not a reason why some firms do no strategic planning? a. Laziness b. Competitive leadership c. Honest difference of opinion d. Poor reward structures
Last Answer : Competitive leadership
Description : Which of these is NOT a reason why some Firms do no Strategic Planning ? A. Company is Lazy B. Competitive Leadership C. Honest difference of opinion D. Poor reward structure
Last Answer : Competitive Leadership
Description : Independent firms at different channel levels integrate their programs on a contractual basis to achieve systemic economies and increased market impact are known as . A. Corporate vertical marketing ... B. Contractual vertical marketing systems C. Administered vertical D. None of the above
Last Answer : B. Contractual vertical marketing systems
Description : Porter's three generic strategies that help firms achieve or maintain industry success include all of the following EXCEP T A)cost leadership B)differentiation C)focus D)competition
Last Answer : D)competition
Description : Concerned about the impact on her firm's promotional messages, Karen Dickson of Magnum PLC., seeks an approach with immediate feedback. She is most likely to achieve this through. A)television advertising B)newspaper advertising C)publicity D)personal selling E)sales promotion
Last Answer : D)personal selling
Description : Which of the following occurs when labour productivity rises? (1) The equilibrium nominal wage falls. (2) The equilibrium quantity of labour falls. (3) Competitive firms will be induced to use more capital (4) The labour demand curve shifts to the right
Last Answer : (4) The labour demand curve shifts to the right Explanation: As labour productivity increases, the production function shifts up and simultaneously the labor demand curve shifts out and right. At ... , the production function shifts up and simultaneously the labor demand curve shifts out and right.
Description : In a perfectly competitive market, a firm's - (1) Average Revenue is always equal to Marginal Revenue (2) Marginal Revenue is more than Average Revenue (3) Average Revenue is more than Marginal Revenue (4) Marginal Revenue and Average Revenue are never equal
Last Answer : (1) Average Revenue is always equal to Marginal Revenue Explanation: Average revenue is the amount money received by a firm per unit of output sold. Marginal revenue is the change in total revenue ... . In a perfectly competitive market, a firm's Average Revenue is always equal to Marginal Revenue.
Description : In the long-run equilibrium, a competitive firm earns - (1) Super-normal profit (2) Profits equal to other firms (3) Normal profit (4) No profit
Last Answer : (3) Normal profit Explanation: Making the assumption that the market demand curve remains unchanged, higher market supply will reduce the equilibrium market price until the price = long run average cost. ... of firms in and out of the industry and a long-run equilibrium has been established.
Description : Which of the following activities is not prohibited for the CPA firm's attestation service clients? a. Referral fees on audit jobs. b. Competitive bidding on audit jobs. c. Contingent fees on audit jobs. d. Commissions for obtaining client services on audit jobs
Last Answer : Competitive bidding on audit jobs
Description : Which of the following activities is not prohibited for the CPA firm's attestation service clients? a. Competitive bidding on audit jobs. b. Contingent fees on audit jobs. c. Commissions for obtaining client services on audit jobs. d. Referral fees on audit jobs.
Description : The three major considerations in assessing opportunities and resources are environmental scanning, evaluating market opportunities, and A)competitive scanning. B)environmental analysis. C)understanding the firm's capabilities. D)opportunity search.
Last Answer : C)understanding the firm's capabilities.
Description : Historically, Knox PLC sold industrial clamps directly to firms using these items in their production process. Knox's Chairman believes that it may be time to start using an industrial distributor because ... D)carry a more complete line of Knox clamps. E)market the products to Knox specifications.
Last Answer : A)provide Knox with market information.
Description : One of the disadvantages of reciprocity is that it can lead to: A)a price war B)higher promotional costs C)more competitive firms entering the industry D)less than optimal purchases for the buyer E)longer periods of negotiation
Last Answer : D)less than optimal purchases for the buyer
Description : Which of the following firms would most likely have a monopoly for its competitive environment? A)Sunset Cablevision B)Montgomery Transport C)Post Office Parcel Services D)Telecom Car Phones E)Dorset Lawn Care
Last Answer : A)Sunset Cablevision
Description : In the short run if the price is above the average total cost in a monopolistic competitive market, the firm makes (a) Profits and new firms join the market ; (b) Profit and bar entry to new firms; (c) Makes losses and exit the market ; (d) Quick profit and disappears
Last Answer : (a) Profits and new firms join the market ;
Description : Which of the following occurs when labour productivity rises ? (1) The equilibrium nominal wage falls. (2) The equilibrium quantity of labour falls. (3) Competitive firms will be induced to use more capital (4) The labour demand curve shifts to the right
Last Answer : The labour demand curve shifts to the right
Description : In a perfectly competitive market, a firm’s (1) Average Revenue is always equal to Marginal Revenue (2) Marginal Revenue is more than Average Revenue (3) Average Revenue is more than Marginal Revenue (4) Marginal Revenue and Average Revenue are never equal
Last Answer : Average Revenue is always equal to Marginal Revenue
Description : In the long-run equilibrium, a competitive firm earns (1) Super-normal profit (2) Profits equal to other firms (3) Normal profit (4) No profit
Last Answer : Normal profit
Description : ________________ is a set of competitive moves to achieve organizational objectives? A. Competitive Analysis B. Strategy C. Management D. None of the above
Last Answer : Strategy
Description : What is NOT a ‘Critical Tasks of Strategic Management? A. Formulate the company’s mission B. Select a set of short-term objectives that will achieve the most desirable results C. Conduct an internal analysis D. Assess the external environment – competitive and general contexts
Last Answer : Select a set of short-term objectives that will achieve the most desirable results