strategic management test 1

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larger output

Economies of scale are cost advantages that accrue for firms with

PESTEL framework

The ________ allows the scanning, monitoring, and evaluating of changes and trends in a firm's macro environment.

tangible resources

Amazon.com's network of distribution centers allow it to drastically reduce its delivery times compared to other online retailers. These distribution centers are examples of Amazon's(4)

the gap between the value the firm's product generates and the cost to produce it is large.

A firm's strategic position is likely to be strong when

marketing and sales

According to the value chain analysis, which of the following is a primary activity?

capital requirements are low

In an industry, the threat of entry is high when

decline in the firm's market share

In the context of SWOT analysis, which of the following best exemplifies a firm's internal weakness?

a society's culture, norms, and values

Which of the following is the best characterization of sociocultural forces?

In monopolistic competition, many firms compete against each other; in an oligopoly, there are few large firms competing against each other.

Which of the following statements accurately brings out the difference between monopolistic competition and an oligopoly?

Tangible assets can be bought on the open market by anyone with the necessary cash, whereas intangible assets cannot be easily purchased.

Which of the following statements accurately brings out the difference between tangible and intangible resources?

It makes it difficult for the competitors to understand why a company has been so successful.

How does causal ambiguity act as an isolating mechanism for organizations?

Substitutes are readily available in the form of trains, buses, and cars, thus reducing the profit potential in the industry.

Keeping in mind the five forces in the airline industry, which of the following best explains the difficulty airlines have in generating a profit?

Capabilities

Organizational and managerial skills that find their expression in a company's structure, routines, and culture are referred to as

perfect competition exists.

The competitive advantage that one firm has will be short-lived in an industry in which

the punch presses that produce parts

The management of a company is assessing the value of all the tangible resources the company owns. Which of the following will be included in this assessment?

understand the profit potential of industries.

The primary objective of Porter's five forces model is to

levels of employment

Which of the following is a macroeconomic factor that can affect a firm's strategy?

The overall industry profitability will increase.

Which of the following is likely to happen due to horizontal mergers between competitors such as Delta and Northwest airlines?

Isolating Mechanisms

________ are barriers to imitation that prevent rivals from competing away the advantage a firm may enjoy.

path dependence

________ describes a process in which the options one faces in a current situation are limited by decisions made in the past.


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