SEVI - Strategic management exam 1 review (quizes)

Gerber Products Co. brands their baby food which gives them a resource that is potentially intimitable because re-creating brand loyalty is likely to be a time-consuming process competitors would find difficult to expedite. This is an example of using ________ conditions to build protection in the baby food market.

path dependent

Because the Internet lowers barriers to entry in most industries, it

increases the threat of new entrants.

German truck and trailer manufacturer, Schmitz Cargobull, mainly serves customers that are operators of truck or trailer fleets. What sets the company apart is its expertise in telematics (the integrated application of telecommunications data) to monitor the current state of any Schmitz Cargobull-produced trailer. This is an example of using ________ to enhance customer value and increase ________ position.

information technology; competitive

Scenario planning is a useful technique for firms competing in industries characterized by ________ and ________.

unpredictability; change

Inbound logistics include which of the following?

warehousing and inventory control

Juan wants to open his own hot dog restaurant but doesn't know anything about business. He needs help determining who his competition is, how he should craft his strategy to compete and how he'll implement his strategy to achieve a competitive advantage. He's hired you to help him get started. As a result, you will probably use which of the following?

AFI strategy framework

Which is a model that links strategy analysis, strategy formulation, and strategy implementation, thereby helping managers plan and implement a good strategy?

AFI strategy framework

________ tracks the evolution of environmental trends, sequences of events, or streams of activities.

Environmental monitoring

Groupon offers online coupons for bargains at local shops and restaurants. Which of the following is a reason that rivals are limiting Groupon's growth?

Its core capability is easily imitated.

The financial perspective of the balanced scorecard answers which of the following questions?

How do we look to shareholders?

________ is best described as an integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage.

Strategic management

________ is best described as a set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors.

Strategy

Which of the following provides an example of what AFI strategy framework is used for?

Using AFI, the Quest Auto firm was able to implement a strategy that produced high-quality cars more efficiently and thereby reduced costs.

In the resource-based view of the firm, examples of tangible resources include

financial resources, physical resources, and technological resources.

Harley-Davidson markets motorcycles, clothes, toys, and restaurants. It uses its strong ________, which is ________.

brand image; an intangible resource

Bill's Auto & Airplane Repair shop is able to generate a positive net income of $10,000 a week, which is about the same as the income of a close competitor. As a result, we can conclude that the two businesses also have a competitive parity in the industry.

competitive parity is a performance of two or more firms at the same level.

Which of the following isnot an example of corporate competitive intelligence?

consumers comparing product offers online

The goal of a good strategy is focused primarily on

creating superior value while containing costs.

The aging of the population, changes in ethnic composition, and effects of the millennial generation are ________ changes.

demographic

Strategic groups consist of a group of

firms within an industry that follows similar strategies.

For a resource to provide a firm with the potential for a sustainable competitive advantage, it must have four attributes. Which of the following is not one of these attributes?

easy for competitors to substitute

Two of the key inputs to developing forecasts discussed in the text are

environmental scanning and competitive intelligence.

Buyer power will be greater when

it is concentrated or when a buyer group purchases large volumes relative to seller sales.

Which of the following would be an entry barrier?

large economies of scale

Which of the following three important stakeholder attributes should managers pay special close attention to in order to better understand stakeholder impact analysis?

power, legitimacy, and urgency

Advertising is a ________ activity. Supply of replacement parts is a ________ activity.

primary; primary

Superior performance allows a company to benefit society by implementing which of the following strategies?

reinvest some of its profits and grow, providing more employment and career opportunities

Campbell Soup uses electronic networks to improve the efficiency of outbound logistics. These networks also helped Campbell Soup manage the ordering of raw materials more efficiently, improve its production scheduling, and help its customers better manage their inbound logistics operations. This is an example of

relationships among activities within the firm and with other stakeholders that are part of the expanded value chain of the firm.

Which is considered a force in the five-forces model?

rivalry among competing firms

Medical monitoring through wearable devices has been approved by the U.S. Food and Drug Administration for offers from Apple. This is an important development of which factor of the general environment?

technological

John is a bit confused about the difference between stakeholders and stockholders. You meet with John and inform him that the main difference is that

stakeholders can be both internal and external while stockholders own shares of a firm and are classified as internal to the firm.

All of the following are important elements of the political and legal segment of the general environment except

the increased use of Internet technology.

The resource-based view (RBV) of the firm combines the following two perspectives:

the internal analysis of the firm and the external analysis of the industry and competitive environment.