Chapter 2 Flashcards

1
Q

___ are costs that make customers reluctant to switch to another product or service

A

Switching costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

___ is high when there are many alternatives to a product or service and low when there are few alternatives from which to choose.

A

Threat of substitute products or services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

__ advantage features a product or service on which customers place a greater value than they do on similar offerings from competitors

A

Competitive

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Identifying competitive advantages can be difficult and explains why they are typically __

A

Temporary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

__ views a firm as a series of business processes that each add value to the product or service

A

Value chain analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

__ is the suppliers ability to influence the prices they charge for suppliers (including materials, labor, and services)

A

Supplier power

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Which of the following executes the business strategy?

A

Value chain analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

__ is the standard set of activities that accomplish a specific task

A

Business process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What evaluates a project’s position?

A

SWOT analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

__ consists of all parties involved directly or indirectly, in obtaining raw materials or a product

A

Supply chain

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

__ are costs that make customers reluctant to switch to another product or service

A

Switching costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

___ is high when there are many alternatives to a product or service and low when there are few alternatives from which to choose

A

Threat of substitute products or services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is included in the value chain

A

Operations, inbound activities, service 1

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

__ is a standardized set of activities that accomplishes a specific task

A

Business process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Strengths would be categorized as __ in a typical SWOT analysis

A

Internal, helpful

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are porters 5 forces

A

Buyer power, supplier power, threat of substitute products/ services, threat of new entrants, and rivalry amongst existing competitors

17
Q

Imbound logistics

A

Acquires raw materials and resources and distributes

18
Q

Operations

A

Transforms raw materials or inputs goods and services

19
Q

Outbound logistics

A

Distributes goods and services to customers

20
Q

Marketing and sales

A

Promotes, prices, and sells products to customers

21
Q

Service

A

Provides customer support

22
Q

Buyer power

A

Ability of buyers to affect the price of an item

23
Q

Switching cost

A

Cost that make customers want to switch (internet, cell phones)

24
Q

Loyalty program

A

Rewards customers based on the amount of business they do with an organization (rewards customers for how much they spend)