Chapter 3

Question 1

When a firm performs the same tasks better than its rivals, it is known as ______ effectiveness

Answer 1

Operational

Question 2

An approach known as the ______ view of competitive advantage shows that if a firm is to maintain sustainable competitive advantage, it must control a set of exploitable resources with four critical characteristics. These resources must be (1) valuable, (2) rare, (3) imperfectly imitable, and (4) nonsubstitutable.

Answer 2

Resource-based

Question 3

Which of the following is one of the primary parts of the value chain?

Answer 3

Outbound logistics

Question 4

______ forces, which are also known as the Industry and Competitive Analysis, are a popular framework for examining a firm’s competitive environment.

Answer 4

Porter’s Five

Question 5

When one party has more or better information than its counterparty, the decision situation is called a(n) ______.

Answer 5

Information asymmetry

Question 6

When products are commodities, technology can most often ______.

Answer 6

Increase price competition

Question 7

Which of the following can increase the bargaining power of buyers?

Answer 7

Greater options of products

Question 8

Which of the following acted as a substitute good for Stack Overflow, causing a huge drop in usage for Stack Overflow?

Answer 8

ChatGPT