Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Administration Policy & Strategy Learn Smart > Learn Smart 4 > Flashcards

Learn Smart 4 Flashcards

1
Q

Which of the following issues might be included on a managerial “worry list”

A
  • how to deal with rivals reducing prices
  • how to respond to foreign competitors
  • whether to acquire a rival company
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

An activity that a company performs poorly in a comparison to its competitors is an example of a competitive deficiency, or _______

A

weakness

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

T/F
a value chain system is defined as a company’s own value chain combined with those of its suppliers but not those of its wholesale distributors,who deal with finished products.

A

False

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

A Capability that does not provide a sustainable competitive advantage

A

can provide a temporary advantage for entering a new market

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

To evaluate a firms _______ it is necessary to identify the firms capabilities and resources and then determine their quality.

A

competitive

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

the ability of a company to perform competently in carrying out a particular internal activity, such as product innovation or development, it is called a

A

Capability

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

A company’s tangible resources, typically defines as resources that can be easily quantified, include which of the following?

A
  • organizational resources
  • financial resources
  • technological resources
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

patents and copyright are types of resources that are part of a company’s

A

Technological resources

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

Which statements about a company’s capabilities are true?

A
  • One method of identifying capabilities starts with a survey of the functions performed within the company’s resources
  • one method of identifying capabilities starts with a survey of the functions performed within the company
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Closely integrated competitive assets that are tied to one or more cross-functional capabilities are called ______

A

resource

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

A company’s ongoing ability to adapt and renew its competitive assets, capabilities and resources is referred to as a ___ capability

A

dynamic

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

When a company is able to maintain its competitive edge despite competitors efforts to overcome it, the company is said to have achieved

A

a sustainable competitive advantage

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

a competitive asset owned or controlled by a company is referred to as a(n)

A

resource

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

in addition to human resources, which of the following are intangible assets of a company?

A
  • Reputation
  • Image
  • its brands
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

As a Type of company resource, relationships include which of the following?

A
  • dealer networks
  • partnerships
  • joint ventures
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Most of firms organizational capabilities can be characterized as being either of which two of the following

A
  • being based on knowledge

- existing in a firms processes and systems

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Capabilities that utilize various resources and result from collaboration across multiple departments, such as R&D, marketing, sales and manufacturing, are known as ______ capabilities

A

Cross-functional

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Which of the following factors contribute to the erosion of a company’s competitive advantage over time?

A
  • customer preferences
  • changes in technology
  • distribution channels
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

A two step process for evaluating a company’s competitive assets and its ability to compete successfully in the marketplace is known as _____ and ____ analysis

A

resource, capability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

When company A’s rivals have much higher competitive strength, company A is said to have a net competitive ______

A

disadvantage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

the two main categories of activities in a company’s value chain are ____ activities and support acclivities

A

primary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

There are times, such as the financial crisis of 2008-2009, when adverse market conditions can create______ that plunges a company into crisis and put its future in jeopardy

A

a sudden death threat

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Which of the following accurately reflect the relationship between a company activities and its resources and capabilities?

A
  • Continuous investment of resources in value chain activities leads to the creation of a competence
  • Prioritizing a competitive capability transforms it into a core competence
  • Value -creating activities contribute to the formation and development of capabilities
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

In order for managers to guide a company’s

strategy successfully, they must first identify its

A

Market opportunities

25
Q

Resources and capabilities are difficult for competitors to replicate when they

A
  • are unique
  • required large-scale operations
  • take time to build up
26
Q

Something a firm does well or a quality it has that increases it competitiveness in the marketplace is a

A

strength

27
Q

The process of comparing the performance of numerous value chain activities across multiple types of companies to assess the cost and effectiveness of these activities is called

A

benchmarking

28
Q

The clothing retailer Patagonia remains a competitive with a customer value proposition that focuses on which of the following ?

A
  • corporate environmental responsibility

- high quality

29
Q

How can managers improve a firms customer value proposition and enhance differentiation?

A
  • Adopt best practices
  • Introduce new technologies
  • relocate high-cost activities
30
Q

A(n) ________ competence is a key activity that a company executes better than its rivals

A

distinctive

31
Q

When company resources and capabilities reflects a high level of social complexity?

A
  • internal company culture
  • trust-based relations with customers
  • interpersonal relationships between managers
32
Q

a competitive strength assessment utilizes which of the following test of analyses?

A
  • SWOT analysis
  • value chain analysis
  • benchmarking
33
Q

To improve a company’s cost competitiveness, mage

A
  • outsource activities
  • implement best practices throughout the company
  • use new technologies to redesign products
34
Q

A true capability of a company that is performed consistently well and at an acceptable level of cost is called a(n) ______

A

competence

35
Q

Threats to a company’s profitability and competitive well being can arise from which of the following external factors

A
  • the emergence of lower cost or improved technologies
  • burdensome new regulation
  • unfavorable demographic shifts
36
Q

The total amount a company spends on the primary and support activities that make up its value chain defines its

A

internal cost structure

37
Q

to be considered legitimate, a best practice must be unusually effective in which of the following ways?

A
  • in improving performance
  • in lowering costs
  • in enhancing safety
38
Q

A companys strategy should always be based on

A

the companys internal strengths

39
Q

Which of the following are aspects of customer value proposition that have allowed Patagonia to remain competitive with other outerwear companies with cheaper prices?

A
  • wide selection
  • environmental commitment
  • quality of merchandise
40
Q

What techniques can a company use to identify its cost or value disadvantages when compared to key competitors

A
  • value chain analysis

- benchmarking

41
Q

Although it is an important way for a company to evaluate its business practices relative to other firms, the greatest barrier to benchmarkig is ____ the necessary information

A

gaining access to

42
Q

A company’s sales revenues minus the cost of goods sold, divided by the sales revenues, is called the company’s___ margin

A

gross profit

43
Q

The value of performing a detailed competitive strength assessment is that it allows a company to

A
  • Plan offensive and defensive strategies
  • address vulnerabilities
  • pinpoint competitors relative weaknesses.
44
Q

How can a company use the information it has gleaned from bechmarking and value chain analysis?

A
  • Enhance competitiveness
  • improve profitability
  • eliminate its own cost or value disadvantages
45
Q

Debt to equity long term debt to capital, and total debt to assets are all examples of____ ratios

A

leverage

46
Q

the value chains of a company’s distribution-channel partners are significant because they directly affect which of the following ?

A
  • sales volumes
  • retail prices
  • customer satisfaction
47
Q

A company is better able to fend of competition when it provides ____ than its rivals

A

higher customer value

48
Q

What qualities help create differentiation based on quality, which improves a company’s competitive advantage?

A
  • status
  • innovation
  • design
  • image
49
Q

How can a company reduce cost disadvantages associated with supplier-related value chain activities?

A
  • identify ways the company and suppose can both reduce costs
  • switch to less expensive materials
  • negotiate lower prices from suppliers
50
Q

how can a company enhance differentiation at the forward end of the value chain system?

A
  • Set standards and train channel partners to implement them
  • participate in cooperative advertising
  • offer incentives to downstream partners to enhance customer value
51
Q

Aggressive price cutting to win customers away from a rival can be risky for which of the following reasons?

A
  • Rivals with stronger relative cost positions might be able to better survive a price war
  • other competitors might interpret such a move as an attack
52
Q

the operating income of a company divided by its interest expenses is called the ___ ratio

A

times-interest-earned

53
Q

How can a company use its supplier relationships to bolster its customers value proposition?

A
  • Choose suppliers that have higher standards
  • offer suppliers quality-based incentives
  • integrate suppliers into the design process
54
Q

Which of the following are example of what can be learned form using value chain analysis

A
  • The differences in how competitors perform specific activities
  • a company’s capacity for differentiation
  • the competitive differences between rivals
55
Q

how can a company improve cost competitiveness on the distribution side of its value chain?

A
  • Encourage forward channel allies to reduce their costs and markups
  • change to a more cost-effective distribution strategy
  • collaborate with distributors to find win-win cost reduction strategies
56
Q

Companies that have successfully managed their value chains to produce cost based market advantages include

A
  • Nucor steel
  • carrefour
  • ryanair
57
Q

What analytic tools are helpful in evaluating the competitiveness of a company’s cost and customer value proposition?

A
  • benchmarking

- value chain analysis

58
Q

which three of the following types of market opportunities are the most relevant for a company to pursue?

A
  • Market opportunities that offer the best chances for profitability
  • market opportunities that offer the best chances for growth
  • market opportunities that match up with the company’s competitive assets
59
Q

detailed examination of a company’s value chain, including its customers value proposition and business model, allows for evaluation of which of the following ?

A
  • Cost structure and pricing
  • capabilities that enhance differentiation
  • profit margin

Administration Policy & Strategy Learn Smart (11 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions