Strategic Management and Correct Answer

1.
The goal of value chain analysis is to identify processes in which the firm can add value for the customer and create a competitive advantage for itself, with a ________ or ________________.
A) Focused strategy; product differentiation
B) Focused strategy; cost advantage
C) Cost advantage; primary value activities
D) Cost advantage; product differentiation

Feedback: The goal of value chain analysis is to identify processes in which the firm can add value for the customer and create a competitive advantage for itself, with a cost advantage or product differentiation. Points Earned: | 0.0/1.0 | | Correct Answer(s): | D |

2.
If a supplier has high power, what can it do to influence its industry?
A) Charge higher prices
B) Shift costs to industry participants
C) Limit quality or services
D) All of these

Feedback: If the supplier power is high, the supplier can influence the industry by (1) charging higher prices, (2) limiting quality or services, and (3) shifting costs to industry participants. Points Earned: | 0.0/1.0 | | Correct Answer(s): | D |

3.
When a company is the first to market with a competitive advantage, this is called a first-mover advantage. All of the following companies were first-movers except ____________.
A) FedEx—the online self-service software
B) Apple—iPad
C) Apple—iPod
D) Microsoft—Bing Search Engine

Feedback: First-mover advantage is an advantage that occurs when a company can significantly increase its market share by being first with a competitive advantage. Google was first to market with search engine technology. Points Earned: | 0.0/1.0 | | Correct Answer(s): | D |

4.
What is the name of a company 's internal MIS department?
A) Management information systems (MIS)
B) Information systems (IS)
C) Information technology (IT)
D) All of these

Feedback: Typical organizations have an internal MIS department often called information technology (IT), information systems (IS), or management