BMGT 301 EXAM 3 UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS
Question:
1. Sustainable Competitive Advantage
Answer:
Financial performance that consistently outperforms industry averages
Question:
2. Characteristics of resources that yield sustainable
competitive advantage
Answer:
Valuable, Rare, Imperfectly imitable, Non-substitutable
Question:
3. VRIS
Answer:
A set of factors can lead to sustainable competitive advantage
Question:
4. Slotting Fees
Answer:
Payments by suppliers for prime shelf space
Question:
5. Strategy
Answer:
A set of decisions made to achieve competitive advantage
Question:
6. Competitive Advantage
Answer:
The ability of a firm to outperform its competitors in financial measures
Question:
7. Operational Effectiveness
Answer:
Performing the same tasks better than rivals perform them
, Question:
8. Commodity
Answer:
A basic good that can be interchanged with nearly identical offerings by others -
think milk, coal, orange juice
Question:
9. Fast Follower Problem
Answer:
Exists when savvy rivals watch a pioneer's efforts, learn from their successes and
missteps, then enter the market quickly with a comparable or superior product at
a lower cost before the first mover can dominate.
Question:
10. Augmented-reality
Answer:
A technology that superimposes content, such as images and animation, on top of
real-world images.
Question:
11. Strategic Positioning
Answer:
Performing different tasks than rivals, or the same tasks in a different way
Question:
12. resource-based view of competitive advantage
Answer:
The strategic thinking approach suggesting that if a firm is to maintain sustainable
competitive advantage, it must control an exploitable resource, or set of
resources, that have four critical characteristics. These resources must be (1)
valuable, (2) rare, (3) imperfectly imitable, and (4) nonsubstitutable.
Question:
13. dense wave division multiplexing (DWDM)
Answer:
A technology that increases the transmission capacity (and hence speed) of fiber-
optic cable. Transmissions using fiber are accomplished by transmitting light inside
"glass" cables.
AND CORRECT ANSWERS
Question:
1. Sustainable Competitive Advantage
Answer:
Financial performance that consistently outperforms industry averages
Question:
2. Characteristics of resources that yield sustainable
competitive advantage
Answer:
Valuable, Rare, Imperfectly imitable, Non-substitutable
Question:
3. VRIS
Answer:
A set of factors can lead to sustainable competitive advantage
Question:
4. Slotting Fees
Answer:
Payments by suppliers for prime shelf space
Question:
5. Strategy
Answer:
A set of decisions made to achieve competitive advantage
Question:
6. Competitive Advantage
Answer:
The ability of a firm to outperform its competitors in financial measures
Question:
7. Operational Effectiveness
Answer:
Performing the same tasks better than rivals perform them
, Question:
8. Commodity
Answer:
A basic good that can be interchanged with nearly identical offerings by others -
think milk, coal, orange juice
Question:
9. Fast Follower Problem
Answer:
Exists when savvy rivals watch a pioneer's efforts, learn from their successes and
missteps, then enter the market quickly with a comparable or superior product at
a lower cost before the first mover can dominate.
Question:
10. Augmented-reality
Answer:
A technology that superimposes content, such as images and animation, on top of
real-world images.
Question:
11. Strategic Positioning
Answer:
Performing different tasks than rivals, or the same tasks in a different way
Question:
12. resource-based view of competitive advantage
Answer:
The strategic thinking approach suggesting that if a firm is to maintain sustainable
competitive advantage, it must control an exploitable resource, or set of
resources, that have four critical characteristics. These resources must be (1)
valuable, (2) rare, (3) imperfectly imitable, and (4) nonsubstitutable.
Question:
13. dense wave division multiplexing (DWDM)
Answer:
A technology that increases the transmission capacity (and hence speed) of fiber-
optic cable. Transmissions using fiber are accomplished by transmitting light inside
"glass" cables.
