MAN 4720 Exam 1 | Florida State University | UPDATED
Questions with 100% Verified Answers
Q1: A firm has achieved __________ when it successfully formulates
and implements a value-creating strategy.
A: strategic competitiveness
Q2: A competitive advantage
A: can be identified when competitors are unable to duplicate a strategy or find it too costly
to try to imitate.
Q3: Above-average returns are
A: returns in excess of what an investor expects to earn from other investments with a similar
level of risk.
Q4: The strategic management process is
A: the full set of commitments, decisions, and actions required for a firm to achieve strategic
competitiveness and earn above-average returns.
Q5: The primary drivers of hypercompetition are __________ and
__________.
A: the emergence of a global economy; rapid technological change
Q6: All of the following are characteristics of the global economy
EXCEPT
A: the increased use of tariffs to protect industries.
Q7: __________ has become one of the world's largest markets, with
700 million potential consumers.
A: The European Union
Q8: __________ has become the second-largest economy in the
world.
A: China
Q9: The increasing economic interdependence among countries
and their organizations as reflected in the flow of goods and
services, financial capital, and knowledge across country
borders is defined as
A: globalization.
,Q10: Globalization has led to
A: higher performance standards in competitive dimensions, including quality and cost.
Q11: The "liability of foreignness" is the
A: risk of participating outside a firm's domestic markets in the global economy.
Q12: Even for companies capable of succeeding in global markets,
it is critical that they
A: remain committed to and strategically competitive in their domestic market.
Q13: The rate of technological diffusion has increased substantially
over the past 15 to 20 years. Which of the following was fastest
in penetrating 25 percent of homes in the United States?
A: Internet
Q14: New markets created by the technologies underlying the
development of products such as iPods, iPads, and Wi-Fi are a
result of
A: disruptive technologies.
Q15: Henry Ford once said, "If I had asked people what they
wanted, they would have said faster horses." The invention of
the car is an early example of
A: disruptive technologies.
Q16: A company's ability to acquire knowledge is
A: an increasingly valuable source of competitive advantage.
Q17: The CEO of Ridgeway, Inc., realizes that the company's
survival depends on developing and acquiring knowledge.
Which of the following actions by the CEO would be MOST
consistent with this need?
A: Planning extensive employee training and hiring educated and experienced employees
Q18: Knowledge is composed of all the following EXCEPT
A: insight.
Q19: Which of the following statements about organizational
knowledge is true?
A: All of these are correct.
, Q20: In order to cope with hypercompetition, firms need to
develop __________ through continuous learning.
A: strategic flexibility
Q21: All of the following are assumptions of the industrial
organization (I/O) model EXCEPT
A: resources to implement strategies are firm-specific and attached to firms over the long
term.
Q22: The industrial organization (I/O) model argues that the
A: key factor in success is choosing the correct industry in which to compete.
Q23: Which of the following statements is MOST consistent with the
I/O view? Performance of a firm is most directly attributable
to
A: the profitability of the industry in which the firm competes.
Q24: Firms use the five forces model of competition to identify the
__________ of an industry, as measured by its __________.
A: attractiveness; profitability potential
Q25: Although Alibaba is competing in the Internet services
industry, it has improved its performance by focusing on
innovation and service diversification. This improved
performance is best explained by
A: the resource-based model.
Q26: An investor is considering in which of two start-up companies
to invest. The investor has faith in the industrial organization
(I/O) model of above-average returns and is using that as a
guideline to make a decision. Both start-up companies
propose to manufacture health-focused foods with low salt,
low sugar, high fiber, and no artificial additives. RexRich Foods
has a business strategy of producing a differentiated product
for which consumers will pay more. Green Pastures Foods is in
the health-foods industry because of its internal culture and
commitment to healthy lifestyles, but it does not have any
executives with experience in food production. Which firm will
the investor feel is MOST consistent with the I/O model?
A: RexRich Foods
Q27: Research shows that approximately _____ percent of a firm's
profitability is explained by the industry in which it chooses to
Questions with 100% Verified Answers
Q1: A firm has achieved __________ when it successfully formulates
and implements a value-creating strategy.
A: strategic competitiveness
Q2: A competitive advantage
A: can be identified when competitors are unable to duplicate a strategy or find it too costly
to try to imitate.
Q3: Above-average returns are
A: returns in excess of what an investor expects to earn from other investments with a similar
level of risk.
Q4: The strategic management process is
A: the full set of commitments, decisions, and actions required for a firm to achieve strategic
competitiveness and earn above-average returns.
Q5: The primary drivers of hypercompetition are __________ and
__________.
A: the emergence of a global economy; rapid technological change
Q6: All of the following are characteristics of the global economy
EXCEPT
A: the increased use of tariffs to protect industries.
Q7: __________ has become one of the world's largest markets, with
700 million potential consumers.
A: The European Union
Q8: __________ has become the second-largest economy in the
world.
A: China
Q9: The increasing economic interdependence among countries
and their organizations as reflected in the flow of goods and
services, financial capital, and knowledge across country
borders is defined as
A: globalization.
,Q10: Globalization has led to
A: higher performance standards in competitive dimensions, including quality and cost.
Q11: The "liability of foreignness" is the
A: risk of participating outside a firm's domestic markets in the global economy.
Q12: Even for companies capable of succeeding in global markets,
it is critical that they
A: remain committed to and strategically competitive in their domestic market.
Q13: The rate of technological diffusion has increased substantially
over the past 15 to 20 years. Which of the following was fastest
in penetrating 25 percent of homes in the United States?
A: Internet
Q14: New markets created by the technologies underlying the
development of products such as iPods, iPads, and Wi-Fi are a
result of
A: disruptive technologies.
Q15: Henry Ford once said, "If I had asked people what they
wanted, they would have said faster horses." The invention of
the car is an early example of
A: disruptive technologies.
Q16: A company's ability to acquire knowledge is
A: an increasingly valuable source of competitive advantage.
Q17: The CEO of Ridgeway, Inc., realizes that the company's
survival depends on developing and acquiring knowledge.
Which of the following actions by the CEO would be MOST
consistent with this need?
A: Planning extensive employee training and hiring educated and experienced employees
Q18: Knowledge is composed of all the following EXCEPT
A: insight.
Q19: Which of the following statements about organizational
knowledge is true?
A: All of these are correct.
, Q20: In order to cope with hypercompetition, firms need to
develop __________ through continuous learning.
A: strategic flexibility
Q21: All of the following are assumptions of the industrial
organization (I/O) model EXCEPT
A: resources to implement strategies are firm-specific and attached to firms over the long
term.
Q22: The industrial organization (I/O) model argues that the
A: key factor in success is choosing the correct industry in which to compete.
Q23: Which of the following statements is MOST consistent with the
I/O view? Performance of a firm is most directly attributable
to
A: the profitability of the industry in which the firm competes.
Q24: Firms use the five forces model of competition to identify the
__________ of an industry, as measured by its __________.
A: attractiveness; profitability potential
Q25: Although Alibaba is competing in the Internet services
industry, it has improved its performance by focusing on
innovation and service diversification. This improved
performance is best explained by
A: the resource-based model.
Q26: An investor is considering in which of two start-up companies
to invest. The investor has faith in the industrial organization
(I/O) model of above-average returns and is using that as a
guideline to make a decision. Both start-up companies
propose to manufacture health-focused foods with low salt,
low sugar, high fiber, and no artificial additives. RexRich Foods
has a business strategy of producing a differentiated product
for which consumers will pay more. Green Pastures Foods is in
the health-foods industry because of its internal culture and
commitment to healthy lifestyles, but it does not have any
executives with experience in food production. Which firm will
the investor feel is MOST consistent with the I/O model?
A: RexRich Foods
Q27: Research shows that approximately _____ percent of a firm's
profitability is explained by the industry in which it chooses to
