MGMT 4000 Exam - Strategic Management and Business Policy, 15e (Wheelen et al.)

MGMT 4000 Exam - Strategic Management and Business Policy, 15e (Wheelen et al.) Those critical strengths and weaknesses that are likely to determine if a firm will be able to take advantage of opportunities while avoiding threats are called 1. A) SWOT. 2. B) competitive forces. 3. C) internal strategic factors. 4. D) quality accounting. 5. E) factor analysis. Answer: C Difficulty: Easy Learning Obj.: 5.1: Apply the resource-based view of the firm and the VRIO framework to determine core and distinctive competencies AACSB: Application of knowledge 2) Which of the following is not one of the four question areas Barney proposes in his VRIO framework used to evaluate a firm's key resources? 1. A) organization 2. B) durability 3. C) rareness 4. D) valuable 5. E) imitability Answer: B Difficulty: Moderate Learning Obj.: 5.1: Apply the resource-based view of the firm and the VRIO framework to determine core and distinctive competencies AACSB: Application of knowledge 3) When a company determines that a competency provides a competitive advantage, Barney refers to this issue as 1. A) value. 2. B) rareness. 3. C) imitability. 4. D) organization. 5. E) durability. Answer: A Difficulty: Moderate Learning Obj.: 5.1: Apply the resource-based view of the firm and the VRIO framework to determine core and distinctive competencies AACSB: Analytical thinking 4) According to Barney's VRIO framework, the firm's exploitation of a competency pertains to 1. A) value. 2. B) rareness. 3. C) imitability. 4. D) organization. 5. E) durability. Answer: D Difficulty: Moderate Learning Obj.: 5.1: Apply the resource-based view of the firm and the VRIO framework to determine core and distinctive competencies AACSB: Application of knowledge 5) A corporation's ability to exploit its resources is referred to as its 1. A) business expertise. 2. B) capabilities. 3. C) core competencies. 4. D) critical success factors. 5. E) key performance factors. Answer: B Difficulty: Easy Learning Obj.: 5.1: Apply the resource-based view of the firm and the VRIO framework to determine core and distinctive competencies AACSB: Application of knowledge 6) FedEx's application of information technology to all its operations is an example of 1. A) resources. 2. B) distinctive competencies. 3. C) core competencies. 4. D) critical success factors. 5. E) key performance factors. Answer: C Difficulty: Difficult Learning Obj.: 5.1: Apply the resource-based view of the firm and the VRIO framework to determine core and distinctive competencies AACSB: Analytical thinking 7) When a company's core competencies are superior to those of competitors, these are known as 1. A) resources. 2. B) distinctive competencies. 3. C) core competencies. 4. D) critical success factors. 5. E) key performance factors. Answer: B Difficulty: Moderate Learning Obj.: 5.1: Apply the resource-based view of the firm and the VRIO framework to determine core and distinctive competencies AACSB: Application of knowledge 8) Which of the following statements is true concerning clusters? 1. A) The desire to build or upgrade a core competency is one reason why entrepreneurial and other fast-growing firms often tend to locate close to their competitors. 2. B) Clusters are geographically dispersed companies operating within the same industry. 3. C) The United States does not have any clusters; they are all located in Europe. 4. D) According to Porter, clusters provide barriers to the access of employees, suppliers, and specialized information. 5. E) Employees from competitive firms in a cluster are not permitted to socialize with one another.