WPC 470 Final (Combined) Test Questions With Answers

WPC 470 Final (Combined) Test Questions With Answers Firms operating in the same market, offering similar products, and targeting similar customers are: - ANSWER- competitors. The ongoing set of competitive actions and competitive responses that occurs among firms as they maneuver for an advantageous market position is: - ANSWER- competitive rivalry. By introducing Google Pay in response to Apple Pay, Google hopes to build and defend its competitive advantages and improve its market position through: - ANSWER- competitive behavior. One constant improvement among smartphones of all brands is camera quality. As soon as Samsung, Google, or Apple introduces an updated phone, the others respond with equal or better quality in their next update. These competitive moves can be encompassed as the _____ of that market. - ANSWER- competitive dynamics Which of the following is an example of multimarket competition? - ANSWER- Company A makes tomato sauce sold to consumers in grocery stores and to restaurants. Company B sells tomato sauce to consumers in grocery stores. The number of markets with which a firm and a competitor are jointly involved and the degree of importance of the individual markets to each is referred to as: - ANSWER- market commonality. FedEx and United Parcel Service (UPS) compete in many of the same markets and have similar types of truck and airplane fleets, similar levels of financial capital, and other similarities. These tangible and intangible resources between the two firms describe the: - ANSWER- resource similarity. Sandra is developing a competitor analysis for two florists. Which of the following information in the analysis will be the basis for predicting the competitors' behavior in the form of their competitive actions and responses? - ANSWER- Market commonality Rumor has it a new restaurant is coming to town called Italia Noodles. However, the owners are waiting to compare market commonalities and resource similarities to other local Italian restaurants. Italia Noodles is conducting a: - ANSWER- competitor analysis. Which of the following may result if Bella's Eatery does not conduct a competitor analysis? - ANSWER- Formation of competitive blind spots Awareness, motivation, and ability are drivers of: - ANSWER- competitive behavior Awareness affects the extent to which the firm understands the consequences of its: - ANSWER- competitive actions and responses. A new family-owned organic grocery store has been successful since its grand opening nearly a year ago. With little competition in the area, the organic grocery store has been particularly successful in selling organic food to consumers. The grocer has just found out that Whole Foods will be starting construction on a new store nearby. The grocery store feels that its family ownership and locally grown food offerings give it a position in which to take action against the developing Whole Foods. However, as a small business, the organic grocery store does not have the financial means to launch a rivalry against Whole Foods. In this instance, the organic grocery store is missing which driver of competitive behavior? - ANSWER- c. Ability Which of the following relates to a firm's resources and the flexibility they provide? - ANSWER- Ability