WPC 470 - ALL QUIZ QUESTION &ANSWERS
A diagnosis of the competitive challenge, an element of a good strategy, is primarily
accomplished through strategy - Answer -analysis (strategy analysis)
Which of the following does a firm possess when it can outperform other firms in the
same industry or the industry average over a prolonged period of time? - Answer -
sustainable competitive advantage
Revved Rider Inc., a motorcycle company, is the market leader due to its superior
engine technology and service orientation. These unique qualities have helped the
company generate revenues that are consistently higher than other firms in the same
industry. Which of the following can be concluded about Revved Rider Inc. from this
scenario? - Answer -it has competitive advantage over the other firms
What is NOT true about competitive advantage? - Answer -a firm's competitive
advantage is always absolute, not relative
A firm is likely to have a competitive advantage when it - Answer -provide services that
consumers will value more than those of its rivals
The greater difference between value creation and cost, the - Answer -greater a firm's
economic contribution and the more likely it will gain competitive advantage
What is true of strategy? - Answer -actions that allow a firm to address a competitive
challenge are strategy
A company's vision primarily states - Answer -what the company wants to ultimately
accomplish
An organization's _____ describes what the organization actually does—the products
and services it plans to provide, and the markets in which it will compete. - Answer -
Mission
Which of the following statements accurately brings out the difference between an
organization's vision and mission? - Answer -Vision defines what the organization
wants to accomplish ultimately, whereas the mission defines the means by which vision
is accomplished
Which of the following actions of an automobile firm will be considered as a strategic
commitment? - Answer -The firm investing eight years and $4 billion to develop a range
of hybrid cars with which it will compete in the future
Product-oriented vision statements provide managers with - Answer -goals to improve
service (service goals)
A diagnosis of the competitive challenge, an element of a good strategy, is primarily
accomplished through strategy - Answer -analysis (strategy analysis)
Which of the following does a firm possess when it can outperform other firms in the
same industry or the industry average over a prolonged period of time? - Answer -
sustainable competitive advantage
Revved Rider Inc., a motorcycle company, is the market leader due to its superior
engine technology and service orientation. These unique qualities have helped the
company generate revenues that are consistently higher than other firms in the same
industry. Which of the following can be concluded about Revved Rider Inc. from this
scenario? - Answer -it has competitive advantage over the other firms
What is NOT true about competitive advantage? - Answer -a firm's competitive
advantage is always absolute, not relative
A firm is likely to have a competitive advantage when it - Answer -provide services that
consumers will value more than those of its rivals
The greater difference between value creation and cost, the - Answer -greater a firm's
economic contribution and the more likely it will gain competitive advantage
What is true of strategy? - Answer -actions that allow a firm to address a competitive
challenge are strategy
A company's vision primarily states - Answer -what the company wants to ultimately
accomplish
An organization's _____ describes what the organization actually does—the products
and services it plans to provide, and the markets in which it will compete. - Answer -
Mission
Which of the following statements accurately brings out the difference between an
organization's vision and mission? - Answer -Vision defines what the organization
wants to accomplish ultimately, whereas the mission defines the means by which vision
is accomplished
Which of the following actions of an automobile firm will be considered as a strategic
commitment? - Answer -The firm investing eight years and $4 billion to develop a range
of hybrid cars with which it will compete in the future
Product-oriented vision statements provide managers with - Answer -goals to improve
service (service goals)
