BMGT 301 FINAL EXAM UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
1. Operational Effectiveness
Answer:
performing the same tasks better than rivals perform them
Question:
2. Strategic positioning
Answer:
performing different tasks than your rivals, or performing the same tasks in a
different way
Question:
3. Competitive advantage
Answer:
The ability for a firm to outperform its competitors in financial measures
Question:
4. Sustainable competitive advantage
Answer:
A factor or set of factors can lead to sustainable advantage if VRIS (valuable, rare,
cannot imitate, and hard to substitute)
Question:
5. 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 (VRIS)
Question:
6. Tangible Resources
Answer:
Factories, products, raw materials
, Question:
7. Intangible Resources
Answer:
Reputation, technology (patents, copyrights)
Question:
8. Capabilities
Answer:
a subset of resources that enable a firm to take full advantage of other resources
Question:
9. Imitation-resistant value chain
Answer:
a strategic way of doing business that is difficult for competitors to replicate
Question:
10. VRIS
Answer:
Valuable, rare, hard to imitate, hard to substitute
Question:
11. Switching Costs
Answer:
the cost a consumer incurs when moving from one product to another
Question:
12. Differentiation
Answer:
Be the first one there (first mover advantage versus fast follower), product
differentiation
Question:
13. Vertical differentiation
Answer:
build a better product; products differ in quality (Civic vs. Acura)
Question:
14. Horizontal differentiation
Answer:
Position yourself in "product space" away from your competitors; used to appeal
to distinct group of customers (red vs. blue cars)
QUESTIONS AND CORRECT ANSWERS
Question:
1. Operational Effectiveness
Answer:
performing the same tasks better than rivals perform them
Question:
2. Strategic positioning
Answer:
performing different tasks than your rivals, or performing the same tasks in a
different way
Question:
3. Competitive advantage
Answer:
The ability for a firm to outperform its competitors in financial measures
Question:
4. Sustainable competitive advantage
Answer:
A factor or set of factors can lead to sustainable advantage if VRIS (valuable, rare,
cannot imitate, and hard to substitute)
Question:
5. 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 (VRIS)
Question:
6. Tangible Resources
Answer:
Factories, products, raw materials
, Question:
7. Intangible Resources
Answer:
Reputation, technology (patents, copyrights)
Question:
8. Capabilities
Answer:
a subset of resources that enable a firm to take full advantage of other resources
Question:
9. Imitation-resistant value chain
Answer:
a strategic way of doing business that is difficult for competitors to replicate
Question:
10. VRIS
Answer:
Valuable, rare, hard to imitate, hard to substitute
Question:
11. Switching Costs
Answer:
the cost a consumer incurs when moving from one product to another
Question:
12. Differentiation
Answer:
Be the first one there (first mover advantage versus fast follower), product
differentiation
Question:
13. Vertical differentiation
Answer:
build a better product; products differ in quality (Civic vs. Acura)
Question:
14. Horizontal differentiation
Answer:
Position yourself in "product space" away from your competitors; used to appeal
to distinct group of customers (red vs. blue cars)
