WPC 470 Final Exam Questions With Correct Answers

WPC 470 Final Exam Questions With Correct Answers Wallingford Company is trying to determine optimal ways to collect and distribute knowledge throughout the firm. This is an activity for which support function in the value chain? a.Human resources b.Finance c.Management information systems d.Distribution - ANSWER Management Information Systems Vendors across the country offer sunglasses that look virtually identical to those made by Chanel, Prada, Gucci, and other luxury brands—including the trademark logos—but cost far less. These products are the result of: tition. tion. erfeiting. ing consumer preferences. - ANSWER counterfeiting JoAnn Tucker recently took over as Chief Executive Officer (CEO) of Burger-Rama, Inc. Burger-Rama has seen declining profits over the past five years and has struggled to remain competitive in the fast-food industry. In order to achieve strategic competitiveness, JoAnn must: a..conduct training programs and hire educated and experienced employees. t in sophisticated technology in relevant knowledge areas. the current board of directors and start afresh. the company's focus to marketing and develop an extensive advertising campaign. - ANSWER conduct training programs and hire educated and experienced employees Firms failing to perform the value-chain activities and support functions in an optimum manner when implementing the _____ strategy become "stuck in the middle." leadership rentiation rated cost leadership/differentiation - ANSWER integrated cost leadership/differentiation The chief executive officer (CEO) and other top-level managers often involve other people to develop the mission statement because: mission deals more directly with product markets and customers. is viewed as a task that can easily be delegated. mission deals more directly with capital markets and shareholders. ng the mission is typically not the final responsibility of the CEO or other top-level managers. - ANSWER The mission deals more directly with product markets and customers A firm should outsource only activities where it: the probability of developing core competencies. developed the ability to innovate. t match up a value chain activity with a support function. t create value or where it is at a substantial disadvantage compared to competitors. - ANSWER cannot create value or where it is at a substantial disadvantage compared to competitiors Which of the following strategies helps a firm concentrate on understanding its customers and their needs with greater clarity as a foundation for innovation? a.Market segmentation strategy b.Business model strategy c.Digital strategy d.Cost leadership strategy - ANSWER Digital strategy When a firm earns below-average returns, it: able to maximize the interests of all stakeholders. d reward those stakeholders who have the least power. d try to minimize the amount of support lost from stakeholders. d treat all stakeholders the same. - ANSWER should minimize the amount of support lost from stakeholders Which of the following statements about a flexible manufacturing system (FMS) is NOT true? a..Used properly, an FMS allows the firm to increase its effectiveness in responding to changes in its customers' needs, while retaining low-cost advantages and consistent product quality. b.An FMS is a computer-controlled process that allows firms to produce a variety of products in moderate, flexible quantities with a minimum of manual intervention. c.The goal of an FMS is to eliminate the "low cost versus product variety" trade-off that is inherent in traditional manufacturing technologies. d.An FMS allows a manufacturer to connect with its suppliers, distributors, and customers, which enables it to satisfy customer expectations in terms of product quality and delivery speed. - ANSWER An FMS allows a manufacturer to connect with its suppliers, distributors, and customers, which enables it to satisfy customer expectations in terms of product quality and delivery speed.