WPC 470 Final Exam Questions With Verified Answers.

WPC 470 Final Exam Questions With Verified 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 - answerManagement 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. - answercounterfeiting 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. - answerconduct 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 - answerintegrated 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. - answerThe 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. - answercannot 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 - answerDigital 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. - answershould 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. - answerAn 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. Which of the following statements about a firm's resources and capabilities is true? a.All of a firm's resources and capabilities have the potential to be the foundation for a competitive advantage. b.It is difficult to achieve and sustain a competitive advantage based on resources alone. c.As a source of competitive advantage, a capability must be exceedingly complex to understand and manage. d.When a resource is rare and valuable, it becomes a core competency. - answerIt is difficult to achieve and sustain a competitive advantage based on resources alone When examining the component of Future Objectives for a competitor analysis, which of the following is NOT a question that is addressed? a.How do our goals compare with our competitors' goals? b.Where will emphasis be placed in the future? c.What is the attitude toward risk? d.What is our future break-even point? - answerWhat is our future break-even point? A _____ competitive advantage exists only when competitors are unable to duplicate the benefits of a firm's strategy or when they lack the resources to attempt imitation. table rary inable - answersustainable