MGT 439 STUDY GUIDE TEST.
A company's competitive strategy is an effort to do which of the following? - CORRECT ANSWER achieve competitive advantage
ward off competitors
please customers
In gaining a cost advantage over competitors, a low-cost provider must offer - CORRECT ANSWER services and features that buyers think are essential.
Attempts to use low-cost advantage to attack rival companies with lower product prices can result in which of the following? - CORRECT ANSWER reduced profits
retaliatory price cuts
a price war among several rivals
One of the most effective ways to manage a value chain efficiently is to - CORRECT ANSWER find innovative ways to keep costs down.
Which methods help a company use cost drivers effectively? - CORRECT ANSWER capturing all available economies of scale
operating facilities at full capacity
improving supply chain efficiency
Which of the following are types of competitive strategies? - CORRECT ANSWER focused low-cost
broad differentiation
broad low-cost
Which of the following is a typical course of action for companies that pursue low-cost leadership? - CORRECT ANSWER offering lower prices than their rivals What option do companies have for translating a low-cost advantage into profit performance? - CORRECT ANSWER underpricing competitors
A factor that has a strong influence on a company's costs is called - CORRECT ANSWER a cost driver.
Switching to a lower-cost item to save money is an example of - CORRECT ANSWER cost-efficient management.
Online systems and advanced software can help a company achieve operating efficiency by - CORRECT ANSWER reducing parts inventories.
cutting production times.
In the management of value chain activities, what would most likely increase worker productivity? - CORRECT ANSWER offering incentives
A company with a value chain system that sells directly consumers is able to - CORRECT ANSWER bypass the costs of distributors.
What can companies reduce by positioning themselves near their suppliers? - CORRECT ANSWER materials handling
shipping costs
Nucor Corporation eliminates many steps in the steel manufacturing process by using what equipment? - CORRECT ANSWER electric arc furnaces
What can a business use to reduce production costs for a cost-advantage strategy? - CORRECT ANSWER automatic robotic technology
computer-assisted design (CAD)
Developing a strong company culture is one way to - CORRECT ANSWER encourage continuous improvement from employees.
increase workforce productivity.
A company's competitive strategy is an effort to do which of the following? - CORRECT ANSWER achieve competitive advantage
ward off competitors
please customers
In gaining a cost advantage over competitors, a low-cost provider must offer - CORRECT ANSWER services and features that buyers think are essential.
Attempts to use low-cost advantage to attack rival companies with lower product prices can result in which of the following? - CORRECT ANSWER reduced profits
retaliatory price cuts
a price war among several rivals
One of the most effective ways to manage a value chain efficiently is to - CORRECT ANSWER find innovative ways to keep costs down.
Which methods help a company use cost drivers effectively? - CORRECT ANSWER capturing all available economies of scale
operating facilities at full capacity
improving supply chain efficiency
Which of the following are types of competitive strategies? - CORRECT ANSWER focused low-cost
broad differentiation
broad low-cost
Which of the following is a typical course of action for companies that pursue low-cost leadership? - CORRECT ANSWER offering lower prices than their rivals What option do companies have for translating a low-cost advantage into profit performance? - CORRECT ANSWER underpricing competitors
A factor that has a strong influence on a company's costs is called - CORRECT ANSWER a cost driver.
Switching to a lower-cost item to save money is an example of - CORRECT ANSWER cost-efficient management.
Online systems and advanced software can help a company achieve operating efficiency by - CORRECT ANSWER reducing parts inventories.
cutting production times.
In the management of value chain activities, what would most likely increase worker productivity? - CORRECT ANSWER offering incentives
A company with a value chain system that sells directly consumers is able to - CORRECT ANSWER bypass the costs of distributors.
What can companies reduce by positioning themselves near their suppliers? - CORRECT ANSWER materials handling
shipping costs
Nucor Corporation eliminates many steps in the steel manufacturing process by using what equipment? - CORRECT ANSWER electric arc furnaces
What can a business use to reduce production costs for a cost-advantage strategy? - CORRECT ANSWER automatic robotic technology
computer-assisted design (CAD)
Developing a strong company culture is one way to - CORRECT ANSWER encourage continuous improvement from employees.
increase workforce productivity.
