OIM 210 Exam 1 with Complete Solutions

OIM 210 Exam 1 with Complete Solutions The _____ problem exists when rivals watch a pioneer's efforts, learn from their successes and missteps, and then enter the market quickly with a comparable or superior product at a lower cost. ANSWER fast follower _____ refers to performing different tasks than rivals or the same tasks in a different way. ANSWER strategic positioning A firm is said to be _____ when it attempts to match the benefits of a successful position while maintaining its existing position. ANSWER straddling According to Porter, strategy is fundamentally about being _____. ANSWER different The resource-based view of competitive advantage states that for a firm to maintain sustainable competitive advantage it must control a set of exploitable resources that have four critical characteristics. What are these characteristics? ANSWER rareness, value, imperfectly imitable, non substitutability Which of the following represents one of the primary components of the value chain? ANSWER outbound logistics(and inbound logistics, operations, outbound marketing and sales, and service) Benefits related to a firm's size are referred to as _____. ANSWER scale advantage