MGMT 485 EXAM QUESTIONS AND CORRECT
ANSWERS 100% VERIFIED
When Rollie's car wash began to lose business to rivals, Rollie read publications for
car-wash owners to learn the best practices in the industry. Then he implemented the
best practices. Rollie is using __________ to improve his car wash.
a.Specialized assets
b.Benchmarking
c.The VRIO framework
d.Organizational inertia
e.Intellectual property - ANSWER Benchmarking
Efficiency is
A. defined as the time it takes to produce a product.
B. defined as the cost of inputs required to produce a given output.
C. pursued only by cost leaders.
D. measured by looking at a product's price.E. lower when the output is high-quality. -
ANSWER B. defined as the cost of inputs required to produce a given output.
Which of the following is one of the basic building blocks of competitive advantage? -
ANSWER Innovation
Mike works as a corporate trainer, teaching new employees how to perform
manufacturing tasks. In which value-chain activity does Mike work? - ANSWER Human
resources
Ray, a toymaker, knits a stuffed unicorn for Belle. Which function of the value chain is
illustrated in this scenario?
, a.Marketing and sales
b.Distribution
c.Research and development
d.Production
e.Customer service - ANSWER Production
The VRIO model is designed to help companies assess the quality of their resources and
identify sources of competitive advantage. - ANSWER True
Which primary activity in the value chain is concerned with the design of products and
production processes?
A.Research and development
B.Marketing and sales
C.Materials management
D.Production
E.Company infrastructure - ANSWER A.Research and development
_________ refers to unit cost increases associated with a large scale of output.
a. Economies of scale
b. Learning effects
c. Diseconomies of scale
d. Flexible manufacturing
e. Mass customization - ANSWER c. Diseconomies of scale
The failure rate of innovative products is:
a. high.
b. low.
c. consistent with failure rates in other areas of a companys operations.
ANSWERS 100% VERIFIED
When Rollie's car wash began to lose business to rivals, Rollie read publications for
car-wash owners to learn the best practices in the industry. Then he implemented the
best practices. Rollie is using __________ to improve his car wash.
a.Specialized assets
b.Benchmarking
c.The VRIO framework
d.Organizational inertia
e.Intellectual property - ANSWER Benchmarking
Efficiency is
A. defined as the time it takes to produce a product.
B. defined as the cost of inputs required to produce a given output.
C. pursued only by cost leaders.
D. measured by looking at a product's price.E. lower when the output is high-quality. -
ANSWER B. defined as the cost of inputs required to produce a given output.
Which of the following is one of the basic building blocks of competitive advantage? -
ANSWER Innovation
Mike works as a corporate trainer, teaching new employees how to perform
manufacturing tasks. In which value-chain activity does Mike work? - ANSWER Human
resources
Ray, a toymaker, knits a stuffed unicorn for Belle. Which function of the value chain is
illustrated in this scenario?
, a.Marketing and sales
b.Distribution
c.Research and development
d.Production
e.Customer service - ANSWER Production
The VRIO model is designed to help companies assess the quality of their resources and
identify sources of competitive advantage. - ANSWER True
Which primary activity in the value chain is concerned with the design of products and
production processes?
A.Research and development
B.Marketing and sales
C.Materials management
D.Production
E.Company infrastructure - ANSWER A.Research and development
_________ refers to unit cost increases associated with a large scale of output.
a. Economies of scale
b. Learning effects
c. Diseconomies of scale
d. Flexible manufacturing
e. Mass customization - ANSWER c. Diseconomies of scale
The failure rate of innovative products is:
a. high.
b. low.
c. consistent with failure rates in other areas of a companys operations.
