WPC 480 midterm Exam Questions And Answers 100% Solved 2024/2025

WPC 480 midterm Exam Questions And Answers 100% Solved 2024/2025 All of the following were traditional sources of competitive advantage EXCEPT: a. labor costs. b. access to financial resources. c. protected markets. d. a highly educated labor market. - answerd Customer loyalty programs such as airline frequent flyer miles are an attempt to: a. decrease competitors' access to distribution channels. b. develop a cost advantage independent of scale. c. increase customers' switching costs. d. overcome the perishability of the hotel "product." - answerc. increase customers' switching costs A cost leadership strategy provides goods or services with features that are: a-acceptable. b-unique. c-substandard. d-mediocre. - answera-acceptable Valuable capabilities allow the firm to: a. exploit opportunities in its external environment. b. neutralize threats in its internal environment. c. exploit opportunities or neutralize threats in its external environment. d. neutralize opportunities in its internal environment. - answerc- exploit opportunities or neutralize threats in its external environment 6. Organizational stakeholders include: a. unions. b. host communities. c. employees. d. suppliers of capital. - answerc- employees Competitive rivalry has more effect on a firm's __________ strategies than the firm's other strategies. a. business-level b. corporate-level c. acquisition d. international - answera- business level Capabilities that other firms cannot develop easily are classified as: a. costly to imitate. b. rare. c. valuable. d. nonsubstitutable. - answera- costly to imitate 9. Capital market stakeholders include: a. industry competitors. b. shareholders. c. employees. d. government regulators. - answerb- shareholders 10. The firm's capability will NOT be costly to imitate when it__________ a. was developed under a unique historical condition b. was developed under ambiguous causes c. is very rare d. reflects social complexity - answerc- is very rare The final responsibility for forming the firm's mission rests with the: a. CEO. b. mid-level managers. c. employees. d. stakeholders. - answera- ceo 12. When capabilities serve as a source of competitive advantage for a firm over its rivals, the firm has created a(n): a. strategic mission. b. inspiring vision. c. core competence. d. sustainable market niche. - answerc- core competence 14. The increasing economic interdependence among countries and their organizations as reflected in the flow of goods and services, financial capital, and knowledge across country borders is defined as: a. hypercompetition. b. boundaryless retailing. c. strategic intensity. d. globalization. - answerd- globalization 15. A key purpose of a vision and mission statement is to inform _________ what a firm is, what it seeks to accomplish, and who it seeks to serve. a. CEOs b. stakeholders c. regulators d. former employees - answerb- stakeholders Tools such as __________ help the firm focus on its core competencies as the source of its competitive advantages. a. marketing b. manufacturing c. outsourcing d. imitation - answerc- outsourcing 18. Firms with __________ market commonality and __________ resource similarity are direct and mutually acknowledged competitors. a. low; high b. low; low c. high; high d. high; low - answerc- high; high Understanding how new knowledge can develop new products, processes, or materials is a result of analyzing the __________ segment of the general environment. a. economic b. political/legal c. technological d. global - answerc- technological A major assumption about the strategic management process is that it is: a. inspired. b. team-based. c. rational. d. inclusive. - answerc- rational __________ markets are often described as volatile and innovative. a. Slow-cycle b. Fast-cycle c. Standard-cycle d. Sheltered - answerb-fast-cycle A competitive action can be one of two types, either __________ or __________. a. aggressive; defensive b. quality-based; cost-based c. strategic; tactical d. market-based; resource-based - answerc- strategic; tactical In analyzing the demographic segment of the general environment, one typically examines all of the following factors EXCEPT: a. age structure. b. ethnic mix. c. distribution of income.