Busi 4940
Simplified Exam Questions with 100% Correct Answers
- Who is the primary scholar associated with I/O Economics from a strategy perspective? -
Michael Porter
- Who is the primary scholar associated with the Resource Based View? - Jay Barney
- What are resources, capabilities, and competencies - and the sequence they usually follow
before enabling competitive advantages? What are tangible and intangible resources? Can you
recognize examples of tangible and intangible resources? - 1. Resources - Physical, human,
and organizational capital(tangible and intangible)
2. Capability - An integrated set of resources that produce a collective ability to add value.
3. Core competence - A "potential" source of competitive advantage. This is sustained value
adding ability.
Tangible assets are the main type of assets that companies use to produce their product and
service. Intangible assets are non-physical assets that have a monetary value since they represent
potential revenue.
Capital Market Stakeholders - shareholders and the major suppliers of a firm's capital
Product Market Stakeholders - the firm's primary customers, suppliers, host communities,
and unions representing the workforce
Organizational Stakeholders - all of a firm's employees, including both non-managerial and
managerial personnel
- What does the acronym SWOT stand for? - Strengths Weaknesses Opportunities Threats
, Formal Vision Statement - Should answer the question, "What do we want to accomplish -
specifically - in the future and when?" - • An effective formal Mission Statement
• Describes who we are today and specifies:
• The business we are in today
• The customers we serve today
• The product/ service we offer today
• The region we serve today
• The stakeholders we recognize today
May have a social element included
- The __________is composed of dimensions in the broader society that influence an industry
and the firms within it. - general environment
- The__________ is the set of factors that directly influences a firm and its competitive actions
and responses: the threat of new entrants, the power of suppliers, the power of buyers, the threat
of product substitutes, and the intensity of rivalry among competing firms. - industry
environment
- How companies gather and interpret information about their competitors is called__________ -
competitor analysis.
- An__________ is a condition in the general environment that, if exploited effectively, helps a
company reach strategic competitiveness. - opportunity
- A __________is a condition in the general environment that may hinder a company's efforts to
achieve strategic competitiveness. - threat
Simplified Exam Questions with 100% Correct Answers
- Who is the primary scholar associated with I/O Economics from a strategy perspective? -
Michael Porter
- Who is the primary scholar associated with the Resource Based View? - Jay Barney
- What are resources, capabilities, and competencies - and the sequence they usually follow
before enabling competitive advantages? What are tangible and intangible resources? Can you
recognize examples of tangible and intangible resources? - 1. Resources - Physical, human,
and organizational capital(tangible and intangible)
2. Capability - An integrated set of resources that produce a collective ability to add value.
3. Core competence - A "potential" source of competitive advantage. This is sustained value
adding ability.
Tangible assets are the main type of assets that companies use to produce their product and
service. Intangible assets are non-physical assets that have a monetary value since they represent
potential revenue.
Capital Market Stakeholders - shareholders and the major suppliers of a firm's capital
Product Market Stakeholders - the firm's primary customers, suppliers, host communities,
and unions representing the workforce
Organizational Stakeholders - all of a firm's employees, including both non-managerial and
managerial personnel
- What does the acronym SWOT stand for? - Strengths Weaknesses Opportunities Threats
, Formal Vision Statement - Should answer the question, "What do we want to accomplish -
specifically - in the future and when?" - • An effective formal Mission Statement
• Describes who we are today and specifies:
• The business we are in today
• The customers we serve today
• The product/ service we offer today
• The region we serve today
• The stakeholders we recognize today
May have a social element included
- The __________is composed of dimensions in the broader society that influence an industry
and the firms within it. - general environment
- The__________ is the set of factors that directly influences a firm and its competitive actions
and responses: the threat of new entrants, the power of suppliers, the power of buyers, the threat
of product substitutes, and the intensity of rivalry among competing firms. - industry
environment
- How companies gather and interpret information about their competitors is called__________ -
competitor analysis.
- An__________ is a condition in the general environment that, if exploited effectively, helps a
company reach strategic competitiveness. - opportunity
- A __________is a condition in the general environment that may hinder a company's efforts to
achieve strategic competitiveness. - threat
