10:21 5/7/24 Practice quiz for exam 1: Attempt review

Dashboard / Courses / Viện ĐTTT - CLC - POHE / Năm học 2023-2024 / HK Hè 2023-2024
/ Business Strategy and Policy - (322) / Homeworks / Practice quiz for exam 1

Started on Thursday, 4 July 2024, 7:48 PM

State Finished
Completed on Thursday, 4 July 2024, 7:56 PM
Time taken 7 mins 39 secs
Grade 5.00 out of 10.00 (50%)

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10:21 5/7/24 Practice quiz for exam 1: Attempt review

Question 1
Which of the following conditions acts to weaken buyer bargaining power?
Incorrect

Mark 0.00 out of Select one:

1.00
a. when the products of rival sellers are weakly differentiated and buyers have considerable discretion over
whether and when they purchase the product
b. when buyers are unlikely to integrate backward into the business of sellers
c. when buyers purchase the item frequently and are well-informed about sellers' products, prices, and costs
d. when buyers  Buyer bargaining power is stronger when: buyer demand is weak in relation to
are few in industry supply; the industry's products are standardized or undifferentiated; buyers'
number costs of switching to competing products are low; buyers are large and few in
and/or often number relative to the number of industry sellers; and/or buyers pose a credible
purchase in threat of integrating backward into the business of sellers; and/or buyers are well
large informed about the quality, prices, and costs of sellers; and/or buyers have the ability
quantities to postpone purchases.

e. when the costs incurred by buyers in switching to competing brands or to substitute products are
relatively low

The correct answer is: when buyers are unlikely to integrate backward into the business of sellers

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10:21 5/7/24 Practice quiz for exam 1: Attempt review

Question 2
For John Sidanta, CEO and founder of Primaplast, a manufacturer of biodegradable plastic drinking straws made
Correct from recycled material, crafting and executing a strategy is a top-priority managerial task because it
Mark 1.00 out of
1.00 Select one:
a. is Primaplast management's  High-achieving enterprises like Primaplast are nearly always the
prescription for doing product of astute, creative, and proactive strategy making. A
business, its roadmap to company's business model, its operational model, and realized results
competitive advantage, a are factors associated with its strategy.
game plan for pleasing
customers, and its formula for
improving performance,
especially in light of
impending community and
some food service outlets'
bans on conventional plastic
drinking straws.
b. provides Primaplast with clear guidance as to what the company's business model and strategic intent
are, and helps keep managerial decision-making from being rudderless.
c. establishes how well Primaplast executives perform these tasks and are the key determinants of executive
compensation.
d. allows Primaplast company personnel, and especially senior executives, to know the answer to "who are
we, what do we do, and where are we headed?"
e. helps Primaplast management create tight fits between a company's strategic vision and business model.

The correct answer is: is Primaplast management's prescription for doing business, its roadmap to competitive
advantage, a game plan for pleasing customers, and its formula for improving performance, especially in light of
impending community and some food service outlets' bans on conventional plastic drinking straws.

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10:21 5/7/24 Practice quiz for exam 1: Attempt review

Question 3
A company's overall strategy
Incorrect

Mark 0.00 out of Select one:

1.00
a. should be based on a  In diversified companies like GE, where multiple and sometimes strikingly
flexible strategic different businesses have to be managed, crafting a full-fledged strategy
vision and strategic involves four distinct types of strategic actions and initiatives. Each of these
intent. involves different facets of the company's overall strategy and calls for the
participation of different types of managers.

b. is really a collection of strategic initiatives and actions devised by managers and key employees up and
down the whole organizational hierarchy.
c. is customarily reviewed and approved level-by-level by the company board of directors.
d. determines whether its strategic intent is proactive or reactive.
e. is subject to being changed much less frequently than either its objectives or its mission statement and
thus serves as the base of its strategy-making pyramid.

The correct answer is: is really a collection of strategic initiatives and actions devised by managers and key
employees up and down the whole organizational hierarchy.

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10:21 5/7/24 Practice quiz for exam 1: Attempt review

Question 4
For a particular company's resource or capability to have real competitive power and perhaps qualify as a basis for
Correct competitive advantage, it should
Mark 1.00 out of
1.00 Select one:
a. be patentable.
b. have the potential for lowering the firm's unit costs.
c. be hard to copy, be rare and something rivals  The VRIN tests for sustainable competitive advantage
lack, be competitively valuable, and not be ask whether a resource is valuable, rare, inimitable,
easily trumped by substitute resource and nonsubstitutable.
strengths possessed by rivals.
d. be an industry key success factor and occupy a prime position in the company's value chain.
e. be something that a company does internally rather than in collaborative arrangements with outsiders.

The correct answer is: be hard to copy, be rare and something rivals lack, be competitively valuable, and not be
easily trumped by substitute resource strengths possessed by rivals.

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10:21 5/7/24 Practice quiz for exam 1: Attempt review

Question 5
Managers can deliberately set challenging performance targets at levels high enough to promote outstanding
Correct company performance by establishing
Mark 1.00 out of
1.00 Select one:
a. financial objectives that drive standardization of cost-efficiency and unify stringent operating
specifications.
b. mainstay objectives that although are easily attainable, and the company is obligated to meet, they are
designed to spur motivation in the workforce.
c. stretch  One of the best ways to promote outstanding company performance is for managers
objectives that to deliberately set performance targets high enough to stretch an organization to
challenge the perform at its full potential and deliver the best possible results. Challenging
organization company personnel to go all out and deliver stretch gains in performance pushes an
to deliver enterprise to be more inventive, to exhibit more urgency in improving both its
stretch gains in financial performance and its business position, and to be more intentional and
performance. focused in its actions.

d. a specifically detailed and integrated model of operating policies, practices, and procedures.
e. why the company does certain things in trying to please its customers.

The correct answer is: stretch objectives that challenge the organization to deliver stretch gains in performance.

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10:21 5/7/24 Practice quiz for exam 1: Attempt review

Question 6
The competitive threat that outsiders will enter a market is weaker when
Correct

Mark 1.00 out of Select one:

1.00  All of these indicate an attractive industry to enter with the
a. buyers have little loyalty to the brands
and product offerings of existing exception of signaling by financially strong incumbents that
industry members. they will try to deter new entrants.

b. the pool of entry candidates is large and some have resources that would make them formidable market
contenders.
c. newcomers can be expected to earn attractive profits.
d. financially strong industry members send strong signals that they will launch strategic initiatives to
combat the entry of newcomers.
e. the industry's market growth is rapid.

The correct answer is: buyers have little loyalty to the brands and product offerings of existing industry members.

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10:21 5/7/24 Practice quiz for exam 1: Attempt review

Question 7
The underlying criteria of a best-cost provider strategy usually is found in the ability of a company to
Incorrect

Mark 0.00 out of Select one:

1.00  The basis of competitive strategy of a best-cost provider
a. offer the best product at the industry's
lowest possible price. strategy is usually found in the ability of a company to
offer better goods at attractive prices.

b. offer better goods at attractive prices.

c. lower overall costs more than rivals in serving niche members.
d. offer buyers something attractively different from competitors' offerings.
e. create attributes that appeal specifically to niche members.

The correct answer is: offer better goods at attractive prices.

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10:21 5/7/24 Practice quiz for exam 1: Attempt review

Question 8
Remedying a supplier-related cost disadvantage would not entail
Correct

Mark 1.00 out of Select one:

1.00
a. switching to lower-priced substitute inputs.
b. persuading forward channel  Supplier-related cost disadvantages can be attacked by pressuring
allies to implement best suppliers for lower prices, switching to lower-priced substitute
practices. inputs, and collaborating closely with suppliers to identify mutual
cost-saving opportunities.

c. integrating backward into the business of high-cost suppliers in an effort to reduce the costs of the items
being purchased.
d. negotiating more favorable prices with suppliers.
e. collaborating closely with suppliers to identify mutual cost-saving opportunities.

The correct answer is: persuading forward channel allies to implement best practices.

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10:21 5/7/24 Practice quiz for exam 1: Attempt review

Question 9
A company that succeeds in differentiating its product offering from those of its rivals is UNLIKELY to
Incorrect

Mark 0.00 out of Select one:

1.00
a. attract mainly price-conscious buyers.
b. compete on innovative, quality products.
c. command a premium price for its product.
d. experience precipitous drops in unit sales.
e. lose buyer loyalty to its brand.  Price-conscious buyers are looking for a
basic product at a bargain-basement price.

The correct answer is: attract mainly price-conscious buyers.

Question 10
An emergent strategy is best exemplified by a(n)
Incorrect

Mark 0.00 out of Select one:

1.00
a. online book reseller that diversifies into custom book publishing.
b. oil-change franchisor that continues  A microbrewer that invests in building community
geographical expansion despite a recession. water wells during a drought best exemplifies an
emergent strategy.

c. healthy food manufacturer that integrates forward into drive-thru fast health food restaurants.
d. microbrewer that invests in building community water wells during a drought.
e. local hardware store that offers a 10 percent discount for seniors on the first Wednesday of every month.

The correct answer is: microbrewer that invests in building community water wells during a drought.

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10:21 5/7/24 Practice quiz for exam 1: Attempt review

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