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This test can only be taken once. Attempts Force This test can be saved and resumed at any point until time has expired. The timer Completion will continue to run if you leave the test. Remaining Time: 1 hour, 27 minutes, 30 seconds. Question 1 1. LittleHut Inc., an international food company, has a number of resources to its credit. Over the years, the company has acquired factories, machinery, in-depth knowledge, and a stable reputation. The elements mentioned in this scenario can be best categorized as LittleHut Inc.'s _____. equipment personnel assets capabilities 1.66667 points Question 2 1. A survey is conducted among the customers of a supermarket chain. This survey reveals that the majority of these customers prefer to buy Lia, a brand of soap, because they feel that the company Lia Products Inc. has created a product that is of worth to the customers. The reason for the customers' preference is because the company constantly delivers what it promises. In this scenario, the factor that has made the brand of soap named Lia popular among these customers can be best categorized as _____. value rarity inimitability prestige 1.66667 points Question 3 1. The top executives of Willow Inc., a furniture company, have decided what markets to compete in. Willow Inc. now has to adopt a set of organizational processes that enables it to effectively carry out these decisions. In order to translate these decisions into organizational action in a successful manner, the functional activities of the company are being measured for their efficacy to support organizational decisions. Which of the following does this scenario best illustrate? Strategy implementation Strategy vehicles Emergent strategy Business unit strategy 1.66667 points Question 4 1. The Board of Directors of Miranay Corp. assesses and evaluates the firm's industry structure. In order to track the factors that could affect Miranay's performance, it tries to scan the industry's positive and negative trends. The Board of Directors of Miranay Corp. is involved in a(n) _____. financial analysis external analysis internal analysis profit analysis 1.66667 points Question 5 1. Taurus Inc. usually produces 5,000 handcrafted products in a day. Recently, the demand for handcrafted products drastically increased as one of its products became a popular item for home dcor. Due to this increase, the company had to up its production level to 10,000 products per day. This, however, decreased the price of individual products. This scenario best illustrates _____. economies of wealth economies of finance economies of scope economies of scale 1.66667 points Question 6 1. Which of the following statements is true of standardization of products? It is easier to convince the customers to switch brands. They meet customer needs in unique ways. It makes buyers more loyal to a particular brand. These products are usually inimitable and of high quality. 1.66667 points Question 7 1. The board of directors of Colors Corp., a new startup, chalked out a list of resources that would be needed to optimize the efficiency of the company. It needed a human resources department to take care of recruitment, a few suppliers to provide raw materials, a few data recording equipment such as computers to store and manage data, and a large geographical area to start the company. The board stated that these provisions would help the company obtain desired profits. The resources and provisions mentioned in this scenario are examples of _____. outputs incomes inputs outcomes 1.66667 points Question 8 1. Which of the following is a primary characteristic of employing automated equipment in a company with high levels of production? They help employees to acquire specialized knowledge that helps them complete tasks more efficiently. The general and administrative costs would be high for large companies. They do not help in spreading out the fixed cost of production. Large companies can reduce per-unit cost of production. 1.66667 points Question 9 1. FitRight Corp. opened its store right opposite Runathon. Although FitRight had shoe brands, trekking gear, and sportswear displayed in its store, it was not able to attain the profits that Runathon did because its salespeople were not as experienced and learned as Runathon. Which of the following factors of inimitability did Runathon Inc. have? Complexity Time compression diseconomy Path dependence Virtuous circle 1.66667 points Question 10 1. Yellow Corp., a supplier that provides raw materials to a leading computer brand, had to lower its costs by 7 percent as the computer brand doubled its order. As a result, Yellow Corp. experienced economies of scale. This is an example of _____. task specialization purchasing volume learning curves competitive advantage 1.66667 points Question 11 1. The management of GNH Corp., a chemical plant in the city of Werkshore, has promised to take care of its surroundings. It assured to dispose its factory wastes in a way that does not affect the habitat. In order to do so, the company had to go through renovations that allow the plant to take up green initiatives. Which of the following is the source of change for GNH Corp.? Complimentary services Global forces Regulatory forces Natural environment 1.66667 points Question 12 1. DFN Inc. expanded its manufacturing plant to employ more equipment because the management of the company thought this would help them attain more sales. Unfortunately, this affected the cost of each unit produced because the company invested more finances for better equipment. This also led to a decrease in sales as customers were not willing to buy the product for an increased price. This scenario best illustrates _____. competitive failure diseconomies of scale economies of scale virtuous circle 1.66667 points Question 13 1. Jupiter Bank was one of the first banks to adopt intelligent imaging that helps in classifying, storing, and retrieval of data. It was also among the first to practice virtual banking and transfer data electronically. As such, Jupiter Bank was an early adopter of these new and faster techniques of banking. This helped the bank to gain a large market share which consequently enabled it to generate huge profits. Jupiter Bank yielded such profits because it paid importance to _____. technology changes population demographics legal and regulatory forces general economic conditions 1.66667 points Question 14 1. The employees at Voyage Ink Corp. were asked to draw a chart that explains the elements which go into making one of their products. They were asked to create a diagram showing the different types of materials that help create the whole product. Which of the following are the employees at Voyage Ink Corp. creating in this scenario? A value chain A product line A virtuous circle A growth-share matrix 1.66667 points Question 15 1. CharmingBells Inc. has been running into a loss gradually, but the board of directors are reluctant to shut the company down because it has invested millions of dollars' worth of equipment which can only be used in that industry. Moreover, the people in CharmingBells Inc. have become emotionally attached to the company and do not want the company completely shut down. This scenario best illustrates _____. high fixed costs used production capacity high exit barriers unused production capacity 1.66667 points Question 16 1. CoolDrink Inc., a beverage company, had to change its medical insurance policies because of a new federal law. The new law required all companies with over 50 fulltime employees to provide health insurance for their employees. In case these companies are unable to do so, they would have to face penalty. CoolDrink Inc. had to implement changes due to _____. global forces regulatory forces demographic forces natural forces 1.66667 points Question 17 1. Which of the following is true of a tangible resource? It is an economically valuable asset such as brands and patents. It has a physical presence such as land, machinery, and cash. It includes employee and management skills and talents. It includes organizational assets like knowledge and reputation. 1.66667 points Question 18 1. Kleo wants to start his own textile business. He believes that the best way to pull customers into buying his product is to be the first to create lightweight woolen jackets that would keep an individual warm and would also look good on the person. He decides to set up his store in the small town of Marida, which has a rough wintery season almost throughout the year. Kleo believes that he will be able to achieve plenty of profits with this idea with a commodity that is a needed all throughout the year. Which of the following statements strengthen Kleo's idea? Kleo requires a colder place than the town of Marida in order to make profits using these woolen jackets. The people of Marida are not ready to welcome any type of commercialism in their town. Kleo feels his customers will not be willing to try out a lightweight jacket as they believe it will not be able to keep them warm. Kleo has access to all the clothing materials that will be needed to create these jackets. 1.66667 points Question 19 1. Tina prefers buying products for the emotional dimension of the job they perform rather than its functional attributes. Jay prefers to buy products for the social dimension of the job they do rather than its functional or emotional attributes. In this case, which of the following is most likely to be true? Tina buys a bike because of its low rate of fuel consumption. Tina buys an original painting by her favorite artist even though it is not in good condition. Jay buys a car he loves even though his friends think it does not look classy. Jay buys a piece of furniture that allows more storage space despite it looking odd. 1.66667 points Question 20 1. The managers at Spring Hotels want to find out how their competitor, Crimson Valley Hotels, consistently outdoes them. Spring Hotels have the same facilities and equipment as Crimson Valley Hotels, but each month its efforts to reach the benchmark set by Crimson Valley Hotels fails. This is because Crimson Valley has elements such as great location, beautiful architectural design, and customerfriendly employees that create an edge over other companies in its industry. Which of the following does this scenario exemplify? Complementary products or services Resource-based view of firm Attractiveness of an industry Segmentation analysis 1.66667 points Question 21 1. Resources that create _____ can be defined as those that create economic value for a firm. opportunities liabilities costs profits 1.66667 points Question 22 1. Pancake Platter Inc. opens a new breakfast deli in the small town of Lakeville. It makes a lot of profit during its first year because it is the only deli in the area. Customers choose to have breakfast at this deli because their only other options for availing this type of service would be to travel several miles to the next town. This scenario best illustrates _____. substitution rivalry opportunity integration 1.66667 points Question 23 1. _____ can be best defined as the reason a firm wins with customers or the value proposition it offers to customers, such as a low cost advantage or differentiation advantage. Switching costs Unique value Complementary products SWOT analysis 1.66667 points Question 24 1. Michelle, the CEO of Nariko Jets, an airlines company, stated that she owes the credit of her professional success to the time spent as a volunteer at a homeless shelter and her passion for artwork. She said that she learned to never stop dreaming from her work as a volunteer. Nariko Jets, according to Michelle, was the result of her combined efforts at life lessons that she learnt at the homeless shelter and her paintings which provided her the inspiration to help create passenger and jet airlines that would make travel easier and comfortable. Her competitors have always envied her success. Which of the following factors of inimitability is best reflected in this scenario? First-mover advantage Positive network externalities Tacit knowledge Causal ambiguity 1.66667 points Question 25 1. The procedures, processes, or routines for delivering value to customers, employees, suppliers, or investors most accurately define the term _____. competitive parities operating capabilities dynamic capabilities network externalities 1.66667 points Question 26 1. A product that is fundamentally different yet serves the same function or purpose as another product best defines the term _____. threat substitute opportunity rivalry 1.66667 points Question 27 1. A group of four people wants to start an office supply chain. They realize that if their company has to function well, they must set the primary aim for which the company has entered that particular business. This aim will help the company function in an organized manner and provide the staff with a focus to meet their goals. Which of the following does this scenario depict? Capabilities Resources Mission Integration 1.66667 points Question 28 1. The exclusive sofa company, Seaterz Inc., has the best resources in terms of equipment, employees, infrastructure, and technology. Yet, it is not able to keep pace with its competitor SoftSofa Corp. After extensive analyses, the CEO of Seaterz stated the reason for their limitation. He stated that their company did not have a definite administrative system to audit and retain the profits created by the employees. Which of the following statements can be inferred about Seaterz Inc. from this scenario? It was not organized to exploit. It was not organized to perform. It does not have competitive parity. It has a successful virtuous circle. 1.66667 points Question 29 1. Appetit Corp. is a famous deli in the metropolitan city of Atika. The company became popular because of its consistency in the quality of bread it provided and its creativity in adding unique elements to create different flavors. One of Appetit's products is an infusion of peanut butter and barbeque sauce filled in a bun. Appetit Corp. also engages its customers in contests that ask them to make their own unique variety of bread, which later features among the company's products with the winner's name. All these factors have helped to create unique value that keeps its customers coming back for more. This scenario best illustrates Appetit Corp.'s _____. capabilities substitutes values resources 1.66667 points Question 30 1. Dave's is a retail chain that offers all utility products ranging from home appliances, stationery, and groceries. Its customers prefer the store as they can buy everything they need under one roof. Dave's has more than a 100 outlets across the state, which makes the store easily accessible for customers easy. These features of Dave's best exemplify the element of _____. Quantity Convenience Preference Quality 1.66667 points Question 31 1. Procedures, processes, and routines that continuously expand existing resources or improve operating capabilities most accurately define the term _____. network externalities competitive parities dynamic capabilities operating capabilities 1.66667 points Question 32 1. BizTechno Inc. has always retained competitive advantage over its competitors. The company has offered customer satisfaction for many years by providing the best services and benefits for them. The resources, capabilities, and the organizational structure of the organization have also created an increased edge over its competitors. Which of the following does this scenario best illustrate? Business model Employee specialization Value chain Task specialization 1.66667 points Question 33 1. The airline industry is a profitable industry. The firms in this industry create barriers to entry through patents and regulations in order to reduce the threat of new entrants. It also minimizes the threat of substitutes while keeping rivalry to a minimum. The airline industry can be best categorized as a(n): attractive industry. unattractive industry. fragmented industry. concentrated industry. 1.66667 points Question 34 1. The employees of Flamingo Inc., a greeting card company, focus on providing unmatched customer satisfaction. Unlike its competitors, the employees of Flamingo take the time to listen to the needs of individual customers and design custom-made cards upon request. The customers of Flamingo state that the company provides a large variety of affordable products to choose from. The company has won many awards for providing complete customer satisfaction. In this scenario, which of the following does Flamingo Inc. provide to its customers? Backward integration Switching costs Complementary products Unique value 1.66667 points Question 35 1. Rize Inc. has been running efficiently as a real estate organization for 25 years. It has consistently provided customer satisfaction by maintaining a customer-friendly culture in the organization. Their competitors have not been able to replicate Rize's services. This has helped then generate and hold on to profits accrued by its vast and rare resource pool. This is an example of _____. inconsistent competitive advantage sustained competitive advantage competitive parity competitive failure 1.66667 points Question 36 1. Blaze Corp., a car company, shared its costs of producing cars. It did so by introducing the production of car accessories that are used by customers to upgrade or customize their cars. Blaze Corp. started selling car accessories such as engine oils, wheels, and music player and thus shared its market research costs between cars and car accessories. This led to a definite decrease in the overall cost of production. This scenario best illustrates _____. economies of scale economies of finance economies of wealth economies of scope 1.66667 points Question 37 1. Ravi, a supervisor at Autumn Inc., notices that the company has been successful in outperforming its competitors in the industry and declares that the company has achieved competitive advantage. Yolanda, a manager at Autumn Inc., argues that this is not true. Which of the following strengthens Ravi's claim? Autumn Inc.'s strategy is imitable by its competitors Autumn Inc.'s strategy can be pursued by competitors as it is not too costly Autumn Inc. is able to outscore a superior company in the next quarter Autumn Inc. has been consistently outperforming its rivals in generating aboveaverage profits 1.66667 points Question 38 1. Trends Inc. has been awarded the best branded clothing company award for three years consecutively. The CEO of the company stated that this was possible due to the company strategically lowering the cost of each unit produced, and successfully maintaining that method in order to effectively contain finances. While comparing Trends with other similar production companies, it was found out that the company did certainly collect more profit than the others. The scenario best illustrates the: acquisition strategy. investment strategy. pricing strategy. cost-leadership strategy. 1.66667 points Question 39 1. Tangerine Inc. differentiates its products by building a brand image, whereas Cloud Inc. does not rely on brand image to differentiate its products. Which of the following statements is likely to be true in this case? Tangerine is likely to rely on product features to attract customers. Tangerine is likely to use advertisements to differentiate its products. Cloud is likely to use promotional tools to increase market share. Cloud is unlikely to rely on reliability to boost sales. 1.66667 points Question 40 1. The management of Earth Network Inc., a cell phone company, wants to conduct an overall study of the company. The top officials want to identify Earth Network's competencies, limitations that the company needs to improve on, areas of growth, as well as the areas that the company should completely avoid. The managers feel that this study will help them advance as an organization. This study to be conducted by the management of Earth Network Inc. can be best categorized as an example of a _____. trend analysis growth-share matrix SWOT analysis PESTEL analysis 1.66667 points Question 41 1. A company named Runathon Inc. had opened its store that displayed only shoe brands. The employees at the store were very service-oriented, and attended their customers and solved their queries efficiently. Runathon also had a special team of experts who advised customers on the type of shoe to choose for a particular sport. Few years later, another company called Weavers Inc., a popular clothing brand, has been providing its customers with the best quality silk products for many years. The employees of Weavers Inc. use pink berry silkworms for their silk products and weave their greased silk threads in such a way that they produce different shades of colors when held at different angles. Weavers Inc. has been providing unmatched service toward millions of customers around the world. Other companies have tried to imitate their products and services, but have not been successful. Few competitors who captured these silkworms did not know the precise temperatures that were essential for their breeding and survival. Which of the following factors of inimitability does this scenario regarding Weavers Inc. best reflect? Positive network externalities Tacit knowledge Time compression diseconomies Causal ambiguity 1.66667 points Question 42 1. TrueBiz Corp. follows a system wherein all the activities of the company are directed toward converting parts of a product into an entire finished good. These activities are done in tandem so that a perfected product can be created which can be sold to a prospective customer. This is an example of a _____. supplier chain value chain product line pricing chain 1.66667 points Question 43 1. Sasha has the new responsibility of initiating strategies that would help safeguarding her company against recession. She conducts a meeting with all the employees in which she explains how she would go about implementing her plans. She also motivates and encourages employees to follow through with her plan. Sasha is a _____. strategic follower strategic leader strategic helper strategic believer 1.66667 points Question 44 1. All assets, capabilities, organizational processes, firm attributes, information, knowledge, and so on, controlled by a firm that enable the firm to conceive of and implement strategies that improve its efficiency and effectiveness most accurately defines the term _____. priorities capabilities resources functions 1.66667 points Question 45 1. Purple Inc., an interior design company, offers its clients unique design solutions. Clients can choose from Purple's in-house products, customize them to meet their needs, and see how their home would appear using a 3D visualization software in a mini-theatre at Purple's office. This gives Purple a competitive advantage over its rivals since none of them offer this unique combination of services. Purple's advantage is due to its _____. service standardization strategy mass customization strategy product differentiation strategy supply-driven strategy 1.66667 points Question 46 1. Which of the following is the main purpose of a strategic management process? Ensuring that all employees have managers and supervisors to lead their teams Creating an organization that functions systematically according to its vision, mission, and goals Creating a high-level plan that can be implemented without fierce competition and undue risk Specifying a high-level plan that an organization will employ to achieve competitive advantage 1.66667 points Question 47 1. Fashion Mart Corp., a clothing company, offers the best quality material made using the finest threads and advanced textile machinery. It offers an extended product guarantee to its customers, something that its competitors have found difficult to achieve. This guarantee claims that the clothes that Fashion Mart creates will not wear out even after 200 washes. This guarantee has helped Fashion Mart to retain its loyal customer base and to frequently get new custormers. This scenario best illustrates _____. substitute value differentiation advantage unique value cost advantage 1.66667 points Question 48 1. The management at WonderPlanners Inc. wants to improve their production and operating capabilities by adopting a leaner process. As such, the employees of WonderPlanners are asked to eliminate the excess use of efforts and materials. WonderPlanners Inc. finally manages to achieve a competitive advantage after its employees follow these new practices repeatedly over time. From the information given in this scenario, we can infer that WonderPlanners Inc. has developed _____. competitive parity dynamic capabilities service inimitability network externalities 1.66667 points Question 49 1. Li, the president of Lavender Inc., believes that when employees are trained, they should work on one particular task till they know how to perform it perfectly. Thus, the employees are usually encouraged to repeatedly perform their designated tasks. Li claims that the more an employee engages in a particular task, the more skilled he or she will become at it. Which of the following statements strengthens Li's belief? Employees will feel a sense of job dissatisfaction and will lose their overall enthusiasm for their jobs. The work of employees will speed up while compromising their attention to detail. This method of training requires a lot of time, effort, patience, and finances. Employees will find better ways at completing the same task. 1.66667 points Question 50 1. The management of Winters Corp., a small company, pursued an unexpected opportunity and gained huge profits over a period of 10 years. At the end of this period, Winters Corp. grew as a company and successfully established itself as a highly valued brand in the industry. This is an example of a(n) _____. functional strategy accidental strategy emergent strategy deliberate strategy 1.66667 points Question 51 1. Readmore Publishing House, the publisher of a regional daily, has been slowly losing profits as its readers prefer to get news through the television. A recent study on the readers who made the switch stated that it is more accessible and faster to attain up-to-date news through the television rather than to wait for the next day for an update on current events. Which of the following is Readmore Publishing House is facing? Supplier power Network effect Threat of substitutes Threat of new entrants 1.66667 points Question 52 1. Which of the following statements best describes the term internal analysis? It studies the infrastructure of a company to gauge the number of employees it can recruit. It examines the efficiency of employees through the help of standardized tests and group discussions. It examines the emotions of a firm's employees in order to identify their weaknesses. It examines a company's resources and capabilities to configure a firm's ability to deliver unique value. 1.66667 points Question 53 1. Value is usually created when: the end user enjoys direct pleasure and satisfaction from a company's product. a company survives but has no real competitive advantage over rivals. a company eliminates quality control processes as much as possible. the steps in the production chain of a company are reduced. 1.66667 points Question 54 1. Connections Communications Inc. has been able to achieve optimal efficiency by identifying a task for each employee and enabling them to become thoroughly proficient in their tasks. The company has realized that employees develop an expertise in their specified job profile over time and they gradually begin to work faster than when they started the job. This is an example of _____. task specification employee specialization minimum efficient scale competitive parity 1.66667 points Question 55 1. OneTick Shop Inc. experienced a loss of finances in the small town of Brightland as a lot of people from the town moved to bigger cities in search of jobs. This resulted in a loss of both returning as well as new customers. This scenario primarily reflects _____. regulatory forces global forces environmental forces demographic forces 1.66667 points Question 56 1. A group of students studying a firm named Mendez & Collins Corp. found that the workers initially learned their task-related activities very fast. In turn, this helped the firm reduce the labor cost incurred in producing each product. However, their rate of learning these tasks reduced over time. This scenario best illustrates the _____. experience curve learning curve value curve scale curve 1.66667 points Question 57 1. The CEO of Saturn Interiors Corp., an interior designing company, stated in an interview that he credits the company's success to the scenic environment that the company is located in. The employees of Saturn Interiors are inspired by the beauty of nature and that helps them create perfectly aesthetic homes for their customers. A similar company named Virgo Designs LLC had also started up in the same location and around the same time as Saturn Interiors. However, this company was unable to provide the same services to its customers even though the management hoped to do what Saturn Interiors did. It was later found that the employees of Saturn Interiors were trained in a specific way, and the culture of the company was very different from the way Virgo Designs functioned. Which of the following factors of inimitability does Saturn Interiors Corp., have? Tacit knowledge Complexity Causal ambiguity Path dependence 1.66667 points Question 58 1. The board of directors of White Corp. meets to analyze the company's competencies and scope for improvement. It also examines whether White Corp. has been able to meet its potential customers' requirements. The board of directors of White Corp. is involved in a(n) _____. external analysis financial analysis profit analysis internal analysis 1.66667 points Question 59 1. Gems Corp. is a leading jewelry brand that traditionally has found it hard to make as much profit as its competitors. In order to overcome this, the employees of Gems Corp. decided to work harder to provide unique value to customers and increase the sales of the company. After a year, it is able to make more profits than its competitors. This scenario best illustrates _____. client advantage internal analysis external analysis competitive advantage 1.66667 points Question 60 1. LuxeDrive Inc. is an automobile company with unmatched competition because it has certain qualifications and assets that set it apart from the rest of the companies selling similar products. These act as qualifications that rival companies find hard to configure and replicate. This scenario regarding LuxeDrive Inc. can be best categorized as an example of _____. serviceability reliability inimitability parity 1.66667 points Click Save and Submit to save and submit. Click Save All Answers to save all answers