Question 1

What is a person or group that has an interest or concern in an organization?
A) Stakeholder
B) Business strategy
C) Supplier
D) Partner

Accepted Answer

A stakeholder is any individual or group that has an interest or concern in an organization, which can include employees, customers, suppliers, and investors, among others.

Question 2

Which four elements are included in systems thinking?
A) Output, Process, Feedback, and Accounting.
B) Process, Output, Operations, and Accounting.
C) Input, Process, Output, and Feedback.
D) Input, Output, Sales, and Feedback.

Accepted Answer

Systems thinking involves understanding how different parts of a system can influence one another within a whole. The correct elements that are typically included in systems thinking are Input, Process, Output, and Feedback, as these components help in understanding and analyzing the flow and transformation of information or resources through a system.

Question 3

Which of the following is not a typical way that a company would duplicate a competitive advantage?
A) Acquiring the new technology.
B) Copying the business operations.
C) Hiring away key employees.
D) Carrying large product inventories.

Accepted Answer

Carrying large product inventories is not typically a way to duplicate a competitive advantage. It can increase costs and risks rather than directly contributing to competitive strengths such as innovation, efficiency, or talent acquisition.

Question 4

All of the following are common tools used in industry to analyze and develop competitive advantages, except ________.
A) Five Forces Model
B) Three Generic Strategies
C) Competitive analysis model
D) Value chain analysis

Accepted Answer

The Competitive analysis model is not a commonly recognized tool for analyzing and developing competitive advantages in the same way that the Five Forces Model, Three Generic Strategies, and Value Chain Analysis are. These three are well-established frameworks in strategic management literature, while "Competitive analysis model" is a broad term that could encompass various specific tools and frameworks rather than being a specific, recognized model itself.

Question 5

When a company is the first to market with a competitive advantage, this is called a first-mover advantage. All of the following companies were first-movers except ________.
A) FedEx - online self-service software.
B) Apple - iPad.
C) Apple - iPod.
D) Microsoft - Bing Search Engine.

Accepted Answer

Microsoft's Bing was not the first search engine, as it was preceded by others like Google, making it not a first-mover in the search engine market.

Question 6

Which group of stakeholders' primary interests include exceptional customer service, high-quality products, and ethical dealings?
A) Partners/Suppliers
B) Shareholders/Investors
C) Community
D) Customers

Accepted Answer

Customers are primarily interested in receiving exceptional customer service, high-quality products, and ethical dealings from the companies they patronize. These factors directly affect their satisfaction and loyalty.

Question 7

Shelby Black runs a very successful hair salon in downtown Los Angeles. One of Shelby's tasks is to input positive and negative customer reviews into her computer system. What type of information is Shelby gathering?
A) Feedback.
B) Processing.
C) Output management.
D) Sales processing.

Accepted Answer

Shelby is gathering feedback, as customer reviews (both positive and negative) provide insights into the customers' experiences and satisfaction levels, which is valuable information for improving services or maintaining successful practices.

Question 8

Which group of stakeholders' primary interests include fair compensation, job security, and ethical conduct/treatment?
A) Employees
B) Shareholders/Investors
C) Community
D) Customers

Accepted Answer

Employees are primarily concerned with fair compensation, job security, and ethical conduct/treatment in the workplace. These interests directly relate to their employment conditions and overall well-being within an organization.

Question 9

Which of the following represents a reason why competitive advantages are typically temporary?
A) The competitor will hire away your key employees.
B) The competitor quickly seeks ways to duplicate your business operations.
C) The competitor will purchase new technology.
D) All of these.

Accepted Answer

Competitive advantages are often temporary because competitors may hire away key employees, duplicate business operations, or purchase new technology to catch up or surpass the advantage.

Question 10

Identifying competitive advantages can be difficult, which explains why most competitive advantages are typically
A) temporary.
B) satisfactory.
C) terminated.
D) unsuccessful.

Accepted Answer

Competitive advantages are often temporary because markets and technologies evolve, competitors adapt, and what once gave a company an edge can quickly become commonplace or outdated.

Question 11

What is a competitive advantage?
A) A product that an organization's customers place a lesser value on than similar offerings from a competitor.
B) A feature of a product or service on which customers place a lesser value than they do on similar offerings from a supplier.
C) A service that an organization's customers place a lesser value on than similar offerings from a supplier.
D) A feature of a product or service on which customers place a greater value than they do on similar offerings from competitors.

Accepted Answer

Competitive advantage refers to a feature or aspect of a product or service that customers find more valuable compared to what is offered by competitors, leading to a preference for the organization's offerings.

Question 12

A business strategy achieves a specific set of goals which include ________.
A) Developing new products or services; attracting new competition
B) Increasing costs; attracting new competition
C) Entering new markets; developing new products or services
D) All of these

Accepted Answer

A business strategy often aims to enter new markets and develop new products or services to grow the business and increase its market share, rather than increasing costs or attracting new competition.

Question 13

MIS is a business function, like accounting or sales, which moves information about people, products, and processes across the company to facilitate decision making and problem solving. What does MIS stand for?
A) Management Information Strategy.
B) Management Intelligence System.
C) Management Information System.
D) Management Information Strategist.

Accepted Answer

MIS stands for Management Information System, which is a computerized database of financial information organized and programmed in such a way that it produces regular reports on operations for every level of management in a company. It is designed to facilitate decision making and problem solving.

Question 14

Which group of stakeholders' primary interests include reliable contracts, ethical materials handling, and responsible production?
A) Partners/Suppliers
B) Shareholders/Investors
C) Community
D) Government

Accepted Answer

Partners and suppliers are directly involved in the supply chain and are primarily concerned with reliable contracts for business continuity, ethical materials handling to ensure sustainability and compliance, and responsible production to maintain quality and reduce environmental impact.

Question 15

Which group of stakeholders' primary interests include maximizing profits, growing market share, and high return on investment?
A) Partners/Suppliers
B) Shareholders/Investors
C) Community
D) Government

Accepted Answer

Shareholders/Investors are primarily interested in maximizing profits, growing market share, and achieving a high return on investment, as these factors directly impact the value of their investments.

Question 16

The process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed is the definition of ________.
A) Feedback
B) Information
C) Competitive intelligence
D) Data

Accepted Answer

Competitive intelligence is the process of gathering and analyzing information about competitors, their activities, strategies, and products to improve a company's own strategies and performance.

Question 17

Which of the following is a tool a manager can use to analyze competitive intelligence and identify competitive advantages?
A) The three generic strategies.
B) The threat of substitute buyer power.
C) Differentiated costs.
D) Supplier loyalty.

Accepted Answer

The three generic strategies, proposed by Michael Porter, are a tool managers can use to analyze competitive intelligence and identify competitive advantages. These strategies are cost leadership, differentiation, and focus, which help organizations to outperform their competitors.

Question 18

Updating business strategies is a continuous undertaking as internal and external environments ________.
A) Become less competitive
B) Remain stagnant
C) Rapidly change
D) Become more consistent

Accepted Answer

Updating business strategies is essential because internal and external environments rapidly change, necessitating adjustments to remain competitive and responsive.

Question 19

A first-mover advantage occurs when a company is the first to market with a competitive advantage. All of the following companies were first-movers except ________.
A) FedEx - online self-service software
B) Apple - iPad
C) Apple - iPod
D) Microsoft - Bing Search Engine

Accepted Answer

Microsoft's Bing was not the first search engine, as it was preceded by others like Google, making it not a first-mover in that market. Apple's iPod and iPad were pioneering products in their respective categories, and FedEx was innovative with its online self-service software.

Question 20

Which group of stakeholders' primary interests include adhering to regulations/laws, increasing employment, and ethical taxation reporting?
A) Partners/Suppliers
B) Shareholders/Investors
C) Community
D) Government

Accepted Answer

The government's primary interests include ensuring that businesses adhere to regulations and laws, contribute to increasing employment, and report taxes ethically. These interests align with the government's role in regulating businesses, promoting economic growth, and collecting revenue for public services.

Quiz 2: Identifying Competitive Advantages

What is a person or group that has an interest or concern in an organization?

Which four elements are included in systems thinking?

Which of the following is not a typical way that a company would duplicate a competitive advantage?

All of the following are common tools used in industry to analyze and develop competitive advantages, except ________.

When a company is the first to market with a competitive advantage, this is called a first-mover advantage. All of the following companies were first-movers except ________.

Which group of stakeholders' primary interests include exceptional customer service, high-quality products, and ethical dealings?

Shelby Black runs a very successful hair salon in downtown Los Angeles. One of Shelby's tasks is to input positive and negative customer reviews into her computer system. What type of information is Shelby gathering?

Which group of stakeholders' primary interests include fair compensation, job security, and ethical conduct/treatment?

Which of the following represents a reason why competitive advantages are typically temporary?

Identifying competitive advantages can be difficult, which explains why most competitive advantages are typically

What is a competitive advantage?

A business strategy achieves a specific set of goals which include ________.

MIS is a business function, like accounting or sales, which moves information about people, products, and processes across the company to facilitate decision making and problem solving. What does MIS stand for?

Which group of stakeholders' primary interests include reliable contracts, ethical materials handling, and responsible production?

Which group of stakeholders' primary interests include maximizing profits, growing market share, and high return on investment?

The process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed is the definition of ________.

Which of the following is a tool a manager can use to analyze competitive intelligence and identify competitive advantages?

Updating business strategies is a continuous undertaking as internal and external environments ________.

A first-mover advantage occurs when a company is the first to market with a competitive advantage. All of the following companies were first-movers except ________.

Which group of stakeholders' primary interests include adhering to regulations/laws, increasing employment, and ethical taxation reporting?