Question 1
Which of the following is one of the four Ps of the marketing mix?
Process
Physical evidence
People
Promotion
Planning
5 points
QUESTION 2
Which of the following is true about transaction cost economics?
It is a theory that contends that an organization can, at least in part, create an environment for itself that is beneficial to the organization.
It is a theory that contends that organizations are very limited in their ability to adapt to the conditions around them.
It is a theory that examines the extent to which firms copy each other’s strategies.
It is a theory that centers on whether it is cheaper for a firm to make or to buy the products that it needs.
It is a theory that contends that the possession of strategic resources can provide an organization with competitive advantages over its rivals.
5 points
QUESTION 3
A value chain differs from a supply chain in that a value chain:
is a system of people, activities, information, and resources involved in creating a product and moving it to the customer.
charts the path by which products and services are created and eventually sold to customers.
is a broader concept than a supply chain.
concept is fixated on how fast products can be made available to consumers.
creation requires the components of agility, adaptability, and alignment.
5 points
QUESTION 4
_____ provide exclusive rights to the creators of original artistic works such as books, movies, songs, and screenplays.
Patents
Copyrights
Trademarks
Trade secrets
Inventor rights
5 points
QUESTION 5
Which of the following is a primary activity that value chains include?
Procurement
Firm infrastructure
Service
Technology
Human resource management
5 points
QUESTION 6
A resource is _____ to the extent that it helps a firm create strategies that capitalize on opportunities and ward off threats.
rare
difficult to imitate
non-substitutable
executable
valuable
5 points
QUESTION 7
Which of the following is an example of a patent?
Richard James’s Slinky
McDonald’s golden arches
The Nike swoosh
The formulation of Coca-Cola
Original artistic creations, like books
5 points
QUESTION 8
To earn a(n) _____ from the U.S. Patent and Trademark Office, an inventor must demonstrate than an invention is new, non-obvious, and useful.
copyright
trademark
trade secret
patent
inventor right
5 points
QUESTION 9
Which of the following theories for explaining a firm’s competitiveness contends that organizations are very limited in their ability to adapt to the conditions around them?
Resource-based theory
Enactment
Transaction cost economics
Environmental determinism
Institutional theory
5 points
QUESTION 10
Trademarks:
are phrases, pictures, names, or symbols used to identify a particular organization.
provide exclusive rights to the creators of original artistic works such as books, movies, songs, and screenplays.
are legal decrees that protect inventions from direct imitation for a limited period of time.
refer to formulas, practices, and designs that are central to a firm’s business and that remain unknown to competitors.
provide exclusive rights to the creators of formulas, practices, and designs and allow them to keep those a secret.
5 points
QUESTION 11
Which of the following is least likely to meet the criteria for strategic resources?
A firm’s raw material inventory
A firm’s organizational culture
A firm’s reputation
A firm’s intellectual properties
A firm’s employees’ skills
5 points
QUESTION 12
According to the resource-based theory, _____ of an asset is one of the four qualities that makes it a strategic resource for a business.
availability
dynamism
rarity
tangibility
competitiveness
5 points
QUESTION 13
Which of the following refer to formulas, practices, and designs that are central to a firm’s business and that remain unknown to competitors?
Patents
Copyrights
Trademarks
Trade secrets
Inventor rights
5 points
QUESTION 14
Which of the following is one of the four components required for creating best value supply chains?
Strategic value chain management
Adaptability
Technology
Diversification
Operations
5 points
QUESTION 15
It would be simply too costly for an airline to pursue a backward integration strategy and enter the airplane manufacturing business. Which of the following theories for explaining a firm’s competitiveness is most likely to give executives such insights?
Resource-based theory
Enactment
Transaction cost economics
Environmental determinism
Institutional theory
5 points
QUESTION 16
A firm that enjoys a(n) _____ capability is one that is skilled at continually updating its array of capabilities in order to keep pace with changes in its environment.
competitive
distinctive
strategic
dynamic
evolving
5 points
QUESTION 17
Which of the following is true about institutional theory?
It is a theory that contends that an organization can, at least in part, create an environment for itself that is beneficial to the organization.
It is a theory that contends that organizations are very limited in their ability to adapt to the conditions around them.
It is a theory that examines the extent to which firms copy each other’s strategies.
It is a theory that centers on whether it is cheaper for a firm to make or to buy the products that it needs.
It is a theory that contends that the possession of strategic resources can provide an organization with competitive advantages over its rivals.
5 points
QUESTION 18
_____ is one of the five support activities that value chains include.
Inbound logistics
Technology
Operations
Service
Marketing and sales
5 points
QUESTION 19
The formulation of Coca-Cola is an example of a(n) _____.
copyright
trademark
trade secret
patent
inventor right
5 points
QUESTION 20
_____ is one of the five primary activities that value chains include.
Procurement
Firm infrastructure
Technology
Human resource management
Inbound logistics
5 points
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