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Exam 2: Identifying Competitive Advantages

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Question 1

Multiple Choice

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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.

E) None of the above
F) B) and C)

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Question 2

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What is threat of substitute products or services?

A) The ability of buyers to affect the price they must pay for an item
B) The suppliers' ability to influence the prices they charge for supplies (including materials, labor, and services)
C) High when it is easy for new competitors to enter a market and low when there are significant entry barriers to joining a market
D) High when there are many alternatives to a product or service and low when there are few alternatives from which to choose

E) C) and D)
F) A) and C)

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Question 3

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Which of the following are included as potential external weaknesses in a SWOT analysis that are harmful to an organization?

The Mifflin Cable store in Buffalo is currently offering a fabulous marketing strategy for potential new cable and Internet customers. Mifflin Cable offers new customers who purchase a cable and Internet package a DVR, modem, and all other necessary equipment with a two year contract. In terms of Porter's Five Forces what is Mifflin Cable attempting to achieve with this marketing strategy?

There are many different stakeholders found in an organization. Stakeholders drive business strategies, and depending on the stakeholder's perspective, the business strategy can change. Which of the following is a main concern for the government?

Which of the following evaluates a project's position?

Where would you categorize strengths in a SWOT analysis?

Businesses rarely need to update business strategies as the business environment remains relatively stable.

Your boss, David Ferrell, has asked you to analyze the soft drink industry using Porter's Five Forces Model. Which of the following represents a substitute product in the soft drink industry?

Buyer power is the ability of buyers to affect the price they must pay for an item.

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

There are many different stakeholders found in an organization. Stakeholders drive business strategies, and depending on the stakeholder's perspective, the business strategy can change. Which of the following is a main concern for employees?

When analyzing the book store industry, some of today's businesses compete with different business strategies and cost strategies. Which of the following is using a broad market competitive scope along with a low cost strategy?

The threat of substitute products or services refers to the power of customers to purchase alternatives.

Which business tool assists in executing business strategy?

In a SWOT analysis, potential external threats are harmful when they identify all threats or risks detrimental to your organization, including new market entrants, substitute products, employee turnover, differentiating products, shrinking markets, adverse changes in regulations, and economic shifts.

In a SWOT analysis, potential internal strengths are helpful when they identify all key strengths associated with the competitive advantage, including cost advantages, new and/or innovative services, special expertise and/or experience, proven market leader, and improved marketing campaigns.

Some industries' competition is much more intense than others. Retail grocery stores such as Kroger, Safeway, and Albertson's in the United States experience fierce competition and offer similar marketing campaigns to compete. What is this an example of in terms of Porter's Five Forces?

Where would you categorize opportunities in a SWOT analysis?

The lettuce, tomatoes, patty, bun, and ketchup are included in which category of making a hamburger?