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Homework answers / question archive / University of the Cumberlands MBA 531 ASSIGNMENT SEVEN CHAPTER 10 STRATEGY: THE QUEST TO SLOW PROFIT EROSION MULTIPLE CHOICE 1)Firms maintain their completive edge by a

University of the Cumberlands MBA 531 ASSIGNMENT SEVEN CHAPTER 10 STRATEGY: THE QUEST TO SLOW PROFIT EROSION MULTIPLE CHOICE 1)Firms maintain their completive edge by a

Economics

University of the Cumberlands

MBA 531

ASSIGNMENT SEVEN

CHAPTER 10 STRATEGY: THE QUEST TO SLOW PROFIT EROSION

MULTIPLE CHOICE

1)Firms maintain their completive edge by

a.            Providing a good at lower costs than their rivals

b.            Providing a superior product at the same cost as your rival

c.             Being innovative d. All the above

 

2.            Which of the following is the foundation for success for a company facing competition

a.            Create an advantage over the competition

b.            Protect the advantage created over the competition c. Create and protect advantages over the competition

d. None of the above

 

3.            Strategy is

a.            The art of matching the resources and capabilities of a firm to the opportunities and risks in its environment

b.            Developing a resource for the company that is both rare and valuable to create competitive advantage

c.             Making sure that the resource developed is non-fungible to create a sustainable advantage d. All of the above

 

4.            Intense market competition is   for consumers, since it  .

a.            Bad; erodes producer surplus

b.            Bad, increases variety in the market

c.             Good, increases the price level in the market d. Good; decreases the price level in the market

 

5.            Intense market competition is   for producers, since it    .

a.            Bad; erode consumer surplus b. Bad, erode producer profits

c. Good, increase the price level in the market

d. Good; decrease the price level in the market

 

6.            It is more profitable for a firm to be         than      

a.            In perfect competition; monopolists b. A monopolists; in perfect competition

c. Not in business; in business

d. All of the above

 

7.            The IO Economics perspective locates the source of competitive advantage for a firm at the

a.            Individual firm level b. Industry level

c. Customer Level

d. None of the above

 

8.            The RBV perspective locates the source of competitive advantage for a firm at the a. Individual firm level

 

b.            Industry level

c.             Customer Level

d.            None of the above

 

9.            Supplier power tends to be high when

a.            your firm purchases critical inputs from the supplier

b.            your input choices are highly differentiated c. Both A&B

d. None of the above

 

10.          Supplier power tends to be low when

a.            The supplier provides critical inputs

b.            The supplier provides homogenous inputs

c.             Both A&B

d.            None of the above

 

11.          Rivalry among firms would tend to be high if

a.            There is a small number of firms in the market b. There is a large number of firms in the market

c. There is only one firm in the market

d. None of the above

 

12.          Porter’s five forces portray

a.            A zero-sum game

b.            A game where your profitability comes at the expense of someone else’s

c.             The ability of market participants to create a larger total pie d. Only A&B

 

13.          All of the following are examples of entry barriers, except

a.            Government protection through patents or licensing requirements

b.            Strong brands

c.             Low capital requirements for entry

d.            Lower costs driven by economies of scale

 

14.          The concept that explains the firm’s ability to produce output with differing bundles of resources is called a. Resource heterogeneity

b.            Resource immobility

c.             Barriers to entry

d.            Imitability

 

15.          If the stock price of a company is higher than the discounted value of its future earnings,

a.            Buy the stock only if the company has a sustained competitive advantage

b.            Don’t buy the stock, even if the company has a sustained competitive advantage

c.             Always buy the stock

d.            None of the above

 

16.          All of these allow a firm to differentiate its product, except

 

a.            Product branding b. Reducing quality

c. Advertising

d. Limiting availability

 

17.          Which of the following can a firm use to reduce competition in the market?

a.            Locking in customers to long term contracts

b.            Seek an exclusive government contract

c.             Acquire patents

d.            All the above

 

 

SHORT ESSAY

 

 

1.            Nora’s Nicest Knick Knacks has sold a variety of products to hundreds of small retailers. Over time, she has added distributers who have a talent for finding more retailers for Nora. Now, over half of her sales go through just two of these distributers. Rather than making periodic orders as stock gets low, these distributers make only a few large purchases each year. How can these aspects of her buyer relationships affect how much of the value she creates that she gets to capture?

 

 

2.            Nora’s Nicest Knick Knacks has produces a variety of products sold as souvenirs. She started out printing local sayings on tee-shirts, e.g., FDNY, and purchased plain tee-shirts from a single supplier. Since then, she has added coffee mugs, key chains, souvenirs spoons and many other items. For each of these, she has lined up one or more suppliers. How does the change in the sourcing of her inputs affect how much of the value she creates that she gets to capture?

 

 

 

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