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Virginia Business Strategy Coursera Quiz
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Introduction to Strategic AnalysisQuiz, 12 questions
Question 1
1
point
1. Question 1
An organization's strategy is embodied in its ...
Mission statement
Mission, plan, and actions
Chief executive officer
Declared sales and targets
1. Question 1
What might a strategist learn about a nonprofit's strategy based on its mission
statement: To provide dignified care to our city's aging population?
Values, purpose, and scope
Market opportunities and needs
Capabilities and strengths
Question 2
1
point
2. Question 2
The strategist’s challenge is to…
Schlumberger-Private
,Build bridges between operations and outside investors
Balance workload with other commitments
Determine the most effective marketing plan for an organization
Identify valuable competitive positions at the intersection of values, capabilities, and opportunities
2. Question 2
Which of the following best describes a strategist's main challenge?
Understand answers to the three fundamental questions in order to recognize a firm's best
competitive position
Understand the capabilities of firms and industries in order to maximize their future profits
Understand opportunities within an industry to improve a firm's competitive position
Understand a firm's values and how they affect decision-making
Question 3
1
point
3. Question 3
A new firm enters a perfectly competitive market. What impact will this have on average
profits in the industry?
Schlumberger-Private
,Economic profits increase industry-wide.
No economic profits are earned.
It earns high economic profits.
Economic profits decrease industry-wide before rising again.
3. Question 3
How might entry impact a perfectly competitive market?
As an industry, prices rise.
Entry increases capacity constraints.
Entry increases both accounting and economic profits.
As an industry, the amount of output increases.
Question 4
1
point
4. Question 4
In a perfectly competitive market, economic profits…
Schlumberger-Private
, Are competed away as new entrants imitate incumbent firms
Will increase as firms learn about customer preferences
Are a byproduct of low cost, efficient production processes
May persist for long periods
4. Question 4
Imagine several potato farmers operate in a competitive market. Farmer Jane decides
to enter the market, shifting her 500 acre farm from corn to potatoes. What impact will
her entry have on the profitability of the potato market?
The profitability of the potato market will decrease.
The profitability of the potato market will increase.
The profitability of the potato market will remain the same.
Question 5
1
point
5. Question 5
Which of the following cases BEST illustrates the generation of rents/economic profits?
A firm has the greatest market share in its industry
A firm has higher returns than an investment of similar risk
A firm’s revenues exceed its costs
Schlumberger-Private
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