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OIM 210 Exam 1 : Questions With Verified Solutions
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OIM 210 Exam 1 : Questions With Verified Solutions
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OIM 210 Exam 1 : Questions With Verified SolutionsHow does Zara differ from its competitors in converting ideas into products?
a. Zara concepts appear in stores in fifteen days on average, compared to
rivals who receive new styles once or twice a season.
b. Zara's ideas are inspired by social media, compared to the intrinsic design
processes followed by its competitors.
c. Zara's design and concept teams use data from customers to predict fashion
trends many months into the future and stock up inventory accordingly, as
opposed to its rivals.
d. Collaborations with celebrities help Zara churn out a limited, yet profitable,
volume of items every year, while rivals produce a higher volume of less
fashionable items.
e. By employing star designers, Zara manages to conceive a wider range of
fashion trends than its rivals. Right Ans - Zara concepts appear in stores in
fifteen days on average, compared to rivals who receive new styles once or
twice a season
In retail in general and fashion in particular, having _____ is considered the kiss
of death
a. excess inventory
b. too many storefronts
c. a large labor force
d. limited production runs
e. dispersed production facilities Right Ans - Excess inventory
A firm is said to be _____ when it attempts to match the benefits of a successful
position while maintaining its existing position Right Ans - Straddling
A firm's financial performance that consistently outperforms its industry's
peers is known as Right Ans - Sustainable competitive advantage
A value chain is a set of: Right Ans - Activities through which a product or
service is created and delivered to customers
The degree to which complete information is available is known as Right
Ans - Price transparency
, The phrase _________ is often used to describe the trend of putting "smarts"
(meaning computing and telecommunications technology) putting into
everyday products such as lamps, watches, thermostats, and door locks; as
well as embedding tech into industrial goods Right Ans - Internet of things
The set of activities through which a product or service is created and
delivered to customers is known as a Right Ans - Value chain
True or false: Maintaining large inventories is highly essential for the viability
of the fashion industry Right Ans - False
True or false: Most fashion retailers place orders for a seasonal collection a
few days before these lines make an appearance in stores Right Ans - False
True or false: According to Michael Porter, the reason many firms suffer
margin-eroding competition is because they have defined themselves
according to strategic positioning rather than operational effectiveness.
Right Ans - False
According to the resource-based view of competitive advantage, if a firm is to
maintain a sustainable competitive advantage, it must control a set of
resources that have four critical characteristics. Which of the following is one
of those characteristics?
a. Valuable
b. Easily substitutable
c. Perfectly imitable
d. Commonly available
e. Innovative Right Ans - Valuable
Leveraging consumers to promote a product or service is known as _____.
a. straddling
b. affiliating
c. long tailing
d. crowdsourcing
e. viral marketing Right Ans - Viral marketing
Moving first pays off when the time lead is used to create:
a. the latest technology at a firm's production plant.
b. operational effectiveness to harness maximum profitability.
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