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MNGT 4800 Exam 1 – Waddingham EXAM QUESTIONS AND ANSWERS 100 % PASS SOLUTION A+ GRADE
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MNGT 4800 Exam 1 – Waddingham EXAM QUESTIONS AND ANSWERS 100 % PASS SOLUTION A+ GRADE
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MNGT 4800 Exam 1 – Waddingham EXAM 2024-2025 QUESTIONSAND ANSWERS 100 % PASS SOLUTION A+ GRADE
Which of the following theories for explaining a firm's competitiveness centers on the extent to which
firms copy each other's strategies? - answer>>institutional theory
What is the resource based theory? - answer>>contends that the possession of strategic resources
provides and organization with a golden opportunity to develop competitive advantages over its rivals.
These competitive advantages in turn can help the organization enjoy strong profits.
A strategic resource is an asset that is ... - answer>>valuable, rare, difficult to imitate, and
nonsubstitutable
if a company has resources with all four qualities, they provide a _____________________________ -
one that will endure over time and help the company stay successful far into the future -
answer>>sustained competitive advantage
The tangibility of a company's resources is an important consideration within
______________________. - answer>>resourced based theory
tangible resources - answer>>are resources than can be readily seen, touched, and quantified
capabilities - answer>>refer to what the organization can do. these tend to arise over time as a company
tasks actions that build on its strategic resources
a company that enjoys a _______________________ is one that is skilled at continually updating its
array of capabilities in order to keep pace with changes in its environment - answer>>dynamic capability
What does the resource-based theory is built off of what? - answer>>past ideas about resources, such as
distinctive competences, with evidence-backed framework for analyzation
,A ____________________ is a set of activities that an organization performs especially well -
answer>>distinctive competence
Marketing Mix - answer>>- four p's (product, price, place, promotion)
- provides important insights into how to convince customers to purchase desirable goods and services
-
________________________ refers to creations of the mind, such as inventions, artistic products, and
symbols - answer>>intellectual property
what are the four main types of intellectual property? - answer>>patents, trademarks, copyrights, and
trade secrets
Value Chain - answer>>charts the path by which products and services are created and eventually sold
to customers
Primary Activities in the Value Chain - answer>>are actions that are directly involved in the creation and
distribution of goods and services
what are the 5 primary activities? - answer>>inbound logistics, operations/manufacturing, outbound
logistics, sales and marketing, customer service
Support Activities in the Value Chain - answer>>are not directly involved in the evolution of a product
but instead provide important underlying support from primary activities
what are the four support activities? - answer>>1. company infrastructure
2. human resource management
, 3. technological development
4. procurement
a ___________ is a system of people, activities, information, and resources involved in creating a
product and moving it to the customer. It is a broader concept than a value chain - answer>>supply
chain
Best value supply chains focus on: - answer>>- the total value added to the customer
- require four components (speed, quality, cost, flexibility)
strategic supply chain management - answer>>the use of supply chains as a means to create
competitive advantages and enhance firm performance
enactment - answer>>A theoretical perspective that contends that an organization can, at least in part,
create an environment for itself that is beneficial to the organization by putting strategies in place that
reshape competitive conditions in a favorable way.
environmental determinism - answer>>a theoretical perspective that contends that organizations are
very limited in their ability to adapt to the conditions around them
institutional theory - answer>>examines the extent to which firms copy each other's strategies
transaction cost economics - answer>>A theory that centers on whether it is cheaper for a firm to make
or to buy the products that it needs.
backward integration strategy - answer>>occurs when a firm enters the business of one of its suppliers
important cautions need to be offered about SWOT analysis: - answer>>- internal and external factors
should not be confused with each other
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