Exam (elaborations)
WPC Quiz 1 with 100% correct answers A+
- Course
- Institution
WPC Quiz 1 with 100% correct answers A+
[Show more]
Content preview
WPC Quiz 1 with 100% correct answersA+
A diagnosis of the competitive challenge, an element of a good strategy, is primarily accomplished
through strategy - correct answer ✔✔Analysis
Which of the following does a firm possess when it can outperform other firms in the same industry or
the industry average over a prolonged period of time? - correct answer ✔✔Sustainable Competitive
Advantage
Revved Rider Inc., a motorcycle company, is the market leader due to its superior engine technology and
service orientation. These unique qualities have helped the company generate revenues that are
consistently higher than other firms in the same industry. Which of the following can be concluded about
Revved Rider Inc. from this scenario? - correct answer ✔✔It has a competitive advantage over the other
firms
Which of the following statements about competitive advantage is not true? - correct answer ✔✔A
firm's competitive advantage is always absolute, not relative.
A firm is likely to have a competitive advantage when it - correct answer ✔✔provides services that
consumers will value more than those of its rivals.
The greater the difference between value creation and cost, the - correct answer ✔✔greater a firm's
economic contribution.
When a firm integrates the competitive strategies of cost-leadership and differentiation, it will most likely
result in - correct answer ✔✔trade-offs that work against each other.
How has Threadless staked out a unique strategic position? - correct answer ✔✔by providing customers
a voice in product design
Which of the following has contributed to Twitter's loss of a competitive advantage? - correct answer
✔✔Twitter does not allow advertisers to target their online ads precisely enough.
, Quick Eats is a fast-food restaurant that has recently entered the hospitality industry. Since most of its
competitors are pursuing a low-cost position and doing well, Quick Eats also wants to adopt the same
strategy. Which of the following will be a likely implication of this decision? - correct answer ✔✔Quick
Eats will face low profit potential.
Which of the following statements is true of strategy? - correct answer ✔✔Actions that allow a firm to
address a competitive challenge are strategy.
Which of the following statements with regard to determining firm performance is true? - correct answer
✔✔External analysis will help understand the industry effects that determine a firm's performance.
Which of the following forces are most closely related to firm effects within a pharmaceutical industry? -
correct answer ✔✔the strategic actions taken by managers of a firm in the industry
The metaphor of a black swan best applies to - correct answer ✔✔events that are considered highly
unexpected and highly impactful when they do occur.
The black swan events in the past have demonstrated that - correct answer ✔✔stakeholders can affect
or be affected by a firm's actions.
Widgets Inc. is a vendor who supplies machine parts to an appliance manufacturing company. In return,
Widgets Inc. relies on the company for its revenue and is affected by any decisions taken by the
company. In this scenario, Widgets Inc. is a(n) _____ for the appliance manufacturing company. - correct
answer ✔✔external stakeholder
Which of the following groups is most likely to be considered a firm's internal stakeholder? - correct
answer ✔✔board members
Which of the following groups will not be considered a company's internal stakeholder? - correct answer
✔✔suppliers
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BravelRadon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now