Which of the following statements about the social responsibilities of a business is accurate? - Answer-A firm's ethical responsibilities go beyond its legal responsibilities.
Which of the following is an example of competitive parity? - Answer-A firm produces a similar number of wall clocks at ...
which of the following statements about the social
Written for
WPC 480
WPC 480
Seller
Follow
lectknancy
Reviews received
Content preview
WPC 480 Exam 1 Questions and
Answers
Which of the following statements about the social responsibilities of a business is
accurate? - Answer-A firm's ethical responsibilities go beyond its legal responsibilities.
Which of the following is an example of competitive parity? - Answer-A firm produces a
similar number of wall clocks at a similar cost as its competitors.
________ is best described as an integrative management field that combines analysis,
formulation, and implementation in the quest for competitive advantage. - Answer-
Strategic management
Golden Age Cinemas Inc. and HiDef Inc. are two companies that own and run movie
theaters in malls and other commercial areas. Both are trying to coax consumers back
into movie theaters after the COVID-19 pandemic shutdowns. While Golden Age
Cinemas Inc. pursues a cost-leadership strategy, HiDef Inc. adopts a differentiation
strategy. Which of the following statements is most likely true of this scenario? -
Answer-HiDef and Golden Age Cinemas will not be direct competitors to each other,
and their customer segments will overlap very little.
If all firms in an industry pursued a low-cost position through application of competitive
benchmarking, which of the following would happen? - Answer-The firms would
eventually have no resources to invest in product and process improvements.
A customer-oriented vision statement focuses employees to think about how best to -
Answer-solve a problem for a consumer.
Which of the following answers best explains why addressing strategic inflection points
is a difficult leadership challenge? - Answer-It requires fundamental changes to the
firm's strategy, and leaders are often late in comprehending that their belief system is no
longer a good fit with the new circumstances.
When are employees likely to fail to adopt the organizational values of a firm? - Answer-
when the top managers in the firm are merely paying lip service to the firm's stated
values
The first step to gain and sustain a competitive advantage is to - Answer-define an
organization's vision, mission, and values.
Rayya is exploring multiple suppliers in order to find the best price. However, instead of
calling all seven potential suppliers, he only reaches out to the first four and bases his
selection on those instead of contacting all suppliers. Rayya's action best describes the
concept of - Answer-satisficing
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 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 lectknancy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £8.32. You're not tied to anything after your purchase.
