BCOR EXAM QUESTIONS WITH
ALL CORRECT ANSWERS
Why is employee involvement crucial when developing an inspiring vision and mission?
- Answer-because:
-belief in the vision and mission statement motivates employees
-employees may develop helpful strategic initiatives
Corporate strategy - Answer-concerns questions relating to where to compete in terms
of industry, markets, and geography
If parts of a firm's intended strategy fall by the wayside, it is referred to as - Answer-
unrealized strategy
___ are the ethical standards and norms that govern the behavior of individuals within a
firm or organization. - Answer-Organizational core values
What are the approaches that can be utilized when strategizing for competitive
advantage? - Answer--Strategy as planned emergence
-scenario planning
-strategic planning
Business strategy addresses... - Answer-the question of HOW to compete.
what should a successful vision do for an organization? - Answer--it should inspire
employees
-it should make employees fee that their work is important.
What is the purpose of the strategic management process? - Answer--to create a
sustainable competitive advantage
Scenario planning ask... - Answer-"what if?"
Ch.3 Strategic Management - Answer-
Which of the following are important sources of entry barriers? - Answer--economic of
scale
-network effects
, -customer switching costs
-capital requirements
-advantages independent of size
-government policy
-credible threat of retaliation
Entry barriers - Answer-Which are advantageous for incumbent firms, are obstacles that
determine how easily a firm can enter an industry. Incumbent firms can benfit from
several important of entry barriers
Which of the following are examples of economies of scales? - Answer--having more
negotiating power vis-a-vis suppliers
-spreading fixed costs over more units
-benefit from a more specialized division of labor
benefit from a more specialized division of labor, and demand better terms from their
suppliers.
-drive down the cost per unit
-allowing large incumbent firms to enjoy a cost advantage over new entrants who
cannot muster such scales.
Despite high barriers to entry, startups sue as Tesia have been able to break in to the
US car market through: - Answer--technological innovations
Obstacles that determine how easily a firm can enter an industry, are called? - Answer-
Entry barriers
The cultures, norms, and values of the society in which a firm competes are
considered_____ factors - Answer-Sociocultural factors
-Always differs across groups, managers need to closely monitor such trends and
consider the implications for firm strategy.
Demographic factors - Answer--trends captures population characteristics related to
age, gender, family size, ethinicity, sexual orientation, religion, and socioeconomic
class.
An example of a recent innovation in PROCESS technology is: - Answer-
nanotechnology
technological factores - Answer-capture the application of knowledge to create new
processes and products, inlcude lean manufacturing
ALL CORRECT ANSWERS
Why is employee involvement crucial when developing an inspiring vision and mission?
- Answer-because:
-belief in the vision and mission statement motivates employees
-employees may develop helpful strategic initiatives
Corporate strategy - Answer-concerns questions relating to where to compete in terms
of industry, markets, and geography
If parts of a firm's intended strategy fall by the wayside, it is referred to as - Answer-
unrealized strategy
___ are the ethical standards and norms that govern the behavior of individuals within a
firm or organization. - Answer-Organizational core values
What are the approaches that can be utilized when strategizing for competitive
advantage? - Answer--Strategy as planned emergence
-scenario planning
-strategic planning
Business strategy addresses... - Answer-the question of HOW to compete.
what should a successful vision do for an organization? - Answer--it should inspire
employees
-it should make employees fee that their work is important.
What is the purpose of the strategic management process? - Answer--to create a
sustainable competitive advantage
Scenario planning ask... - Answer-"what if?"
Ch.3 Strategic Management - Answer-
Which of the following are important sources of entry barriers? - Answer--economic of
scale
-network effects
, -customer switching costs
-capital requirements
-advantages independent of size
-government policy
-credible threat of retaliation
Entry barriers - Answer-Which are advantageous for incumbent firms, are obstacles that
determine how easily a firm can enter an industry. Incumbent firms can benfit from
several important of entry barriers
Which of the following are examples of economies of scales? - Answer--having more
negotiating power vis-a-vis suppliers
-spreading fixed costs over more units
-benefit from a more specialized division of labor
benefit from a more specialized division of labor, and demand better terms from their
suppliers.
-drive down the cost per unit
-allowing large incumbent firms to enjoy a cost advantage over new entrants who
cannot muster such scales.
Despite high barriers to entry, startups sue as Tesia have been able to break in to the
US car market through: - Answer--technological innovations
Obstacles that determine how easily a firm can enter an industry, are called? - Answer-
Entry barriers
The cultures, norms, and values of the society in which a firm competes are
considered_____ factors - Answer-Sociocultural factors
-Always differs across groups, managers need to closely monitor such trends and
consider the implications for firm strategy.
Demographic factors - Answer--trends captures population characteristics related to
age, gender, family size, ethinicity, sexual orientation, religion, and socioeconomic
class.
An example of a recent innovation in PROCESS technology is: - Answer-
nanotechnology
technological factores - Answer-capture the application of knowledge to create new
processes and products, inlcude lean manufacturing
