BCOR PART 3 EXAM QUESTIONS AND ANSWERS ALL CORRECT
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BCOR PART 3 EXAM QUESTIONS AND ANSWERS ALL CORRECT
Which of these is the "L" factor that managers examine while conducting a PESTEL analysis? - Answer-legal considerations
Using technology to transform a market or to create an entirely new market is called creating a(n) ________ innovation. ...
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BCOR PART 3 EXAM QUESTIONS
AND ANSWERS ALL CORRECT
Which of these is the "L" factor that managers examine while conducting a PESTEL
analysis? - Answer-legal considerations
Using technology to transform a market or to create an entirely new market is called
creating a(n) ________ innovation. - Answer-Disruptive
How does a first-mover firm's ability to develop logistics and acquire raw material ahead
of competitors impact success? More than one answer may be correct. - Answer-it
increases the firm's ability to bring out new products quickly
it is especially important if materials are hard to find
Which of the following describes an inventory management system? More than one
answer may be selected. - Answer-helps ensure a minimal number of product touches
occur from product creation to customer purchase
a system that ensures all stock is accurately tracked
Why don't more companies create disruptive innovations? More than one answer may
be correct. - Answer-significant company resources go to improving existing products
and processes
much imagination and foresight are necessary to successfully innovate
Who published "How Competitive Forces Shape Strategy" in the Harvard Business
Review in 1979? - Answer-Michael E. Porter
According to Professor Porter, a business must differentiate itself from its competitors.
One method is to encourage customers to believe that an organization provides higher
quality goods or better service, then the organization can charge a premium, or gain
market share, or (ideally) both. For example, by placing a swoop icon on a sweatshirt,
Nike is able to charge a higher price. This methodology is called - Answer-monopolistic
competition
According to Professor Michael E. Porter, the author of the five-forces model for dealing
with competition, businesses that wish to gain competitive advantage must follow which
of these strategies? More than one answer may be correct. - Answer-price leadership
,product differentiation
Creating an entirely new market is an example of a ________ ocean strategy. - Answer-
blue
What is the relationship of blue ocean strategy to price leadership versus product
differentiation? - Answer-With a blue ocean strategy, an organization focuses on both
differentiation and price leadership
Which of the following is an example of employees behaving according to Lean
manufacturing techniques? More than one answer may be selected. - Answer-A
manager notices a safety violation and stops production
Marketing employees are cross-trained on the production processes
Which businesses are currently considered direct competitors? More than one answer
may be correct. - Answer-Mcdonald's and burger king
Aquafina and Dasani
National Weather Service databases are used by modern supply chain management
systems to track weather events that could impact logistics. Which element of a
PESTEL analysis does this example represent? - Answer-environmental
Six Sigma techniques seek to reduce variance in output to less than how many errors
per 1,000,000 manufacturing steps? - Answer-3.4
Over 50 percent of all innovative products fail in the market, while over 80 percent of the
successors to the products succeed. This is a key tenet of ________ strategy. -
Answer-fast-follower
Manufacturing practices that emphasize developing efficient and smooth supply lines
and minimizing excess inventory, delays, and waste are - Answer-lean techniques
The political, economic, environmental, and legal issues facing an organization can be
examined using a PESTEL analysis. From the following list, select the additional factors
that a PESTEL analysis addresses. - Answer-sociocultural issues
technological issues
A business must not only look at its direct competitors, but also must contend with those
firms that offer a product that a consumer might alternatively choose. For example,
McDonald's and Burger King can be considered competitors and if one firm raises
prices the other firm might gain its customers. However, if both firms raise their prices,
, customers may choose to purchase pizza instead. Porter refers to this as the force of -
Answer-substitutes
Coffee vendors who operate small, drive-up coffee stands find it difficult to charge
significantly higher prices than their many competitors do. What aspect of the coffee
stand business makes raising prices difficult? - Answer-its low barriers to entry
Which of the following is a reason that Six Sigma methodologies rely heavily on data
analysis? - Answer-its focus on reducing variation and eliminating product defects
Economies of scale means using - Answer-large production or purchasing power
Coca-Cola and PepsiCo dominate the soft drink market. However, during the 2000s,
many customers switched from soft drinks to water, causing Coca-Cola and PepsiCo to
develop Dasani and Aquafina. The ability of customers to switch from one product to an
alternate product illustrates what Porter called the force of - Answer-substitutes
Under what type of system are employees encouraged to halt the manufacturing
process in the event of a manufacturing error or safety risk? - Answer-lean
manufacturing system
From the following list, select the types of markets that Professor Michael E. Porter
showed were suitable for both price leadership strategies and product differentiation
strategies. - Answer-broad markets
niche markets
international markets
Large corporations can prevent new competitors from getting a foothold in their market
by using data analytics to accomplish which of the following? More than one answer
may be correct. - Answer-identify start ups who pose a threat
determine what it might cost to buy out rival companies
Which of the following is an example of an industry that requires just-in-time inventory
management to remain profitable? More than one answer may be selected. - Answer-a
fast-fashion retailer that sells knock off of recent trends
an appliance repair business
What is a downfall to just-in-time manufacturing and inventory management? - Answer-
when supply chain disruptions occur, a lack of sufficient inventory on hand can lead to
widespread shortages
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