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267 MGT Capstone Exam Review 1 Final Questions Correctly And Well Solved|35 Pages
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________ can be best defined as the reason a firm wins with customers or the value proposition it offers to customers, such as a low-cost advantage or differentiation advantage. - ️️Unique value ________ consists of identifying all the steps through which customers pass, from the time they fir...

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  • September 7, 2024
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  • 2024/2025
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267 MGT Capstone Exam Review 1 Final
Questions

________ can be best defined as the reason a firm wins with customers or the value

proposition it offers to customers, such as a low-cost advantage or differentiation

advantage. - ✔️✔️Unique value

________ consists of identifying all the steps through which customers pass, from the
time they first become aware of your product to the time when they finally have to

dispose of it or discontinue using it. - ✔️✔️Mapping the consumption chain

________ involve(s) growth in demand for a firm's product that results from a growth in

the number of existing customers. - ✔️✔️Network effects

________ involves bringing business processes or activities previously conducted by

outside companies in-house. - ✔️✔️Vertical integration

________ is the process where a firm contracts out a business process or activity to an

external supplier. - ✔️✔️Outsourcing

________ refer to society's cultural values, norms. and attitudes. - ✔️✔️Social forces

________ refers to the phenomenon of outsourcing tasks to individuals or organizations

that are outside of your organization. - ✔️✔️Crowdsourcing

________ requires acquiring and allocating resources. - ✔️✔️Building the capacity to

deliver unique value

_________ are the procedures, processes, and routines firms employ in their activities. -

✔️✔️Capabilities

,_________ can be most accurately defined as conditions in the competitive environment

that endanger the profitability of a firm. - ✔️✔️Threats

_________ describes an attribute of a resource that describes the degree of difficulty a

competitor would face in copying, imitating, or mimicking the value of that resource. - ✔

️✔️Inimitability

_________ is defined as products that are differentiated through marketing, via

advertisements, promotions, and other marketing activities. - ✔️✔️Brand image

_________ is when a company produces in bulk the various modules of a product and

then allows the customer to select which modules will be combined together. - ✔️✔

️Mass customization

__________ are charged with formulating and implementing a strategy with the objective

of ensuring the survival and success of an organization. - ✔️✔️Strategic leaders

___________ is a plan or set of activities implemented by a company to offer unique

value and generate revenue and make a profit from operations. - ✔️✔️Business

model

"Practice makes perfect" applies to which cost advantage? - ✔️✔️Learning and

experience

A ________ refers to the fact that the more different types of activities a firm needs to

manage, the harder it is to be world class in all of those activities. - ✔️✔️Loss of

focus

A __________ advantage is an advantage a firm has over its competitors by making a

product more attractive by offering unique qualities in the form of features, reliability,
and convenience that distinguishes it from competing products. - ✔️✔️Differentiation

,A __________ involves activities and strategic choices that influence a firm's ability to

enter particular markets, deliver unique value to customers, or create barriers to

imitating its product. - ✔️✔️Strategy vehicle

A __________ strategy involves a plan or pattern of action that is formulated through a

planning process that is then carried out to achieve the mission or goals of an

organization. - ✔️✔️Deliberate

A business strategy is defined as a plan to achieve competitive advantage that involves

making four strategic choices. Which of the following is NOT one of these strategic

choices? - ✔️✔️Deciding which markets to take over

A car has to go through several different levels of manufacturing processes before it can

be painted. The painting process cannot be initiated until a car is externally assembled

and then inspected. This type of interdependence can be best termed as _________. - ✔

️✔️Sequential interdependence

A company that participates in just one activity in the value chain is _____. - ✔️✔

️Vertically specialized

A firm may employ valuable, rare, and difficult-to-imitate resources and yet still lack a

sustainable competitive advantage because the firm may not be organized to exploit or

have the contracts and systems in place to capture the profits that resources create.

(T/F) - ✔️✔️True

A firm's external environment provides both ________. - ✔️✔️Opportunities and

threats

A firm's values and rankings of what is most important most accurately defines the term

__________. - ✔️✔️Priorities

, A functional strategy consists of decisions about how to gain and sustain advantage,

made at the manager level for each standalone business unit within a company. (T/F) -

✔️✔️False

A good strategy provides clear answers to four key questions. Which one of the

following is NOT one of the four questions? - ✔️✔️Where will we be as a company in

10 years?

A group of four people wants to start an office supply chain. They realize that if their

company has to function well, they must set the primary aim for which the company has

entered that particular business. This aim will help the company function in an

organized manner and provide the staff with a focus to meet their goals. Which of the

following does this scenario depict? - ✔️✔️Mission

A patent makes a product: - ✔️✔️Rare

A popular food company, Crunchez Corp., is finding it difficult to retain its buyers as

another food company, MidnightSnax Inc., has started to provide the same product with

the same taste for a lesser price. Which of the following is a threat to Crunchez Corp.? -

✔️✔️Switching cost

A product that is differentiated with quality or reliability does which of the following: - ✔

️✔️Lasts longer

A product that is fundamentally different yet serves the same function or purpose as

another product best defines the term ________. - ✔️✔️Substitute

A representation of the relationship between cumulative volume and product cost is

known as the - ✔️✔️Experience curve

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