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BUS 189 Midterm Exam 3 | Questions with complete solutions Phillip Morris capitalized on the growing health consciousness trend when it acquired Miller Brewing Company, and then redefined competition in the beer industry with its introduction of low calorie beer (Miller Lite). This health trend ...

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  • January 30, 2025
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  • 2024/2025
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BUS 189 Midterm Exam 3



Phillip Morris capitalized on the growing health consciousness trend when it acquired
Miller Brewing Company, and then redefined competition in the beer industry with its
introduction of low calorie beer (Miller Lite). This health trend represents a ______
force.

a. social
b. political
c. technological
d. demographic
e. legal

Which of the following allows a company to lower cost through functional strategy and
organization?

a. customizing the product offering and marketing mix to different market segments
b. implementing just-in-time inventory control systems
c. focusing marketing efforts on brand building and perceived differentiation from rivals
d. designing strategies to ensure that employees act in a manner that is consistent with
the image that the company is trying to project to the world
e. adopting rigid manufacturing technologies

GM typically solicits bids from global suppliers to produce a particular component and
awards a 1-year contract to the supplier that submits the lowest bid. At the end of the
year, a contract is once again put out for bid, and once again the lowest cost supplier is
most likely to win the bid. Which of the following is GM using?

a. Strategic outsourcing
b. Competitive bidding
c. Strategic bidding
d. Long-term alliance
e. Hostage taking

The managers of most companies often consider _____ when they are generating free
cash flow

a. diversification
b. taper integration
c. full integration
d. long-term contracts
e. strategic alliances

,When managers of a firm seek to unilaterally rewrite the terms of contracts wit
suppliers, buyers, or complement providers in a way that is more favorable to their firm,
they are engaging in:

a. information manipulation
b. opportunistic exploitation
c. downsizing
d. greenmail
e. self-dealing

The purpose of an ______ is to provide managers with incentives for motivating
employees as well as feedback on how the company performs

a. adaptive culture
b. organizational design
c. control system
d. span of control
e. hierarchy of authority

The threat from potential competitors is greatest in the _____ stage of the industry life
cycle.

a. embryonic
b. growth
c. shakeout
d. maturity
e. decline

Which of the following is NOT a principal danger of a low-cost position approach

a. powerful buyers
b. technological change
c. imitation of production techniques
d. changes in consumer tastes
e. rivals lowering their costs

In which of the following is a firm most likely to lose direct control over value creation
activities

a. merger
b. outsourcing
c. acquisition
d. vertical integration
e. strategic alliance

, Company leaders that base their diversification strategy on transferring competencies
tend to acquire new businesses that are ____ to their existing business activities

a. unrelated
b. not comparable
c. related
d. opposed
e. identical

Arnold is a CEO at Gamma LLC. He has control over the corporate funds of the
company. Arnold has often taken funds from the company to pay for his travel and hotel
expenses. The funds could otherwise have increased stockholder returns. Which of the
following concepts is illustrated in this scenario?

a. corporate governance
b. on-the-job consumption
c. greenmail
d. information asymmetry
e. information manipulation

Which of the following is true of growth industries

a. they typically have high barriers to entry
b. they are characterized by low demand
c. They increase prices because customers are more aware of the industry's product
d. they tend to be characterized by weak rivalry
e. they inhibit the development of distribution channels

A disadvantage of pursuing a low-cost strategy is that:

a. price wars make it hard to compete with differentiators
b. it costs more than a differentiation strategy because of the necessity of high capital
investments
c. powerful buyers are a major threat
d. it reduces customer retention
e. it makes it difficult for firms to customize their product offerings

Outsourcing occurs when a firm:

a. buys one of its rivals.
b. merges with one of its suppliers.
c. enters into a joint venture with a rival.
d. hires another firm to perform value creation activities.
e. enters into contracts with two suppliers simultaneously.

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