Chapter 1 Management Exam Guide and
Answers
State Farm has a commitment to service, which is one way of managing for - Answers-
competitive advantage.
State Farm's idea of offering banking through insurance agents is an example of which
aspect of competitive advantage? - Answers-innovation
There are five aspects to competitive advantage - Answers-innovation, quality, service,
speed, and cost competitiveness.
While the law requires the separation of companies offering banking, insurance, and
mutual fund products, by using its insurance agents as salespeople for these products,
State Farm is leveraging which aspect of the competitive landscape? - Answers-
collaboration
In using their agents to sell products across all three companies, State Farm is dealing
with the new competitive landscape by collaborating across boundaries. - Answers-
Which of the following components of the competitive landscape allows State Farm to
operate its bank? - Answers-technological change
Because banking can be done over the Internet and through other bank ATM machines,
technological change has allowed State Farm to offer banking services. - Answers-
When an employee talks about State Farm being a "customer-focused business" and
"supporting the customer," he is talking about which of the five aspects of competitive
advantage? - Answers-service
Bernie Floriani is a customer service representative for State Farm. He is at which level
of management? - Answers-He's not a manager.
Top managers strategize and lead, middle managers bring strategies to life, and
frontline managers supervise the operations of the organization. A customer service
representative is not a manager. - Answers-
You've just been told how State Farm's strategy depends on the ability of State Farm
agents to "pick up on the wants and needs of customers." State Farm should hire
agents with which of the following skills? - Answers-interpersonal and communication
skills
Answers
State Farm has a commitment to service, which is one way of managing for - Answers-
competitive advantage.
State Farm's idea of offering banking through insurance agents is an example of which
aspect of competitive advantage? - Answers-innovation
There are five aspects to competitive advantage - Answers-innovation, quality, service,
speed, and cost competitiveness.
While the law requires the separation of companies offering banking, insurance, and
mutual fund products, by using its insurance agents as salespeople for these products,
State Farm is leveraging which aspect of the competitive landscape? - Answers-
collaboration
In using their agents to sell products across all three companies, State Farm is dealing
with the new competitive landscape by collaborating across boundaries. - Answers-
Which of the following components of the competitive landscape allows State Farm to
operate its bank? - Answers-technological change
Because banking can be done over the Internet and through other bank ATM machines,
technological change has allowed State Farm to offer banking services. - Answers-
When an employee talks about State Farm being a "customer-focused business" and
"supporting the customer," he is talking about which of the five aspects of competitive
advantage? - Answers-service
Bernie Floriani is a customer service representative for State Farm. He is at which level
of management? - Answers-He's not a manager.
Top managers strategize and lead, middle managers bring strategies to life, and
frontline managers supervise the operations of the organization. A customer service
representative is not a manager. - Answers-
You've just been told how State Farm's strategy depends on the ability of State Farm
agents to "pick up on the wants and needs of customers." State Farm should hire
agents with which of the following skills? - Answers-interpersonal and communication
skills
