WPC 480 Chapter 5 Exam Questions With 100% Correct Answers.

WPC 480 Chapter 5 Exam Questions With 100% Correct Answers. During its tenure as "America's Favorite Store," J.C. Penney was focused on offering high- quality products at low prices. It was pursuing which business-level strategy? - answerIntegrated cost leadership/differentiation strategy Before the most recent recession, J.C. Penney, as a mid-tiered retailer that sold clothing, home goods, and other product lines, was in competition with: - answerDillard's. Before the turn of the century, J.C. Penney's operations continued successfully unchanged in the apparel and credit card businesses. J.C. Penney was operating in a: - answerstandard-cycle market. Since the recent recession, department stores are starting to compete with discount retailers. Previously, J.C. Penney's competitors were recognized as other mid-tiered retailers. Now, J.C. Penney must include discount retailers when studying its: - answercompetitive rivalry. Because of multimarket competition and the emergence of more mid-tiered retailers similar to J.C. Penney, profit margins declined, which provided the _____ for J.C. Penney to change its strategy to initiate competitive behavior against its competitors. - answermotivation To compete in the new competitive environment after the recession, J.C. Penney's new strategy utilized sales data from previous years to determine the company's everyday low prices. This was indicative of the company's focus on which strategy? - answerCost leadership As a result of the lowered profits and the rise of more competitors, J.C. Penney appointed Ron Johnson as CEO, who sought to: - answerestablish a retailing revolution The emergence of online retailing has changed the way J.C. Penney and its rivals compete. J.C. Penney has responded by: - answerbuilding its online presence. J.C. Penney realized its need for more competitive everyday price points based on what data? - answerThe price customers paid for products over the last year New J.C. Penney strategies implemented in order to maintain and gain market share are known as: - answercompetitive behavior. To understand the competitive environment of the small car market, including market commonalities and resource similarities, General Motors should perform a: - answercompetitor analysis. Based on the information from the video, nearly 50% of U.S. consumers prefer sport utility vehicles. Between U.S.-based car companies, this demonstrates a: - answermarket commonality Car companies competing in various market segments, including SUVs, trucks, and compact cars, are referred to as: - answermultimarket competition. General Motors and its competitors are constantly "thinking of tomorrow" in terms of their products. This means that car companies are competing in a: - answerfast-cycle market. In order to stay ahead of the competition, car companies must study ______________ to predict the competitive actions and responses their competitors are likely to take. - answercompetitive rivalry If General Motors releases a new pick-up truck, which competitor should the firm be aware of for competitive responses? - answerFord competitors - answerare firms operating in the same market, offering similar products, and targeting similar customers Competitive behavior - answeris the set of competitive actions and responses a firm takes to build or defend its competitive advantages and to improve its market position. Competitive rivalry - answeris the ongoing set of competitive actions and competitive responses that occur among firms as they maneuver for an advantageous market position. tactical action - answerResponse is a market-based move that is taken to fine-tune a strategy; it involves fewer resources and is relatively easy to implement and reverse. market commonality - answeris concerned with the number of markets with which the firm and a competitor are jointly involved and the degree of importance of the individual markets to each. multimarket competition - answeroccurs when firms