Docsity
Log inSign up
Docsity
Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity

Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan

Guidelines and tips
Guidelines and tips
Sell on Docsity
Sell on Docsity
Log inSign up

Prepare for your exams

Study with the several resources on Docsity

Find documents

Prepare for your exams with the study notes shared by other students like you on Docsity

Search Store documents

The best documents sold by students who completed their studies

Search through all study resources
Docsity AINEW

Summarize your documents, ask them questions, convert them into quizzes and concept maps

Explore questions

Clear up your doubts by reading the answers to questions asked by your fellow students

Earn points to download

Earn points by helping other students or get them with a premium plan

Share documents
download point icon20 Points

For each uploaded document

Answer questions
download point icon5 Points

For each given answer (max 1 per day)

All the ways to get free points
Get points immediately

Choose a premium plan with all the points you need

Study Opportunities

Choose your next study program

Get in touch with the best universities in the world. Search through thousands of universities and official partners

Community

Ask the community

Ask the community for help and clear up your study doubts

University Rankings

Discover the best universities in your country according to Docsity users

Free resources

Our save-the-student-ebooks!

Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors

From our blog

Exams and Study
Go to the blog

BSG Exam 1 Questions with 100% Correct Answers, Exams of Business Economics

King's College London (KCL)Business Economics

A list of questions and answers related to factors that weaken the rivalry among competing sellers, competitive pressures associated with the threat of entry, a competitive environment, supplier bargaining power, potential entrants, company managers' questions to predict the likely actions of important rivals, driving forces in an industry, market maneuvering for buyer patronage, strategic group, company's strategy, managerial commitment, frequently used strategic approaches, competitive advantage, sustainable competitive advantage, winning strategy, performance indicators, business model, ethical strategy, and present strategy evaluation. useful for students studying business strategy and competitive advantage.

Typology: Exams

2022/2023

Available from 11/16/2023

khalif-jay
khalif-jay šŸ‡ŗšŸ‡ø

2

(3)

2.4K documents

1 / 30

Toggle sidebar

This page cannot be seen from the preview

Don't miss anything!

bg1
1
[Date]
BSG Exam 1 Questions with 100%
Correct Answers Updated 2023
1. Factors that weaken the rivalry among competing sellers include - Correct
answer High buyer costs to switch brands company industry rivals that any one
company's actions have little impact on rivals' businesses, and rapid growth in
buyer demand
2. Which one of the following conditions acts to intensify the competitive pressures
associated with the threat of entry? - Correct answer A general belief on the part
of entry candidates that industry members are unwilling or unable to strongly
contest the efforts of newcomers to gain a market foothold
3. A competitive environment where there is strong rivalry among sellers, low entry
barriers, strong competition from substitute products, and considerable
bargaining leverage on the part of both suppliers and customers - Correct
answer Makes it hard for industry members to earn attractive profits
4. Which one of the following is not a factor that affects the strength of supplier
bargaining power? - Correct answer Whether there are greater or fewer than ten
suppliers of the item being purchased from suppliers
pf3
pf4
pf5
pf8
pf9
pfa
pfd
pfe
pff
pf12
pf13
pf14
pf15
pf16
pf17
pf18
pf19
pf1a
pf1b
pf1c
pf1d
pf1e

Partial preview of the text

Download BSG Exam 1 Questions with 100% Correct Answers and more Exams Business Economics in PDF only on Docsity!

[Date]

BSG Exam 1 Questions with 100%

Correct Answers Updated 2023

  1. Factors that weaken the rivalry among competing sellers include - Correct answer High buyer costs to switch brands company industry rivals that any one company's actions have little impact on rivals' businesses, and rapid growth in buyer demand
  2. Which one of the following conditions acts to intensify the competitive pressures associated with the threat of entry? - Correct answer A general belief on the part of entry candidates that industry members are unwilling or unable to strongly contest the efforts of newcomers to gain a market foothold
  3. A competitive environment where there is strong rivalry among sellers, low entry barriers, strong competition from substitute products, and considerable bargaining leverage on the part of both suppliers and customers - Correct answer Makes it hard for industry members to earn attractive profits
  4. Which one of the following is not a factor that affects the strength of supplier bargaining power? - Correct answer Whether there are greater or fewer than ten suppliers of the item being purchased from suppliers

[Date]

  1. Potential entrants are more likely to be deterred from actually entering an industry when - Correct answer Industry incumbents are willing and able to launch strong defensive maneuvers to maintain their positions and make it harder for a newcomer to compete successfully and profitably
  2. Which one of the following is not a useful question for company managers to pose in trying to predict the likely actions of important rivals? - Correct answer Which competitors are in the best strategic group in the industry?
  3. Which of the following is a major question to ask in assessing a company's industry and competitive environment? - Correct answer What forces are driving changes in the industry, and what impact will these changes have on competitive intensity and industry profitability?
  4. The "driving forces" in an industry - Correct answer are the major underlying causes of changing industry and competitive conditions and have the biggest influence on how the industry landscape will be altered
  5. Which of the following statements about the market maneuvering for buyer patronage that goes on among rival sellers of a product or service is false? - Correct answer While there is constant jockeying among industry members to improve their market position and profits, the current market leaders have a 90%

[Date]

  1. Which of the following are most unlikely to qualify as driving forces? - Correct answer Mounting competition from substitutes, increasing efforts on the part of industry members to collaborate with suppliers, and the speed with which the number of industry key success factors is either rising or falling
  2. In which of the following circumstances are competitive pressures associated with the bargaining power of buyers not relatively strong? - Correct answer When buyer demand is growing rapidly and sellers' products are strongly differentiated
  3. The competitive pressures from substitute products tend to be weaker when - Correct answer buyers have high costs in switching to substitutes
  4. based on Figure 3.4, which of the following is not a typical competitive weapon that a can use to battle rivals and attract buyers? - Correct answer Constructing the biggest production plant of any company in the industry
  5. The best test of whether potential entry is a strong or weak competitive force is whether - Correct answer the industry's growth and profit prospects are strongly attractive to potential entry candidates
  6. The strongest of the competitive forces in the five-forces model of competition is usually - Correct answer the competitive pressures associated with the market

[Date] maneuvering and jockeying for buyer patronage among rival sellers in the industry

  1. The term strategic group refers to - Correct answer a cluster of industry rivals that employ similar competitive approaches, have product offerings that appeal to similar types of buyers, and thus occupy similar market positions
  2. A company's strategy is defined by - Correct answer the specific market positioning, competitive moves, and business approaches that form management's answer to "What's our plan for running the company and producing good results?"
  3. A company's strategy consists of - Correct answer the competitive moves and business approaches that managers employ to attract and please customers, compete successfully, pursue opportunities to grow the business, respond to changing market conditions, conduct operations, and achieve the targeted financial and market performance
  4. Managerial Commitment incorporates choices and decisions about: - Correct answer - how to attract and please customers
    • how to compete against rivals - and ideally, gain a competitive advantage as opposed to being hamstrung by competitive disadvantage
    • how to position the company in the marketplace vis-a-vis rivals

[Date] selection, added performance, value added services, more attractive styling, technological superiority, or some other attributes that set a company's product offering apart from those of rivals.

  1. Offering more value for the money strategy - Correct answer meeting or beating buyers' expectations regarding key quality/features/performance/service attributes while beating their price expectations (aka best-cost provider strategy)
  2. Focusing on a narrow market niche and winning a competitive edge Strategy - Correct answer by doing a better job than rivals of serving the special needs and tastes of buyers that compose the niche.
  3. Developing competitively valuable resources and capabilities Strategy - Correct answer such resources and capabilities that rivals can't easily imitate or trump with their own
  4. How a company achieves competitive advantage - Correct answer when an attractive number of buyers are drawn to purchase its products or services rather than those of competitors
  5. How a company achieves sustainable competitive advantage - Correct answer when the basis for buyer preferences for its product offering relative to the

[Date] offerings of its rivals is durable, despite the competitors' efforts to nullify or overcome the appeal of its product offering

  1. A company is almost certain to earn significantly higher profits when - Correct answer it enjoys a competitive advantage as opposed to when it competes with no advantage or is hamstrung by competitive disadvantage
  2. The evolving nature of a company's strategy means the typical company strategy is a blend of - Correct answer (1) proactive actions to secure a competitive edge and improve the company's financial performance and (2) as-needed reactions to fresh market conditions and other unanticipated developments
  3. Proactive Strategy Elements - Correct answer newly crafted strategic initiatives plus ongoing strategy elements continued from prior periods
  4. Reactive Strategic Elements - Correct answer New Strategy elements that emerge as managers react to changing circumstances
  5. To meet the standard of being ethical, a strategy must entail - Correct answer actions and behavior that can pass moral scrutiny in the sense of not being deceitful, unfair or harmful to others, disreputable, or unreasonably damaging to the environment

[Date]

    1. there must be adequate ways and means to control the costs of the value being delivered to customers
    1. the amounts by which revenues exceed the costs incurred must please shareholders
  3. A winning strategy - Correct answer must fit the enterprise's external and internal situation, help build sustainable competitive advantage, and improve company performance
  4. Three tests to distinguish a winning strategy from a so-so or flawed strategy - Correct answer 1. the fit test
    1. the competitive advantage test
    1. the performance test
  7. The Fit test asks - Correct answer How well does the strategy fit the company's situation?
  8. (to qualify as a winner, a strategy must be well matched to industry and competitive conditions, a company's best market opportunities, and other pertinent aspects of the business.)
  9. The Competitive Advantage test asks - Correct answer Is the strategy helping the company achieve a sustainable competitive advantage?

[Date]

  1. ( Winning strategies enable a company to achieve a competitive advantage that is durable.)
  2. The Performance test asks - Correct answer Is the strategy producing good company performance?
  3. (To be a winner, a strategy must have resulted in substantially better company performance.)
  4. Two kinds of performance indicators that tell the most about the caliber of a company's strategy - Correct answer (1) competitive strength and market standing and (2) profitability and financial strength
  5. Good strategy and good execution - Correct answer are the most telling and trustworthy signs of good management
  6. A winning strategy fits - Correct answer the circumstances of a company's external situation and its internal resource strengths and competitive capabilities, builds competitive advantage, and boosts company performance

[Date]

  1. A company's strategy evolves from one version to the next because of - Correct answer the proactive efforts of company managers to improve this or that aspect of the strategy, a need to respond to changing customer requirements and expectations, and a need to react to the fresh strategic maneuvers of rival firms
  2. A company's strategy is most accurately defined as - Correct answer management's commitment to pursue a particular set of actions in attracting and pleasing customers, competing successfully, capitalizing on opportunities to grow the business, responding to changing market conditions, conducting operations, and achieving the targeted financial and market performance
  3. A company's strategy is defined by - Correct answer the specific market positioning, competitive moves, and business approaches that form management's answer to "What's our plan for running the company and producing good results?"
  4. Which one of the following questions can be used to distinguish a winning strategy from a mediocre or losing strategy? - Correct answer How well does the strategy fit the company's situation?
  5. The difference between a company's business model and a company's strategy is that - Correct answer its business model relates to management's blueprint

[Date] for delivering a valuable product or service to customers in a manner that will generate revenues sufficient to cover costs and yield an attractive profit for shareholders while its strategy concerns the specific market positioning, competitive moves, and business approaches that management intends to employ to run the company and produce good business results

  1. A company's strategy and its quest for competitive advantage are tightly connected because - Correct answer a company is almost certain to earn significantly higher profits when it enjoys a competitive advantage as opposed to when it competes with no advantage or is hamstrung by competitive disadvantage
  2. Benchmarking involves - Correct answer comparing how different companies (both inside and outside the industry) perform various chain activities and then making cross-company comparisons of the costs of these activities
  3. The three steps of SWOT analysis are - Correct answer (1) identifying the company's competitively important strengths and weaknesses and its opportunities and threats, (2) drawing conclusions about the company's overall business situation, and (3) translating the conclusions into strategic actions and an overall strategy that is well-matched to the company's overall situation

[Date] capabilities, offer the best prospects of growth and profitability, and present the most potential for achieving competitive advantage

  1. A company's options for lowering the costs of internally-performed value chain activities do not include - Correct answer working closely with suppliers and/or distribution-related allies to eliminate costs in their portions of the company's value chain system
  2. SWOT analysis - Correct answer is a simple and powerful tool for assessing a company's overall situation - specifically, its competitively important internal strengths and weaknesses, its market opportunities, and the external threats to its future well-being
  3. In Table 4.2, which one of the following is not an example of a potential weakness or competitive deficiency that a company may have? - Correct answer A product offering that is not strongly differentiated from rivals
  4. Two useful tools for determining whether a company's customer value proposition, prices, and costs are competitive are - Correct answer value chain analysis and benchmarking
  5. According to the illustration in Table 4.3 and the accompanying discussion of weighted competitive strength assessment, the company with the highest

[Date] weighted overall competitive strength rating - Correct answer enjoys a net competitive advantage vis-a-vis key rivals, with the size of its advantage being signaled by how much its overall competitive strength rating exceeds the overall competitive strength ratings of each of the other companies included in the assessment.

  1. When a company performs a competitively important activity better than rivals, it is said to have - Correct answer a distinctive competence in performing that activity
  2. Which of the following statements about company value chains is false? - Correct answer The activities that compromise a company's value chain reveal just how well a company's resources and capabilities are well-matched to the industry's key success factors and distinctive competence requirements
  3. In Table 4.2, which of the following is not an example of an external threat to a company's future profitability? - Correct answer Having too few resources and capabilities that are well-matched to the company's available market opportunities
  4. One option a company has for achieving competitive advantage is by out- managing rivals in - Correct answer performing certain differentiating-enhancing value chain activities more proficiently than rivals, thus creating a differentiation-

[Date]

  1. Compiling a "worry list" that zeros in on exactly which strategic issues and problems company managers need to about and consider in crafting a strategy well-suited to the company's specific circumstances is an important analytical step because - Correct answer the "worry list" serves as an agenda of items that need to be addressed in crafting a set of strategic actions that fit the company's overall external and internal situation
  2. Which of the following is not an action that a company can take to do a better job than rivals of performing value chain activities more cost-effectively? - Correct answer Outsourcing all production-related activities
  3. The chief difference between a low-cost provider strategy and a focused low-cost strategy is - Correct answer the size of the buyer group that a company is trying to appeal to
  4. Opportunities to differentiate a company's product offering - Correct answer can exist in activities all along an industry's value chain and usually entail deliberate efforts to perform value chain activities in ways that create value-adding differentiating attributes for customers
  5. For all types of competitive strategies, success in sustaining the intended competitive edge over rivals depends on having - Correct answer at least some

[Date] unique and valuable resources/capabilities that are either (1) hard for rivals to duplicate or (2) hard for rivals to develop offsetting close substitute resources/capabilities

  1. A strategy to be the industry's overall low-cost provider tends to be more appealing than a differentiation or best-cost or focused (or market niche) strategy when - Correct answer buyers incur low costs in switched their purchases from one seller to another and the products of rival sellers are essentially identical and readily available from many eager sellers
  2. The two biggest factors that distinguish one competitive strategy from another concern - Correct answer whether a company's market target is broad or narrow and whether the company is pursuing a competitive advantage linked to low costs or differentiation
  3. Which of the following statements about a best-cost provider strategy is false? - Correct answer the big appeal of a best-cost provider strategy is being able to offer buyers the industry's best-performing product at the best cost and best (lowest) price in the industry
  4. Which of the following is not one of the ways that a company can achieve a cost advantage by revamping its value chain? - Correct answer Moving the performance of most all value chain activities to low-wage countries