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Question(s) / Instruction(s):

A company's value chain identifies

  1. The steps it goes through to convert its net income into value for shareholders
  2. The primary activities it performs in creating value for its customers, and the related support activities
  3. The series of steps it takes to get a product from the raw materials stage into the hands of end users
  4. The activities it performs in transforming its competencies into distinctive competencies
  5. The competencies and competitive capabilities that underpin its efforts to create value for customers and shareholders


Question 22

When a company has real proficiency in performing a competitively important value chain activity, it is said to have

  1. A distinctive competence
  2. A core competence
  3. A key value chain proficiency
  4. A competitive advantage over rivals
  5. A company competence


Question 23

In crafting a company's strategy

  1. Management's biggest challenge is how closely to mimic the strategies of successful companies in the industry
  2. Managers have comparatively little freedom in choosing the hows of strategy
  3. Managers are wise not to decide on concrete courses of action in order to preserve maximum strategic flexibility
  4. Managers need to come up with some distinctive "aha" element to the strategy that draws in customers and produces a competitive edge over rivals
  5. Managers are well-advised to be risk-averse and develop a "conservative" strategy; "dare-to-be-different" strategies are rarely successful


Question 24

A company racing to seize opportunities on the frontiers of advancing technology often utilizes strategic alliances and collaborative partnerships in order to

  1. Discourage rival companies from merging with or acquiring the very companies that it is partnering with
  2. Reduce overall business risk and raise entry barriers into the newly emerging industry
  3. Help master new technologies and build new expertise and competencies faster than would be possible through internal efforts, establish a stronger beachhead for participating in the target industry, and open up broader opportunities in the target industry by melding their capabilities with the resources and expertise of partners
  4. Help defeat competitors that are employing broad differentiation strategies
  5. Enhance its chances of achieving global low-cost leadership


Question 25

For backward vertical integration into the business of suppliers to be a viable and profitable strategy, a company

  1. Must first be a proficient manufacturer
  2. Must be able to achieve the same scale economies as outside suppliers, and match or beat suppliers' production efficiency with no drop-off in quality
  3. Must have excess production capacity, so that it has ample in-house ability to undertake additional production activities
  4. Needs to have a wide product line, so that it can supply parts and components for many products
  5. Should have a distinctive competence in production process technology, and at least a core competence in manufacturing R&D

as outside suppliers, and match or beat suppliers' production efficiency with no drop-off in quality



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