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Exam 2: Identifying Competitive Advantages

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Question 21

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Porter has identified three _________ business strategies for entering a new market: (1)broad cost leadership,(2)broad differentiation,and (3)focused strategy.

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Question 22

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Which of the following is included in Porter's Five Forces Model?

A) Loyalty expenses.
B) Supply chain management.
C) The power of competitors.
D) Systems thinking.

E) C) and D)
F) A) and B)

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Question 23

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Callie Crystal owns and operates one of the most successful local coffee shops in Denver,called The Edgewater Café.Each time a customer purchases their 100^th cup of coffee at The Edgewater Café,they receive a free pound of coffee of their choice.What is Callie attempting to create with her unique "Free Pound of Coffee" marketing program?

Which of the following is not considered a category within the support value activities in a value chain analysis?

Porter's Five Forces Model outlines the process for a sales strategy.

Jennifer Bloom is writing a paper and she must determine which of Porter's three generic strategies The Museum Company has implemented.Jennifer finds out that The Museum Company offers specialty products found only in museums around the world to affluent customers.What would Jennifer determine The Museum Company is using as its generic strategy?

Michael Porter identified pressures that can hurt potential sales.Knowledgeable customers can force __________ prices by pitting rivals against each other.

What includes all parties involved,directly or indirectly,in obtaining raw materials or a product?

Business strategies that match _______ company competencies to opportunities result in a competitive advantage.

A standardized set of activities that accomplish a specific task is called a supply chain component.

A __________ chain analysis views a firm as a series of business processes that each add value to the product or service.

__________ value activities are found at the bottom of the value chain.These include business processes that acquire raw materials and manufacture,deliver,market,sell,and provide after-sales services.

In the center of Porter's Five Forces Model is competition.Which of the following represents the four outer boxes?

Polaroid had a unique competitive advantage for many years until it forgot to observe competitive intelligence.The firm went bankrupt when people began taking digital pictures.Polaroid provides a great example of Porter's threat of new entrants.

Which of the following offers an example of a company operating in a narrow,focused market operating as the low-cost provider?

Steve Jobs and Apple created a big advantage in the technology industry with the introduction of the iPod,iPhone,and iPad.What are these all examples of?

The process of gathering information about the competitive environment,including competitors' plans,activities,and products,to improve a company's ability to succeed is the definition of ___________.

A __________ advantage features a product or service on which customers place a greater value than they do on similar offerings from competitors.

Compare Porter's three generic strategies.

According to Porter,companies that wish to dominate broad markets should operate using a ________ strategy.