Question 1

Which of the following is one of the four Ps of the marketing mix?

Process

Physical evidence

People

Promotion

Planning

5 points

QUESTION 2

Which of the following is true about transaction cost economics?

It is a theory that contends that an organization can, at least in part, create an environment for itself that is beneficial to the organization.

It is a theory that contends that organizations are very limited in their ability to adapt to the conditions around them.

It is a theory that examines the extent to which firms copy each other’s strategies.

It is a theory that centers on whether it is cheaper for a firm to make or to buy the products that it needs.

It is a theory that contends that the possession of strategic resources can provide an organization with competitive advantages over its rivals.

5 points

QUESTION 3

A value chain differs from a supply chain in that a value chain:

is a system of people, activities, information, and resources involved in creating a product and moving it to the customer.

charts the path by which products and services are created and eventually sold to customers.

is a broader concept than a supply chain.

concept is fixated on how fast products can be made available to consumers.

creation requires the components of agility, adaptability, and alignment.

5 points

QUESTION 4

_____ provide exclusive rights to the creators of original artistic works such as books, movies, songs, and screenplays.

Patents

Copyrights

Trademarks

Trade secrets

Inventor rights

5 points

QUESTION 5

Which of the following is a primary activity that value chains include?

Procurement

Firm infrastructure

Service

Technology

Human resource management

5 points

QUESTION 6

A resource is _____ to the extent that it helps a firm create strategies that capitalize on opportunities and ward off threats.

rare

difficult to imitate

non-substitutable

executable

valuable

5 points

QUESTION 7

Which of the following is an example of a patent?

Richard James’s Slinky

McDonald’s golden arches

The Nike swoosh

The formulation of Coca-Cola

Original artistic creations, like books

5 points

QUESTION 8

To earn a(n) _____ from the U.S. Patent and Trademark Office, an inventor must demonstrate than an invention is new, non-obvious, and useful.

copyright

trademark

trade secret

patent

inventor right

5 points

QUESTION 9

Which of the following theories for explaining a firm’s competitiveness contends that organizations are very limited in their ability to adapt to the conditions around them?

Resource-based theory

Enactment

Transaction cost economics

Environmental determinism

Institutional theory

5 points

QUESTION 10

Trademarks:

are phrases, pictures, names, or symbols used to identify a particular organization.

provide exclusive rights to the creators of original artistic works such as books, movies, songs, and screenplays.

are legal decrees that protect inventions from direct imitation for a limited period of time.

refer to formulas, practices, and designs that are central to a firm’s business and that remain unknown to competitors.

provide exclusive rights to the creators of formulas, practices, and designs and allow them to keep those a secret.

5 points

QUESTION 11

Which of the following is least likely to meet the criteria for strategic resources?

A firm’s raw material inventory

A firm’s organizational culture

A firm’s reputation

A firm’s intellectual properties

A firm’s employees’ skills

5 points

QUESTION 12

According to the resource-based theory, _____ of an asset is one of the four qualities that makes it a strategic resource for a business.

availability

dynamism

rarity

tangibility

competitiveness

5 points

QUESTION 13

Which of the following refer to formulas, practices, and designs that are central to a firm’s business and that remain unknown to competitors?

Patents

Copyrights

Trademarks

Trade secrets

Inventor rights

5 points

QUESTION 14

Which of the following is one of the four components required for creating best value supply chains?

Strategic value chain management

Adaptability

Technology

Diversification

Operations

5 points

QUESTION 15

It would be simply too costly for an airline to pursue a backward integration strategy and enter the airplane manufacturing business. Which of the following theories for explaining a firm’s competitiveness is most likely to give executives such insights?

Resource-based theory

Enactment

Transaction cost economics

Environmental determinism

Institutional theory

5 points

QUESTION 16

A firm that enjoys a(n) _____ capability is one that is skilled at continually updating its array of capabilities in order to keep pace with changes in its environment.

competitive

distinctive

strategic

dynamic

evolving

5 points

QUESTION 17

Which of the following is true about institutional theory?

It is a theory that contends that an organization can, at least in part, create an environment for itself that is beneficial to the organization.

It is a theory that contends that organizations are very limited in their ability to adapt to the conditions around them.

It is a theory that examines the extent to which firms copy each other’s strategies.

It is a theory that centers on whether it is cheaper for a firm to make or to buy the products that it needs.

It is a theory that contends that the possession of strategic resources can provide an organization with competitive advantages over its rivals.

5 points

QUESTION 18

_____ is one of the five support activities that value chains include.

Inbound logistics

Technology

Operations

Service

Marketing and sales

5 points

QUESTION 19

The formulation of Coca-Cola is an example of a(n) _____.

copyright

trademark

trade secret

patent

inventor right

5 points

QUESTION 20

_____ is one of the five primary activities that value chains include.

Procurement

Firm infrastructure

Technology

Human resource management

Inbound logistics

5 points