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Terms in this set (60)Other companies cannot duplicate the value a firm is providing to customers. A competitive advantage becomes a sustainable competitive advantage when: strategic reference points _________ are used by managers to measure whether their firm has developed the core competencies that it need to achieve a sustainable competitive advantage. False A competitive advantage becomes a sustainable competitive advantage when other companies start duplicating the value a firm is providing to customers. help them grow even faster and obtain even more market share. The BCG matrix starts by recommending that while the substantial cash flows from cash cows last, they should be reinvested in stars to: competitive inertia Ziff Corp. was a leading electronics firm for about three decades. As the competition changed, its product innovation stopped. The managers at Ziff Corp. are well aware of the strategies that lead to their company's success and they continue to follow the old strategies. This scenario is an example of _________. Market Commonality ------------ affects the likelihood of an attach or a response to an attack. They aggressively hold their current strategic position by doing the best job they can to hold on to customers in a particular marker segment. In the context of adaptive strategies, which of the following is true of defenders? False A strategic group is a task force within a company that analyzes the company's own weaknesses to determine how competitors could exploit them for competitive advantages. Looking for signs of strategic dissonance Which of the following can help managers to improve the speed and accuracy with which they determine the need for strategic change? Growth Strategy ______________ is a strategy that focuses on increasing profits, revenues, market share, or the number of places in which a True Imperfectly imitable are those resources that are impossible or extremely costly or difficult to duplicate True Rare resources that are not controlled or possessed by many competing firms and are necessary to sustain a competitive advantage. False Growth, stability, and retrenchment are all types of portfolio strategies Resource similarity largely affects response capability, that is , how quickly and forcefully a company can respond to an attack. False Sanfase, a technology company in Rockbourne, manufactures microprocessors for computers. Its product is a lot more powerful than its competitors. This scenario is an example of competitive inertia Portfolio Strategy ____________________ are companies using an adaptive strategy that seeks to minimize risk and maximize profits by following or imitating the proven successes of prospectors. Attack ZeCola is a beverage manufacturer. It presents WYB, a zero-calorie drink to compete with We Fresh's Shire, a low-calorie drink. When WYB is released in the market, We Fresh cuts down the price on Shire to match WYB's price. This scenario is an example of a(n) _______________. Market Commonality In the context of direct competition, ______________ is defined as the degree to which two companies have overlapping products, services, or customers in multiple markets. It is an assessment of both the internal and external environment of an organization. Which of the following best describes a SWOT analysis? False A situational analysis is an assessment of the strengths and weaknesses in an organization's internal environment and the opportunities and threats in its external environment. crisis stage In the _________, bankruptcy or dissolution is likely to occur unless the company completely reorganizes the way it does business. Experiential approach is used to establish a new dominant design, whereas compression approach is used to improve the function of the existing dominant design. Which of the following is a difference between experiential approach to innovation and compression approach to innovation? The company is dissolved through bankruptcy proceedings. In the context of organizational decline, which of the following is true of the dissolution stage? Generational change _____ is a change based on incremental improvements to a dominant technological design such that the improved technology is fully backward compatible with the older technology. Change forces _____ are forces that produce differences in the form, quality, or condition of an organization over time. They declare victory too soon. Which of the following is an error that managers make in the refreezing phase? It uses intuition and hands-on experience to reduce uncertainty and accelerate learning. Which of the following statements is true of experiential approach to innovation? Flow _____ is a psychological state of effortlessness, in which you become completely absorbed in what you are doing and time seems to pass quickly. Design competition _________ is a competition between old and new technologies to establish a new technological standard or dominant design. increase interpersonal effectiveness by helping people to become aware of their attitudes. In the context of organizational development, the purpose of large-system interventions is to: Design Iteration _________ is a cycle of repetition in which a company tests a prototype of a new product or service, improves on the design, and then builds and tests the improved product or service prototype. change intervention In the context of managing resistance to change, _________ is the process used to get workers and managers to change their behaviors and work practices. True Nearly all technology cycles follow a typical S-curve pattern of innovation. customers purchase new products to replace older technologies. Technological substitution occurs when: It decreases when change efforts receive significant managerial support. Which of the following statements is true of resistance to change? The flat slope indicates that increased effort brings only small improvements in technological performance. Which of the following is true of the S-curve pattern of innovation of a product? Key managers fail to recognize the internal or external changes that will harm their organizations. In the context of organizational decline, which of the following is true of the crisis stage? True Work group encouragement occurs when group members have diverse experience, education, and backgrounds and the group fosters mutual openness to ideas; positive, constructive challenge to ideas; and shared commitment to ideas. organizational development _________ is a philosophy and collection of planned change interventions designed to improve an organization's long-term health and performance. It is the phase of an innovation stream in which a scientific advance or unique combination of existing technologies creates a significant breakthrough in performance or function. Which of the following best defines technological discontinuity? False When conducting global business, companies should attempt to identify the two types of political risk that are political uncertainty and economic uncertainty. Global new ventures _____ are new companies that are founded with an active global strategy and have sales, employees, and financing in different countries. licensing and franchising. The two kinds of cooperative contracts are: False According to the World Trade Organization, voluntary export restraints are legit and cannot be questioned. False Global new ventures are foreign offices, facilities, and manufacturing plants that are 100 percent owned by the parent company. True The criteria for choosing an office location are the same as the criteria for entering a foreign market. The Maastricht Treaty of Europe Which of the following is a regional trade agreement between most European countries? Political uncertainty _____ is the risk of major changes in political regimes that can result from war, revolution, death of political leaders, or other influential events. They allow companies to earn additional profits without investing more money. Which of the following is an advantage of joint ventures? True Adaptability screening is used to assess how well managers and their families are likely to adjust to foreign cultures. It aims to create a unified South America by permitting free movement between nations. Which of the following statements is true of the World Trade Organization? Cross-cultural training _____ can help reduce uncertainty about how to act and decrease misunderstandings between expatriates and their families and locals. Franchisors face a loss of control when they sell businesses to franchisees who are thousands of miles away. Which of the following is a disadvantage of franchising? The willingness of an expatriate's spouse to leave his or her present job Which of the following is the most important factor in determining the success and failure of an international assignment? cultural simulation In the context of cross-cultural training, the practice of adapting to cultural differences is called: It is a direct tax on imported goods. Which of the following best defines a tariff? strategic alliance The most common _____ is a joint venture, which occurs when two existing companies collaborate to form a third company. Field simulation training _____ is a technique in which trainees are placed in an ethnic neighborhood for three to four hours to talk to residents about cultural differences. True Local adaptation is typically preferred by managers who are charged with making the international business successful in their countries, whereas managers at company headquarters value global consistency because it simplifies decisions. It simplifies decisions for managers at company headquarters. Which of the following statements is true of global consistency? 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What are the two 2 main indicators of such competitive advantage?Product and service quality, old loyal customers, new profitable customers, higher market share, profit growth rate and sales revenue growth rate are considered as the appropriate indicators of Organizational Competitiveness(Alrubaiee et al.
What are two basic ways that companies achieve competitive advantage over their business rivals?According to Michael Porter, there are two types of competitive advantage;. Low cost – where an organization is able to produce its products at a lower cost than its competitors.. Differentiation – where an organization is able to differentiate its products or service in terms of quality, style, customer service, etc.. |
What are two ways that a company can achieve a sustainable competitive advantage quizlet?
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