Question 1

JCPenney and Neiman Marcus these firms have different business strategies.They both accomplish this by providing value to their customers while controlling costs.This is known as __________.

Accepted Answer

A)   Co-opetition
B)   Complementary business models
C)   A competitive advantage
D)   Differential strategic positioningE) A) and B)
F) C) and D)

Question 2

The idea of firms creating significant business opportunities for some 4 billion people on the planet who live in poverty is called ______________.

Accepted Answer

A)   Top of the pyramid
B)   Bottom of the line
C)   Bottom of the pyramid
D)   Top of the lineE) B) and C)
F) A) and D)

Question 3

What is a standalone division of a larger conglomerate,with its own profit-and-loss responsibility?

Accepted Answer

A)   A strategic business element
B)   A strategic business unit
C)   A business model
D)   A corporate divisionE) A) and B)
F) B) and C)

Question 4

Explain how the small firm Threadless uses prosumers and crowdsourcing as an integral part of their business model.Please provide an example for each idea.

Accepted Answer

Prosumers-consumers are given the opport...

Question 5

Which of the following is a major decision that was generated from a change in corporate strategy?

Accepted Answer

A)   Changing Google's pricing model on its Google Ads products
B)   Providing superior customer service at Neiman Marcus retail stores
C)   Selling IBM's personal computer business to the Chinese firm Lenovo
D)   Applying for patents on Pfizer's cholesterol-lowering drug LipitorE) A) and B)
F) B) and C)

Question 6

The text provides an example of stakeholder power in the investment banking industry.In 2007,the net income of the top five U.S.investment banks was roughly $10 billion.This sounds pretty good until you find out that in this same year the salary and bonuses paid to their employees was FOUR times that amount ($40B) .This is an example of what?

Accepted Answer

A)   Strong internal stakeholders capturing the value that would otherwise go to others (such as stockholders) .
B)   Strong external stakeholders having an undue influence on managerial decisions inside the firm.
C)   Weak internal stakeholders not getting inducements commensurate with their contributions to the firm.
D)   In the end, all stakeholder groups are rewarded well if the firm is successful.E) A) and B)
F) B) and C)

Question 7

A business model is not directly connected to how a firm makes money.

Accepted Answer

A) True 
 B)False

Question 8

Explain how a corporation might use co-opetition as a strategy.

Accepted Answer

Direct competitors will cooperate with o...

Question 9

How does Web 2.0 help improve Google's search engine results?

Accepted Answer

A)   Google's algorithm is based on highly sophisticated software.
B)   The PageRank algorithm relies on feedback from prior search results.
C)   Customers using Google search will e-mail them with questions.
D)   It makes the results run faster on the hardware servers.E) A) and B)
F) A) and C)

Question 10

Co-opetition seems to be on the increase.Which of the following would be a good definition of co-opetition?

Accepted Answer

A)   Competitors cooperating with one another to achieve strategic objectives
B)   Suppliers working with their customers to improve product quality
C)   Firms from different industries forming strategic alliances for a common goal
D)   Customers offering their services voluntarily on the InternetE) None of the above
F) C) and D)

Question 11

Individuals or groups that can affect or be affected by the actions of a firm are called _________.

Accepted Answer

A)   Stakeholders
B)   Senators
C)   Associates
D)   CompetitorsE) C) and D)
F) All of the above

Question 12

All of the following are external stakeholders except which of the following?

Accepted Answer

A)   Alliance partners
B)   Customers
C)   Creditors
D)   CompetitorsE) C) and D)
F) All of the above

Question 13

Strategy formulation and implementation affect the organization at every level.What is the top level of strategy within an organization?

Accepted Answer

A)   Business
B)   Functional
C)   Corporate
D)   ProductionE) None of the above
F) B) and C)

Question 14

Business opportunities in the clean-tech economy have much potential.Production of solar panels in China has brought the prices down by 50%,while many countries are providing incentives to invest in the field.However,in strategy we must always look at both opportunities and threats.Which of the following is NOT a threat to the growth of the clean-tech economy?

Accepted Answer

A)   The energy sector is rapidly growing worldwide.
B)   It is not currently cost-competitive with coal and oil.
C)   The U.S. has 30% of the world's known coal reserves.
D)   Market externalities are not priced into current fossil fuels.E) C) and D)
F) A) and C)

Question 15

When competitors cooperate with one another to achieve strategic objectives,this is called?

Accepted Answer

A)   Co-opetition
B)   A merger
C)   Functional tasks
D)   A strategic initiativeE) None of the above
F) C) and D)

Question 16

Name two firms in one industry that have taken different strategic positions.Briefly describe the difference in their approaches.

Accepted Answer

Students may give several answers; the t...

Question 17

Crowdsourcing is where a group of people voluntarily performs tasks that were traditionally completed by a firm's employees.

Accepted Answer

A) True 
 B)False

Question 18

The term strategy is meant to describe the firm's overall quest for competitive advantage.

Accepted Answer

A) True 
 B)False

Question 19

Google's initial competitive advantage over AltaVista and Yahoo was what?

Accepted Answer

A)   Its location in Menlo Park
B)   The PageRank algorithm
C)   Brand recognition
D)   The Keywords productE) A) and C)
F) All of the above

Question 20

Creating prosumers is the idea of allowing consumers to work for you,which forms a hybrid between consumer and producer.Which of the following companies exploits prosumers in their business model?

Accepted Answer

A)   eBay
B)   Amazon
C)   General Electric
D)   ThreadlessE) All of the above
F) A) and B)

Exam 1: What Is Strategy and Why Is It Important

The idea of firms creating significant business opportunities for some 4 billion people on the planet who live in poverty is called ______________.

Correct Answer
verified

When competitors cooperate with one another to achieve strategic objectives,this is called?

Correct Answer
verified

Crowdsourcing is where a group of people voluntarily performs tasks that were traditionally completed by a firm's employees.

Correct Answer
verified

Which of the following is a major decision that was generated from a change in corporate strategy?

Correct Answer
verified

A business model is not directly connected to how a firm makes money.

Correct Answer
verified

Name two firms in one industry that have taken different strategic positions.Briefly describe the difference in their approaches.

Correct Answer
verified
Students may give several answers; the t...
View Answer

JCPenney and Neiman Marcus these firms have different business strategies.They both accomplish this by providing value to their customers while controlling costs.This is known as __________.

Correct Answer
verified

Explain how the small firm Threadless uses prosumers and crowdsourcing as an integral part of their business model.Please provide an example for each idea.

Correct Answer
verified
Prosumers-consumers are given the opport...
View Answer

What is a standalone division of a larger conglomerate,with its own profit-and-loss responsibility?

Correct Answer
verified

The term strategy is meant to describe the firm's overall quest for competitive advantage.

Correct Answer
verified

Individuals or groups that can affect or be affected by the actions of a firm are called _________.

Correct Answer
verified

Correct Answer
verified

How does Web 2.0 help improve Google's search engine results?

Correct Answer
verified

Correct Answer
verified

All of the following are external stakeholders except which of the following?

Correct Answer
verified

Creating prosumers is the idea of allowing consumers to work for you,which forms a hybrid between consumer and producer.Which of the following companies exploits prosumers in their business model?

Correct Answer
verified

Google's initial competitive advantage over AltaVista and Yahoo was what?

Correct Answer
verified

Strategy formulation and implementation affect the organization at every level.What is the top level of strategy within an organization?

Correct Answer
verified

Explain how a corporation might use co-opetition as a strategy.

Correct Answer
verified
Direct competitors will cooperate with o...
View Answer

Co-opetition seems to be on the increase.Which of the following would be a good definition of co-opetition?

Correct Answer
verified

Exam 1: What Is Strategy and Why Is It Important

The idea of firms creating significant business opportunities for some 4 billion people on the planet who live in poverty is called ______________.

Correct AnswerverifiedShow Answer

When competitors cooperate with one another to achieve strategic objectives,this is called?

Correct AnswerverifiedShow Answer

Crowdsourcing is where a group of people voluntarily performs tasks that were traditionally completed by a firm's employees.

Correct AnswerverifiedShow Answer

Which of the following is a major decision that was generated from a change in corporate strategy?

Correct AnswerverifiedShow Answer

A business model is not directly connected to how a firm makes money.

Correct AnswerverifiedShow Answer

Name two firms in one industry that have taken different strategic positions.Briefly describe the difference in their approaches.

Correct AnswerverifiedStudents may give several answers; the t...View AnswerShow Answer

JCPenney and Neiman Marcus these firms have different business strategies.They both accomplish this by providing value to their customers while controlling costs.This is known as __________.

Correct AnswerverifiedShow Answer

Explain how the small firm Threadless uses prosumers and crowdsourcing as an integral part of their business model.Please provide an example for each idea.

Correct AnswerverifiedProsumers-consumers are given the opport...View AnswerShow Answer

What is a standalone division of a larger conglomerate,with its own profit-and-loss responsibility?

Correct AnswerverifiedShow Answer

The term strategy is meant to describe the firm's overall quest for competitive advantage.

Correct AnswerverifiedShow Answer

Individuals or groups that can affect or be affected by the actions of a firm are called _________.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

How does Web 2.0 help improve Google's search engine results?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

All of the following are external stakeholders except which of the following?

Correct AnswerverifiedShow Answer

Creating prosumers is the idea of allowing consumers to work for you,which forms a hybrid between consumer and producer.Which of the following companies exploits prosumers in their business model?

Correct AnswerverifiedShow Answer

Google's initial competitive advantage over AltaVista and Yahoo was what?

Correct AnswerverifiedShow Answer

Strategy formulation and implementation affect the organization at every level.What is the top level of strategy within an organization?

Correct AnswerverifiedShow Answer

Explain how a corporation might use co-opetition as a strategy.

Correct AnswerverifiedDirect competitors will cooperate with o...View AnswerShow Answer

Co-opetition seems to be on the increase.Which of the following would be a good definition of co-opetition?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Students may give several answers; the t...
View Answer

Correct Answer
verified

Correct Answer
verified
Prosumers-consumers are given the opport...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Direct competitors will cooperate with o...
View Answer

Correct Answer
verified