MGT 4335 - CH. 1-5 QUIZZES QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026
What product, introduced in 2001, helped Apple become more successful? - Answers The ipod
Business strategy is defined as a company's plan to gain, and ________, competitive advantage in the
marketplace. - Answers sustain
When thinking of competitive advantage, scoring in the business world is measured by looking at
what financial number? - Answers Profits (ROA or ROE)
What are the two "generic strategies" for offering unique value? - Answers Low cost or differentiation
Steve Jobs was a key capability to the success of Apple. - Answers False
What does the acronym SWOT stand for? - Answers Strengths, Weaknesses, Opportunities, and
Threats
External analysis sheds light on which parts of SWOT? - Answers Opportunities and Threats
Internal analysis sheds light on which parts of SWOT? - Answers Strengths and Weaknesses
Corporate strategy focuses on which of the 4 strategic choices? - Answers Where to compete
Apple's moved to the iPod, iPhone, and then iPad is an example of a(n) _________ strategy? -
Answers emergent
If there are few sellers, but lots of buyers, supplier bargaining power tends to be _________. -
Answers high
When a buyer has a credible threat to backward integrate (making the product themselves), the
buyer bargaining power ________ over suppliers. - Answers increases
High fixed costs and highly perishable products have what effect on rivalry? - Answers Rivalry
increases
What company was used as an example of the poor outcome when not responding to competitors?
This company was eventually purchased by Microsoft. - Answers Nokia
What does NAICS stand for? - Answers North American Industry Classification System
How should a company identify the industry they compete in, and therefore their competitors? -
Answers By identifying the job that their products do for customers
Who identified fives forces that shape profit-making potential of the average firm in an industry? -
Answers Michael Porter
Fragmented industries tend to have _________ competitors and _________ intense rivalry. -
Answers more; more
How do low switching costs for buyers affect rivalry? - Answers Rivalry increases
How does high growth in demand affect rivalry? - Answers Rivalry decreases
How do high levels of unused production capacity affect rivalry? - Answers Rivalry increases
How do low exit barriers affect rivalry? - Answers Rivalry decreases
When buyer price sensitivity is high, buyers tend to exert pressure on suppliers to keep prices
________. - Answers low
Which one of the following does NOT tend to increase buyer price sensitivity? - Answers When the
product affects buyers' performance significantly
Which ONE of the following explains why a competitor would have a hard time competing with
Facebook (used as an example in the text)? - Answers Network effects
Why is Oswald the Lucky Rabbit not a well-known Disney character today? - Answers Disney did not
hold the rights to the Oswald character.
The process it takes to transform raw inputs into finished outputs is called the __________. - Answers
value chain
Which one of the following is NOT one of the four categories of resources mentioned in the text? -
Answers Non-asset resources
What does VRIO stand for? - Answers value, rareness, inimitability, organization to exploit profits
Competitive advantages arise when resources or capabilities possess which two of the four VRIO
attributes? - Answers Value and rareness
Competitive advantages are durable and sustainable when resources or capabilities possess which
two of the four VRIO attributes? - Answers Rareness and inimitability
In our economic system, people show that a product or services holds value by ________. - Answers
Paying money for it
Steve Jobs possessed a(n) _________ to be able to spot great design in a product. - Answers tacit
knowledge
What product, introduced in 2001, helped Apple become more successful? - Answers The ipod
Business strategy is defined as a company's plan to gain, and ________, competitive advantage in the
marketplace. - Answers sustain
When thinking of competitive advantage, scoring in the business world is measured by looking at
what financial number? - Answers Profits (ROA or ROE)
What are the two "generic strategies" for offering unique value? - Answers Low cost or differentiation
Steve Jobs was a key capability to the success of Apple. - Answers False
What does the acronym SWOT stand for? - Answers Strengths, Weaknesses, Opportunities, and
Threats
External analysis sheds light on which parts of SWOT? - Answers Opportunities and Threats
Internal analysis sheds light on which parts of SWOT? - Answers Strengths and Weaknesses
Corporate strategy focuses on which of the 4 strategic choices? - Answers Where to compete
Apple's moved to the iPod, iPhone, and then iPad is an example of a(n) _________ strategy? -
Answers emergent
If there are few sellers, but lots of buyers, supplier bargaining power tends to be _________. -
Answers high
When a buyer has a credible threat to backward integrate (making the product themselves), the
buyer bargaining power ________ over suppliers. - Answers increases
High fixed costs and highly perishable products have what effect on rivalry? - Answers Rivalry
increases
What company was used as an example of the poor outcome when not responding to competitors?
This company was eventually purchased by Microsoft. - Answers Nokia
What does NAICS stand for? - Answers North American Industry Classification System
How should a company identify the industry they compete in, and therefore their competitors? -
Answers By identifying the job that their products do for customers
Who identified fives forces that shape profit-making potential of the average firm in an industry? -
Answers Michael Porter
Fragmented industries tend to have _________ competitors and _________ intense rivalry. -
Answers more; more
How do low switching costs for buyers affect rivalry? - Answers Rivalry increases
How does high growth in demand affect rivalry? - Answers Rivalry decreases
How do high levels of unused production capacity affect rivalry? - Answers Rivalry increases
How do low exit barriers affect rivalry? - Answers Rivalry decreases
When buyer price sensitivity is high, buyers tend to exert pressure on suppliers to keep prices
________. - Answers low
Which one of the following does NOT tend to increase buyer price sensitivity? - Answers When the
product affects buyers' performance significantly
Which ONE of the following explains why a competitor would have a hard time competing with
Facebook (used as an example in the text)? - Answers Network effects
Why is Oswald the Lucky Rabbit not a well-known Disney character today? - Answers Disney did not
hold the rights to the Oswald character.
The process it takes to transform raw inputs into finished outputs is called the __________. - Answers
value chain
Which one of the following is NOT one of the four categories of resources mentioned in the text? -
Answers Non-asset resources
What does VRIO stand for? - Answers value, rareness, inimitability, organization to exploit profits
Competitive advantages arise when resources or capabilities possess which two of the four VRIO
attributes? - Answers Value and rareness
Competitive advantages are durable and sustainable when resources or capabilities possess which
two of the four VRIO attributes? - Answers Rareness and inimitability
In our economic system, people show that a product or services holds value by ________. - Answers
Paying money for it
Steve Jobs possessed a(n) _________ to be able to spot great design in a product. - Answers tacit
knowledge
