WPC 480 EXAM 1 QUESTIONS AND ANSWERS
Which of the following statements about the social responsibilities of a business is
accurate? - Answers - A firm's ethical responsibilities go beyond its legal
responsibilities.
Which of the following is an example of competitive parity? - Answers - A firm produces
a similar number of wall clocks at a similar cost as its competitors.
________ is best described as an integrative management field that combines analysis,
formulation, and implementation in the quest for competitive advantage. - Answers -
Strategic management
Golden Age Cinemas Inc. and HiDef Inc. are two companies that own and run movie
theaters in malls and other commercial areas. Both are trying to coax consumers back
into movie theaters after the COVID-19 pandemic shutdowns. While Golden Age
Cinemas Inc. pursues a cost-leadership strategy, HiDef Inc. adopts a differentiation
strategy. Which of the following statements is most likely true of this scenario? -
Answers - HiDef and Golden Age Cinemas will not be direct competitors to each other,
and their customer segments will overlap very little.
If all firms in an industry pursued a low-cost position through application of competitive
benchmarking, which of the following would happen? - Answers - The firms would
eventually have no resources to invest in product and process improvements.
A customer-oriented vision statement focuses employees to think about how best to -
Answers - solve a problem for a consumer.
Which of the following answers best explains why addressing strategic inflection points
is a difficult leadership challenge? - Answers - It requires fundamental changes to the
firm's strategy, and leaders are often late in comprehending that their belief system is no
longer a good fit with the new circumstances.
When are employees likely to fail to adopt the organizational values of a firm? -
Answers - when the top managers in the firm are merely paying lip service to the firm's
stated values
The first step to gain and sustain a competitive advantage is to - Answers - define an
organization's vision, mission, and values.
Rayya is exploring multiple suppliers in order to find the best price. However, instead of
calling all seven potential suppliers, he only reaches out to the first four and bases his
selection on those instead of contacting all suppliers. Rayya's action best describes the
concept of - Answers - satisficing
Which of the following statements about the social responsibilities of a business is
accurate? - Answers - A firm's ethical responsibilities go beyond its legal
responsibilities.
Which of the following is an example of competitive parity? - Answers - A firm produces
a similar number of wall clocks at a similar cost as its competitors.
________ is best described as an integrative management field that combines analysis,
formulation, and implementation in the quest for competitive advantage. - Answers -
Strategic management
Golden Age Cinemas Inc. and HiDef Inc. are two companies that own and run movie
theaters in malls and other commercial areas. Both are trying to coax consumers back
into movie theaters after the COVID-19 pandemic shutdowns. While Golden Age
Cinemas Inc. pursues a cost-leadership strategy, HiDef Inc. adopts a differentiation
strategy. Which of the following statements is most likely true of this scenario? -
Answers - HiDef and Golden Age Cinemas will not be direct competitors to each other,
and their customer segments will overlap very little.
If all firms in an industry pursued a low-cost position through application of competitive
benchmarking, which of the following would happen? - Answers - The firms would
eventually have no resources to invest in product and process improvements.
A customer-oriented vision statement focuses employees to think about how best to -
Answers - solve a problem for a consumer.
Which of the following answers best explains why addressing strategic inflection points
is a difficult leadership challenge? - Answers - It requires fundamental changes to the
firm's strategy, and leaders are often late in comprehending that their belief system is no
longer a good fit with the new circumstances.
When are employees likely to fail to adopt the organizational values of a firm? -
Answers - when the top managers in the firm are merely paying lip service to the firm's
stated values
The first step to gain and sustain a competitive advantage is to - Answers - define an
organization's vision, mission, and values.
Rayya is exploring multiple suppliers in order to find the best price. However, instead of
calling all seven potential suppliers, he only reaches out to the first four and bases his
selection on those instead of contacting all suppliers. Rayya's action best describes the
concept of - Answers - satisficing
