7/4/25, 9:45
PM
MBA 703 Midterm Exam questions and answers with
complete solutions verified latest update graded a+
+
Terms in this set (85)
Financial performance that consistently outperforms
industry averages.
Difficult to achieve due to the rapid emergence
Sustainable competitive of new products and new competitors.
advantage
Competitors cut costs, cut prices, and increase
features in order to achieve comparative
advantage
Performing the same tasks better than rivals.
Operational The danger lies in similarity and failure to
effectiveness innovate. When offerings are roughly the same,
they are more commodity.
Watch a pioneer's efforts.
Learn from their successes and missteps.
Fast follower problem Enter the market quickly with a comparable or
exists when superior product at a lower cost before the
competitors: first mover can dominate.
1/
16
,7/4/25, 9:45
PM
Because technology can be matched quickly,
firms that pioneer in technology are especially
susceptible to this problem.
Performing different activities than rivals, or the same
activities in a different way.
Strategic positioning:
Technology should create and enable novel
business approaches that are defensibly
different and can be difficult for others to
copy.
To maintain Valu
sustainable able
competitive Rare
advantage, a firm Imperfectly imitable
must control a set of Nonsubstitutable
exploitable resources that
has four critical
characteristics:
IMITATION-RESISTANT A Way of doing business that competitors
VALUE CHAINS struggle to replicate and that involves
technology in a key enabling role
Value chain Set of activities through which a product or
service is created and delivered to customers
inbound logistics receiving, storing, and disseminating inputs to the
product
operations/ transforming inputs into the final product
manufacturing
outbound logistics collecting, storing, and physically distributing the
product to buyers
2/
16
, 7/4/25, 9:45
PM
sales and marketing inducing buyers to purchase the product and providing
a means for them to do so
customer service assisting customer's use of the product and thus
maintaining and enhancing the product's
value
general management,
accounting, legal, finance
the functions that allow
firm infrastructure delivery of daily operations
well designed stores, excellent leadership,
efficient finance, accounting and legal dept
hiring, training, retention, rewards
human resource
management great benefits, motivated workforce, low turnover rate
improving products and the production process,
minimizing IT costs, staying current with new
technology ITs
development
to ensure consistency in taste and quality, to connect
to customers
purchasing input, finding vendors and negotiating best
procurement prices
establish strategic links with qualified suppliers
benchmarking Comparing your own organization, operations,
or processes against other organizations'
(best practices)
3/
16
PM
MBA 703 Midterm Exam questions and answers with
complete solutions verified latest update graded a+
+
Terms in this set (85)
Financial performance that consistently outperforms
industry averages.
Difficult to achieve due to the rapid emergence
Sustainable competitive of new products and new competitors.
advantage
Competitors cut costs, cut prices, and increase
features in order to achieve comparative
advantage
Performing the same tasks better than rivals.
Operational The danger lies in similarity and failure to
effectiveness innovate. When offerings are roughly the same,
they are more commodity.
Watch a pioneer's efforts.
Learn from their successes and missteps.
Fast follower problem Enter the market quickly with a comparable or
exists when superior product at a lower cost before the
competitors: first mover can dominate.
1/
16
,7/4/25, 9:45
PM
Because technology can be matched quickly,
firms that pioneer in technology are especially
susceptible to this problem.
Performing different activities than rivals, or the same
activities in a different way.
Strategic positioning:
Technology should create and enable novel
business approaches that are defensibly
different and can be difficult for others to
copy.
To maintain Valu
sustainable able
competitive Rare
advantage, a firm Imperfectly imitable
must control a set of Nonsubstitutable
exploitable resources that
has four critical
characteristics:
IMITATION-RESISTANT A Way of doing business that competitors
VALUE CHAINS struggle to replicate and that involves
technology in a key enabling role
Value chain Set of activities through which a product or
service is created and delivered to customers
inbound logistics receiving, storing, and disseminating inputs to the
product
operations/ transforming inputs into the final product
manufacturing
outbound logistics collecting, storing, and physically distributing the
product to buyers
2/
16
, 7/4/25, 9:45
PM
sales and marketing inducing buyers to purchase the product and providing
a means for them to do so
customer service assisting customer's use of the product and thus
maintaining and enhancing the product's
value
general management,
accounting, legal, finance
the functions that allow
firm infrastructure delivery of daily operations
well designed stores, excellent leadership,
efficient finance, accounting and legal dept
hiring, training, retention, rewards
human resource
management great benefits, motivated workforce, low turnover rate
improving products and the production process,
minimizing IT costs, staying current with new
technology ITs
development
to ensure consistency in taste and quality, to connect
to customers
purchasing input, finding vendors and negotiating best
procurement prices
establish strategic links with qualified suppliers
benchmarking Comparing your own organization, operations,
or processes against other organizations'
(best practices)
3/
16
