CH 2: The distribution department at Golden Grains Wheat Company has decided to
adopt the FIFO (first in, first out) method of inventory to dispatch its bags of wheat.
Which of the following strategies does this scenario best illustrate?
A. master strategy
B. business strategy
C. functional strategy
D. corporate strategy
Give this one a try later!
C. functional strategy
The distribution department of Golden Grains has decided to implement a
functional strategy. Within each strategic business unit are various business
functions: accounting, finance, human resources, product development,
operations, manufacturing, marketing, and customer service. Each
, functional manager is responsible for decisions and actions within a single
functional area.
CH 12: In a public stock company, senior executives, such as the CEO, face agency
problems when
A. the firm designs work tasks, incentives, and employments that minimize
opportunism.
B. they delegate authority of strategic business units to general managers.
C. they decide to get involved in the day-to-day operations of a company.
D. the board of directors possesses more information about the company than they
do.
Give this one a try later!
B. they delegate authority of strategic business units to general managers.
Senior executives, such as the CEO, face agency problems when they
delegate authority of strategic business units to general managers.
Employees who perform the actual operational labor are agents who work
on behalf of the managers. Such front-line employees often enjoy an
informational advantage over management.
CH. 3: Which of the following features about a buyer indicates that the buyer has high
bargaining power?
A. when the buyer cannot purchase specific products from other sellers
B. when the buyer operates in an industry where products are undifferentiated
C. when the buyer faces high switching costs
,D. when the buyer cannot credibly threaten to backwardly integrate into the industry
Give this one a try later!
B. when the buyer operates in an industry where products are
undifferentiated
The power of buyers is high when the industry's products are standardized
or undifferentiated commodities.
Ch. 1: Which of the following statements should ideally reflect a firm's strategy for
competitive advantage?
A. Our aim is to create superior customer value while controlling costs.
B. We will be number one in the industry.
C. Our strategy is to win at any cost.
D. We want to be the market leader by replicating our competitor's strategy.
Give this one a try later!
A. Our aim is to create superior customer value while controlling costs.
The statement that should ideally reflect a firm's strategy for competitive
advantage is "Our aim is to create superior customer value while
controlling costs." Strategy is about creating superior value, while
containing the cost to create it. Grandiose statements are not strategy; they
provide little managerial guidance and frequently fail to address the
economic fundamentals.
, CH. 3: Which of the following statements with regard to industry structures is true?
A. Having a large number of competitors generally equates to higher industry
profitability.
B. Having few but large competitors increases the threat of strong competitive forces
such as supplier or buyer power.
C. They are stable over time, not dynamic.
D. A consolidated industry tends to be more profitable than a fragmented one.
Give this one a try later!
D. A consolidated industry tends to be more profitable than a fragmented
one.
Since a consolidated industry tends to be more profitable than a
fragmented one, firms have a tendency to change the industry structure in
their favor, making it more consolidated through (horizontal) mergers and
acquisitions.
CH. 8: Ira can be categorized under the late majority customer segment. Which of the
following behaviors is he most likely to exhibit?
A. He will be confident in her ability to master any new technology.
B. He will prefer to buy from well-established brands rather than unknown new
ventures.
C. He will buy beta versions of new products and technology.
D. He will not rely on endorsements by the early majority or early adopters.
Give this one a try later!
adopt the FIFO (first in, first out) method of inventory to dispatch its bags of wheat.
Which of the following strategies does this scenario best illustrate?
A. master strategy
B. business strategy
C. functional strategy
D. corporate strategy
Give this one a try later!
C. functional strategy
The distribution department of Golden Grains has decided to implement a
functional strategy. Within each strategic business unit are various business
functions: accounting, finance, human resources, product development,
operations, manufacturing, marketing, and customer service. Each
, functional manager is responsible for decisions and actions within a single
functional area.
CH 12: In a public stock company, senior executives, such as the CEO, face agency
problems when
A. the firm designs work tasks, incentives, and employments that minimize
opportunism.
B. they delegate authority of strategic business units to general managers.
C. they decide to get involved in the day-to-day operations of a company.
D. the board of directors possesses more information about the company than they
do.
Give this one a try later!
B. they delegate authority of strategic business units to general managers.
Senior executives, such as the CEO, face agency problems when they
delegate authority of strategic business units to general managers.
Employees who perform the actual operational labor are agents who work
on behalf of the managers. Such front-line employees often enjoy an
informational advantage over management.
CH. 3: Which of the following features about a buyer indicates that the buyer has high
bargaining power?
A. when the buyer cannot purchase specific products from other sellers
B. when the buyer operates in an industry where products are undifferentiated
C. when the buyer faces high switching costs
,D. when the buyer cannot credibly threaten to backwardly integrate into the industry
Give this one a try later!
B. when the buyer operates in an industry where products are
undifferentiated
The power of buyers is high when the industry's products are standardized
or undifferentiated commodities.
Ch. 1: Which of the following statements should ideally reflect a firm's strategy for
competitive advantage?
A. Our aim is to create superior customer value while controlling costs.
B. We will be number one in the industry.
C. Our strategy is to win at any cost.
D. We want to be the market leader by replicating our competitor's strategy.
Give this one a try later!
A. Our aim is to create superior customer value while controlling costs.
The statement that should ideally reflect a firm's strategy for competitive
advantage is "Our aim is to create superior customer value while
controlling costs." Strategy is about creating superior value, while
containing the cost to create it. Grandiose statements are not strategy; they
provide little managerial guidance and frequently fail to address the
economic fundamentals.
, CH. 3: Which of the following statements with regard to industry structures is true?
A. Having a large number of competitors generally equates to higher industry
profitability.
B. Having few but large competitors increases the threat of strong competitive forces
such as supplier or buyer power.
C. They are stable over time, not dynamic.
D. A consolidated industry tends to be more profitable than a fragmented one.
Give this one a try later!
D. A consolidated industry tends to be more profitable than a fragmented
one.
Since a consolidated industry tends to be more profitable than a
fragmented one, firms have a tendency to change the industry structure in
their favor, making it more consolidated through (horizontal) mergers and
acquisitions.
CH. 8: Ira can be categorized under the late majority customer segment. Which of the
following behaviors is he most likely to exhibit?
A. He will be confident in her ability to master any new technology.
B. He will prefer to buy from well-established brands rather than unknown new
ventures.
C. He will buy beta versions of new products and technology.
D. He will not rely on endorsements by the early majority or early adopters.
Give this one a try later!
