MGT 498 Wk 1 – Practice: Wk 1 – Quiz

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MGT 498 Wk 1 – Practice: Wk 1 – Quiz

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MGT 498 Wk 1 – Practice: Wk 1 – Quiz

MGT 498 Wk 1 – Practice: Wk 1 – Quiz

MGT 498 Wk 1 – Practice: Wk 1 – Quiz

1.

An organization’s _____ describes what the organization actually does—the products and services it plans to provide, and the markets in which it will compete.

Top of Form

Multiple Choice

vision

promissory note

mission

code of conduct

 

2

Which of the following statements is true of customer-oriented visions?

Multiple Choice

They define a business in terms of providing solutions to people’s needs.

They state an organization’s goals in terms of a good or service provided to customers.

They are inflexible with regard to adapting to changing environments

.They tend to force managers to take a myopic view of the business environment.

3

Which of the following statements about competitive advantage is not true?

Multiple Choice

A firm’s past performance does not guarantee its future performance.

A firm will have a sustainable competitive advantage when it outperforms its competitors over a prolonged period of time.

A firm can gain a competitive advantage by providing goods similar to its competitors’ goods at a lower price.

A firm’s competitive advantage is always absolute, not relative.

4

Which of the following statements is true of strategy?

Multiple Choice

Actions that allow a firm to address a competitive challenge are strategy.

Tactical tools that are a part of a firm’s functional and global initiatives are strategy.

Statements of desire, on their own, are strategy.

Operational effectiveness and competitive benchmarking are strategy.

5

A company’s vision primarily states

Multiple Choice

how the company plans to accomplish its goals.

what the company wants to ultimately accomplish.

how the company plans to compete in its industry.

what the company actually does to generate revenues.

6

Quick Eats is a fast-food restaurant that has recently entered the hospitality industry. Since most of its competitors are pursuing a low-cost position and doing well, Quick Eats also wants to adopt the same strategy. Which of the following will be a likely implication of this decision?

Multiple Choice

Quick Eats will face low profit potential.

Quick Eats will be able to create higher value for its customers.

Quick Eats will not face any direct competition in the industry.

Quick Eats will be better placed to gain a competitive advantage in the industry.

7

A firm is likely to have a competitive advantage when it

Multiple Choice

minimizes the difference between value creation and the costs involved.

provides goods similar to those of its competitors, but at a higher price.

performs at a level similar to the other firms in the industry.

provides services that consumers will value more than those of its rivals.

8

The greater the difference between value creation and cost, the

Multiple Choice

less likely a firm will gain competitive advantage.

less likely that a firm’s strategic position will be competitive.

greater a firm’s competitive parity.

greater a firm’s economic contribution.

9

A diagnosis of the competitive challenge, an element of a good strategy, is primarily accomplished through strategy

Multiple Choice

formulation.

implementation.

analysis.

control.

10

Which of the following has contributed to Tesla’s competitive advantage in terms of stock appreciation?

Multiple Choice

reinvesting profits to continually design and produce better electric vehicles

copying the most popular features of competitors’ vehicles

using inexpensive materials to keep costs low

keeping its proprietary technologies secret

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MGT 498 Wk 1 – Practice: Wk 1 – Quiz