Question 1: Which of the following is one of the four Ps of the marketing mix?
Process
Physical evidence
People
Promotion
Planning
QUESTION 2: Which of the following is true about transaction cost economics?
It is a theory that contends that an organization can, at least in part, create an environment for itself that is beneficial to the organization.
It is a theory that contends that organizations are very limited in their ability to adapt to the conditions around them.
It is a theory that examines the extent to which firms copy each other's strategies.
It is a theory that centers on whether it is cheaper for a firm to make or to buy the products that it needs.
It is a theory that contends that the possession of strategic resources can provide an organization with competitive advantages over its rivals.
QUESTION 3: A value chain differs from a supply chain in that a value chain:
is a system of people, activities, information, and resources involved in creating a product and moving it to the customer.
charts the path by which products and services are created and eventually sold to customers.
is a broader concept than a supply chain.
concept is fixated on how fast products can be made available to consumers.
creation requires the components of agility, adaptability, and alignment.
QUESTION 4: _____ provide exclusive rights to the creators of original artistic works such as books, movies, songs, and screenplays.
Patents
Copyrights
Trademarks
Trade secrets
Inventor rights
5 points
QUESTION 5: Which of the following is a primary activity that value chains include?
Procurement
Firm infrastructure
Service
Technology
Human resource management
QUESTION 6: A resource is _____ to the extent that it helps a firm create strategies that capitalize on opportunities and ward off threats.
rare
difficult to imitate
non-substitutable
executable
valuable
QUESTION 7: Which of the following is an example of a patent?
Richard James's Slinky
McDonald's golden arches
The Nike swoosh
The formulation of Coca-Cola
Original artistic creations, like books
QUESTION 8: To earn a(n) _____ from the U.S. Patent and Trademark Office, an inventor must demonstrate than an invention is new, non-obvious, and useful.
copyright
trademark
trade secret
patent
inventor right
QUESTION 9: Which of the following theories for explaining a firm's competitiveness contends that organizations are very limited in their ability to adapt to the conditions around them?
Resource-based theory
Enactment
Transaction cost economics
Environmental determinism
Institutional theory
QUESTION 10: Trademarks:
are phrases, pictures, names, or symbols used to identify a particular organization.
provide exclusive rights to the creators of original artistic works such as books, movies, songs, and screenplays.
are legal decrees that protect inventions from direct imitation for a limited period of time.
refer to formulas, practices, and designs that are central to a firm's business and that remain unknown to competitors.
provide exclusive rights to the creators of formulas, practices, and designs and allow them to keep those a secret.
QUESTION 11: Which of the following is least likely to meet the criteria for strategic resources?
A firm's raw material inventory
A firm's organizational culture
A firm's reputation
A firm's intellectual properties
A firm's employees' skills
QUESTION 12: According to the resource-based theory, _____ of an asset is one of the four qualities that makes it a strategic resource for a business.
availability
dynamism
rarity
tangibility
competitiveness
QUESTION 13: Which of the following refer to formulas, practices, and designs that are central to a firm's business and that remain unknown to competitors?
Patents
Copyrights
Trademarks
Trade secrets
Inventor rights
QUESTION 14: Which of the following is one of the four components required for creating best value supply chains?
Strategic value chain management
Adaptability
Technology
Diversification
Operations
QUESTION 15: It would be simply too costly for an airline to pursue a backward integration strategy and enter the airplane manufacturing business. Which of the following theories for explaining a firm's competitiveness is most likely to give executives such insights?
Resource-based theory
Enactment
Transaction cost economics
Environmental determinism
Institutional theory
QUESTION 16: A firm that enjoys a(n) _____ capability is one that is skilled at continually updating its array of capabilities in order to keep pace with changes in its environment.
competitive
distinctive
strategic
dynamic
evolving
QUESTION 17: Which of the following is true about institutional theory?
It is a theory that contends that an organization can, at least in part, create an environment for itself that is beneficial to the organization.
It is a theory that contends that organizations are very limited in their ability to adapt to the conditions around them.
It is a theory that examines the extent to which firms copy each other's strategies.
It is a theory that centers on whether it is cheaper for a firm to make or to buy the products that it needs.
It is a theory that contends that the possession of strategic resources can provide an organization with competitive advantages over its rivals.
QUESTION 18: _____ is one of the five support activities that value chains include.
Inbound logistics
Technology
Operations
Service
Marketing and sales
QUESTION 19: The formulation of Coca-Cola is an example of a(n) _____.
copyright
trademark
trade secret
patent
inventor right
QUESTION 20: _____ is one of the five primary activities that value chains include.
Procurement
Firm infrastructure
Technology
Human resource management
Inbound logistics