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Exam 3: Internal Analysis: Distinctive Competencies, Competitive Advantage, and Profitability

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Question 1

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Efficiency is

A) defined as the time it takes to produce a product.
B) defined as the cost of inputs required to produce a given output.
C) pursued only by cost leaders.
D) measured by looking at a product's price.
E) lower when the output is high-quality.

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Question 2

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The most successful firms are those that constantly learn and upgrade their distinctive competencies.

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Question 3

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Intel's invention of the microprocessor in the early 1970s,Cisco's development of the router for routing data over the Internet in the mid-1980s,and Apple's development of the iPod,iPhone,and iPad in the 2000s can be referred to as _____ innovations.

Patents typically provide the greatest barrier to imitation.

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Factors that help a company to build and sustain competitive advantage include which of the following?

One of the most widely used measures of financial performance is

Internal analysis is concerned with identifying a company's opportunities and weaknesses.

Distinctive competencies are firm-specific strengths that allow a company to differentiate its products and/or achieve substantially lower costs than its rivals.

The price a company charges for a good or service is typically more than the utility placed on that good or service by the customer.

Which of the following is not a way that companies can avoid failure?

The more a resource is firm-specific and difficult to imitate,the more likely a company holding that resource is said to have a distinctive competency.

Lucy is an entreprenuer who is interested in opening her own bakery.She is concerned with obtaining money for equipment for the bakery such as ovens,pots and pans,and display cabinets.Lucy is trying to obtain intangible resources for her business.

Imitating a company's capabilities tends to be more difficult than imitating its tangible and intangible resources.

Ray is a doctor who treats individuals with heart conditions.Ben is one of Ray's patients.Which function of the value chain is in operation when Ray checks Ben's blood pressure?

Using the value chain model,which of the following primary activities is performed last,as inputs are transformed into outputs?

If a company's profitability is higher than the industry average,it has a competitive advantage.

In the fashion industry,the time required to take a new product from design inception to placement in a retail store is known as customer response time.

The term value chain refers to the idea that a company is

Benchmarking is a practice in which a company's performance is compared against that of competitors and the historic performance of the company itself.