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Exam 3: Internal Analysis: Strengths, Weaknesses and Competitive Advantage

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Question 1

Multiple Choice

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Kevin, the General Manager at KlockWorks Inc., wants to assess the true worth of his company. Kevin wants to know the amount of profits accrued by the company, its strengths and weaknesses, and how far ahead is the company compared to its rivals. In order to conduct the research, he does an online search, studies the annual reports, the audits, and pays a visit to a local library. Which of the following types of data gathering techniques for company diamond analysis is being illustrated in the scenario?

A) Observation
B) Interviews
C) Archival data
D) Focus groups

E) None of the above
F) A) and D)

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Question 2

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Walter Evans, the founder of IronRod Shipping Industry, suggested using the company diamond model to help counter the fierce competition in the market. Walter believes that this is a successful model that would create efficient work processes. He believes the model to be an all-purpose solution whether it is in terms of managing resources, prioritizing work, or acknowledging capabilities. Which of the following would strengthen Walter's suggestion to adopt the company diamond method?

A) Since the model relies exclusively on data provided by the company, Walter thinks that it will work in favor of the company.
B) Since the model avoids taking into account the company's weaknesses, it is more likely to be successful.
C) The model will only be fully successful if all employees comply to follow through.
D) The model will allow Walter to become fully aware of the limitations and assets of his company.

E) A) and D)
F) B) and C)

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D

Question 3

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UniFront Corp., a telecommunications company, has launched a new limited-edition smartphone called zNINE that has advanced technology features and is built using high-grade material. The company has made only 99 of these zNINE cellphones and customers are ready to pay more than what the cellphone is worth because it is so limited in number. This scenario can be best categorized as an example of __________.

Kleo wants to start his own textile business. He believes that the best way to pull customers into buying his product is to be the first to create lightweight woolen jackets that would keep an individual warm and would also look good on the person. He decides to set up his store in the small town of Marida, which has a rough wintery season almost throughout the year. Kleo believes that he will be able to achieve plenty of profits with this idea with a commodity that is a needed all throughout the year. Which of the following statements strengthen Kleo's idea?

Annabey Inc., a small candy manufacturing company established in 1937, now has several large units that sell unique flavors of candies and assorted chocolates. When the company started out in 1937, it initially experienced slow growth as it was selling brand new products in the market. Later on, their sales picked up at a drastic speed when customers decided to try their products. The CEO of Annabey credits its growth to all the customers who love their candies and chocolates. Which of the following factors of inimitability is best reflected in this scenario?

A survey is conducted among the customers of a supermarket chain. This survey reveals that the majority of customers prefer to buy Lia, a brand of soap. The reason for the customers' preference is because the company constantly delivers what it promises. In this scenario, the factor that has made the brand of soap named Lia popular among these customers can be best categorized as __________.

Which of the following statements best describes a firm's priorities?

Which of the following is true of a tangible resource?

LuxeDrive Inc. is an automobile company with minimal competition due to features that set it apart from other automobile companies. These features act as qualifications that rival companies find difficult replicate. This scenario can be best categorized as an example of __________.

The characteristics that make a resource or capability difficult to imitate is known as ___.

Which of the following accurately defines a firm's values?

Identify an intangible resource from the following choices.

Todd & Tyler Inc. is an organization that has gained reputation in the market primarily because of its values. The managers of this organization have created a list that ranks the most important job of the day and then consecutively lists the other jobs according to a descending order of importance. In this way, the managers of Todd & Tyler Inc. ensure that the organization's deadlines are handled efficiently. From the information given in this scenario, we can infer that Todd & Tyler Inc. has worked out its __________.

Differentiate between explicit knowledge and tacit knowledge.

Which of the following statements is true of a value chain?

The CEO of Saturn Interiors Corp., an interior designing company, stated in an interview that he credits the company's success to the scenic environment that the company is located in. The employees of Saturn Interiors are inspired by the beauty of nature and that helps them create perfectly aesthetic homes for their customers. A similar company named Virgo Designs LLC had also started up in the same location and around the same time as Saturn Interiors. However, this company was unable to provide the same services to its customers even though the management hoped to do what Saturn Interiors did. It was later found that the employees of Saturn Interiors were trained in a specific way, and the culture of the company was very different from the way Virgo Designs functioned. Which of the following factors of inimitability does Saturn Interiors Corp. have?

Which of the following statements is true about resources?

Define resources.

Define rarity and explain how it creates competitive advantage.

Identify a true statement about dynamic capabilities.