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STR 581 Capstone Final Exam Part 3
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1.
A(n) ________ market share of exactly 100 percent means that a company is tied
for the market lead. A rise in relative market share means the company is gaining on its
leading competitor. •
potential • relative •
served •
overall 2.
The
typical risks of a cost leadership strategy include___________. •
loss of customer
loyalty •
excessive differentiation to the point where the customer base is too small •
the inability to balance high differentiation and low price •
production and
distribution processes becoming obsolete 3.
The likelihood of entry of new
competitors is affected by and ___________. • the power of existing suppliers; buyers •
the profitability of the industry; the market share of its leading firm • barriers to
entry; expected retaliation of current industry organizations • the demand for the
product; the profitability of the competitors 4. In general, compared with firms which
compete in only one market, among firms which face one another in multiple markets
there is__________. •
similar competitive rivalry •
more competitive rivalry •
less competitive rivalry • no competitive rivalry 5. The three parts of the
external environment which affect a firm's strategic actions are__________. •
economic, political, and legal • industry, business, and product •
local,
national, and global •
general, industry, and competitor 6.
The proper
matching of what a firm can do with what a firm might do__________. • balances the
internal characteristics of the firm with the characteristics of the external environment •
overcomes the rigidity and inertia resulting from a history of success •
develops core competencies based on human knowledge •
yields insights the
firm requires to select its strategy 7.
Gordon Jones is considering purchasing a
computer from Best Buy. He has created a scale for rating eight different computers on
three different characteristics. He plans to make a short list of only those computers that
score at least a 7 on his scale on all three characteristics. Which of the following choice
heuristics has he chosen? • anchoring and adjustment heuristic •
elimination-by-
aspects heuristic • conjunctive heuristic •
lexicographic heuristic 8. The term