1. In which of the following instances is being a first-mover notparticularly advantageous? A. When

1. In which of the following instances is being a first-mover notparticularly advantageous? A. When a pioneer is employing a defensive strategy B. When a pioneer is pursuing product innovation and using a differentiation strategy C. When a pioneer is using a low-cost provider strategy D. When buyers aren’t loyal to pioneering firms in making repeat purchases 2. Which of the following statements is trueof ethical principles in business? A. They’re generally more stringent than the ethical principles for society at large. B. They aren’t materially different from ethical principles in general. C. They’re generally less stringent than the ethical principles for society at large. D. They deal chiefly with the rules each company’s top management and board of directors make about “what’s right”and “what’s wrong.” 3. Which of the following rivals make the besttargets for an offensive attack? A. Firms that are weak in areas where the challenger is strong B. Large, national firms with vast capabilities C. Enterprises that are strong with no possibility of going under D. Strong, secure market leaders 4. The characteristics of a world market where global competition prevails include A. a market situation in which competitive conditions across national markets are linked strongly enough to form a true world market and leading competitors typically compete head-to-head in many different countries. B. minor cost variations from country-to-country (as concerns production, distribution, sales and marketing, and other primary components of the industry value chain), and minimal cross-country trade restrictions. C. many companies racing for global-market leadership, with most contenders using the same basic type of competitive strategy and positioning themselves in the same strategic group. D. a competitive environment comprised of so many competitors that no company has a sizable worldwide market share. 5. One of the big difficulties and challenges that a company encounters in using the damage control approachto dealing with or managing ethics-related issues and ethics conduct is A. writing a code of ethics that looks strong, but that’s really pretty weak in terms of ethical principles. B. credibility problems with stakeholders and susceptibility to ethical scandal. C. a proliferation of ethical rules and guidelines to avoid public scandal. D. that the locus of moral control is shifted to individual employees. 6. A company is said to be a global competitorwhen it A. sells its products in 50 or more countries and is expanding its operations. B. has long-range strategic intentions to compete in as many as 50 country markets. C. competes in 15 or more country markets. D. competes in a majority of the world’s different country markets. 7. The biggestrisk of employing an outsourcing strategy is A. causing the company to become partially integrated instead of being fully integrated. B. putting the company in the position of being a late mover instead of an early mover. C. hollowing out a firm’s own capabilities and losing touch with activities and expertise that contribute fundamentally to the firm’s competitiveness and market success. D. hurting a company’s R&D capability. 8. Which one of the following is nota key element of integrated social-contracts theory? A. Universal ethical principles or norms leave some “moral free space”for the people in a particular country (or local culture or even a company) to make specific interpretations of what other actions may or may not be permissible within the bounds defined by universal ethical principles. B. Universal ethical principles apply in those situations in which most all societies—endowed with rationality and moral knowledge—have common moral agreement on what’s wrong, and thereby put limits on what actions and behaviors fall inside the boundaries of what’s right and which ones fall outside. C. Universal ethical norms always take precedence over local ethical norms. D. Integrated social-contracts theory rejects the slippery slope of ethical relativism and embraces ethical universalism. 9. A company’s social-responsibility strategy is typically comprised of all exceptwhich one of the following elements? A. Actions to keep prices low enough so that the company’s profits won’t be viewed by the general public as obscenely high or exorbitant B. Actions to balance the interests of all company stakeholders, rather than just exclusively looking out for the interests of shareholders C. Making charitable contributions and donating money and the time of company personnel to community-service endeavors D. Actions to enhance workforce diversity and make the company a great place to work 10. A low-cost leader’s basis for competitive advantage is A. using a low-cost/low-price approach to gain the biggest market share. B. lower prices than rival firms. C. meaningfully lower overall costs than competitors. D. high buyer switching costs. 11. Which of the following examples is the bestexample of related diversification? A. A manufacturer of canoes diversifying into the production of tennis rackets B. A producer of golf clubs and golf bags acquiring a maker of digital cameras C. A beer brewer acquiring a maker of aluminum cans D. A PC producer diversifying into producing its own brands of MP3 players and LCD TVs 12. What sets a multinational diversification strategy apart from other diversification strategies is A. the presence of extra degrees of strategic fit and more economies of scope. B. the potential to have a higher degree of technological expertise. C. the potential for faster growth, higher rates of profitability, and more profit sanctuaries. D. a diversity of businesses and a diversity of national markets. 13. Which of the following choices is the definition of business ethics? A. What ethical behaviors should be expected of company personnel in the course of doing their jobs B. Developing a consensus among companies worldwide as to what ethical principles businesses should be expected to follow in their operations C. The application of general ethical principles and standards to the actions and decisions of companies and the behavior of company personnel D. Developing a special set of ethical standards for businesses to observe in conducting their affairs 14. Which of the following statements regarding a company’s social responsibility strategy is false? A. A company’s social responsibility strategy is defined by the specific combination of socially beneficial activities it opts to support with its contributions of time, money, and other resources. B. While the strategies and actions of all socially responsible companies have a sameness in the sense of drawing on the same categories of socially responsible behavior, each company’s version of being socially responsible is unique. C. A company isn’t demonstrating an adequate degree of social responsibility or endeavoring to be model corporate citizen unless it spends at least 5% of pre-tax profits on social responsibility initiatives. D. Many companies tailor their social responsibility strategies to fit their core values and business mission, thereby making their own statement about “how we do business and how we intend to fulfill our duties to all stakeholders and to society at large.” 15. What is the chief difference between a low-cost provider and a focused low-cost provider? A. The degree of bargaining power that buyers have B. The size of the buyer group to which a company is trying to appeal C. The type of value chain being used to achieve a low-cost competitive advantage D. Whether the product is strongly differentiated or weakly differentiated from rivals 16. Companies racing against rivals for global-market leadership need strategic alliances and collaborative partnerships with companies in foreign countries to A. combat the bargaining power of foreign suppliers and help defend against the competitive threat of substitute products produced by foreign rivals. B. get into critical country markets quickly, gain inside knowledge about unfamiliar markets and cultures, and access valuable skills and competencies that are concentrated in particular geographic locations. C. help wage price wars against foreign competitors. D. help raise needed financial capital from foreign banks and use the brand names of their partners to make sales to foreign buyers. 17. Which of the following actions is typically the strategic impetus for forward-vertical integration? A. Gaining better access to end-users and better market visibility B. Being able to control the wholesale/retail portion of the industry value chain C. Allowing the firm access to greater economies of scale D. Fewer disruptions in the delivery of the company’s products to end-users 18. The competitive strategy of a firm pursuing a “think global, act local”approach to strategy-making A. entails little or no strategy coordination across countries. B. is essentially the same in all country markets where it competes, but it may nonetheless give local managers room to make minor variations where needed to better satisfy local buyers and to better match local market conditions. C. involves selling a mostly standardized product worldwide, but varying a company’s use of distribution channels and marketing approaches to accommodate local market conditions. D. usually involves cross-subsidizing the prices in those markets where there are significant country-to-country differences in the product attributes in which customers are most interested. 19. Which of the following choices is nota typical strategic objective or benefit that drives mergers and acquisitions? A. To facilitate a company’s shift from a broad to a focused differentiation strategy B. To create a more cost-efficient operation out of the combined companies C. To extend a company’s business into new product categories D. To gain quick access to new technologies or other resources and capabilities 20. A hit-and-run or guerilla warfare type of offensive strategy involves A. random raids by a small competitor to grab sales and market share from complacent or distracted rivals. B. pitting a small company’s own competitive strengths head-on against the strengths of much larger rivals. C. random offensive attacks used by a market leader to steal customers away from unsuspecting smaller rivals. D. undertaking surprise moves to secure an advantageous position in a fast-growing and profitable market segment using deep price cuts. 21. What is the difference between a company that competes internationallyand a company that competes globally? A. An international competitor competes in a select few foreign markets, while a global competitor has a market presence on most continents and is expanding into additional country markets annually. B. An international competitor has a market presence in countries on one continent, and a global competitor has a market presence in countries on most of the world’s continents. C. An international competitor has a market presence in a few of the biggest country markets in the world, and a global competitor has a market presence in most of the major country markets of the world. D. A global competitor operates in just a few country markets, and an international competitor operates in many country markets. 22. Which of the following is notone of the five generic types of competitive strategy? A. Broad differentiation B. Market-share dominator C. Best-cost provider D. Focused low-cost provider 23. A company’s biggestvulnerability in employing a best-cost provider strategy is A. getting trapped in a price war with low-cost leaders. B. relying too heavily on outsourcing. C. getting squeezed between the strategies of firms employing low-cost provider strategies and high-end differentiation strategies. D. being timid in cutting its prices far enough below high-end differentiators to win away many of their customers. 24. The race among rivals for industry leadership is morelikely to be a marathon rather than a sprint when A. the market depends on the development of complementary products or services that aren’t currently available, buyers have high switching costs, and influential rivals are in position to derail the efforts of a first-mover. B. entry barriers are high, substitute products or services are readily available, and buyers are prone to negotiate aggressively for better terms and lower prices. C. new industry or market segments have yet to be developed and create altogether new consumer demand. D. fast followers find it easy to leapfrog the pioneer with even better next-generation products of their own. 25. Which of the following is notone of the pitfalls of a low-cost provider strategy? A. Becoming too fixated on cost reduction B. Overly aggressive price-cutting C. Trying to set the industry’s price ceiling D. Not emphasizing avenues of cost advantage that can be kept proprietary

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