When a company is the first to market with a competitive advantage, this is called a first-mover

advantage. All of the following companies were first-movers except ____________.

FedEx-the online self-service software.
Apple-iPad.
Apple-iPod.
Microsoft-Bing search engine.
Updating business strategies is a continuous undertaking, as internal and external environments
________.
Become less competitive.
Remain stagnant.
Rapidly change.
Become more consistent.
Which of the below is not one of Porter's Five Forces?
Buyer power
Supplier power
Threat of substitute products or services
Threat of managers
Competitive intelligence is the process of gathering information about the competitive
environment, including _________.
Competitors' employees.
Competitors' differentiated processes.
Competitors' plans.
All of these.
What is a competitive advantage?
A service that an organization's customers value more highly than
similar offerings from a supplier.
A product or service that an organization's customers value more highly
than similar offerings from a competitor.
A product that an organization's customers value the same as an
identical offer from a competitor.
A product or service that an organization's customers value more highly
than similar offerings from a supplier.

Which of the following is Hyundai using as its generic strategy?

Broad differentiation
Focused cost leadership
Focused differentiation
None of these
Which of the following represents a reason why competitive advantages are typically
temporary?
The competitor will hire away your key employees.
The competitor quickly seeks ways to duplicate your business
operations.
The competitor will purchase new technology.
All of these.

A business strategy achieves a specific set of goals, which include __________.

Developing new products or services and attracting new competition.
Increasing costs and attracting new competition.
Attracting new customers and developing new products or services.
All of these.
Which of the following is one of Porter's three generic strategies?
Supplier power
Focused strategy
Value chain analysis
Business process
Identifying competitive advantages can be difficult and explains why they are typically _______.
Temporary.
Satisfactory.
Terminated.
Unsuccessful.

Which of the following is a tool a manager can use to analyze competitive intelligence and
identify competitive advantages?
The three generic strategies.
The threat of substitute buyer power.
Differentiated costs.
Supplier loyalty.
Which of the following is not a typical way that a company would duplicate a competitive
advantage?
Acquiring the new technology.
Copying the business operations.
Hiring away key employees.
Carrying large product inventories.
Which of the following forces is commonly reduced through the use of a loyalty program?
Threat of new entrants
Rivalry among existing competitors
Supplier power
Buyer power
Which part of the value chain acquires raw materials and manufactures, delivers, markets, sells,
and provides after-sales services?
Primary value activities
Secondary value activities
Support value activities
None of these
All of the following are common tools used in industry to analyze and develop competitive
advantages, except:
Five-Forces Model
Three Generic Strategies
Competitive analysis model
Value chain analysis