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Terms in this set (32)What is the main purpose of Porter's Five Forces Model? D. Analyze competition in a market According to
porter, which of the following is most important to achieving a competitive advantage? C. Focusing on becoming the most competitive business within the sector/market According to Porter's five forces model, which of the following firms would be least affected by the threat of substitutes? C. a firm that sells the only drug for a disease 2)
Porter's five forces model is used to assess ________. B) market share Can you identify which of the following forces does not form part of Porter's Five Forces Model? C) Risk of losses What is likely to happen if many new businesses enter a market? C) Industry capacity will fall A market will usually be more difficult to enter if there is: D) Patented or proprietary know-how Which of these situations is likely to cause high bargaining power of suppliers?
B) A few large suppliers dominate the market supply According to Porter's five forces model, which of the following would be most affected by the threat of substitutes? C) Southwest Airlines According to Porter's five forces model, in which of the following
situations would the suppliers have the highest bargaining power? A) a single vendor providing raw materials to many department stores According to Porter's five forces model, in which of
the following examples would rivalry be considered as a weak force affecting the market? A) military services 7) A new drug that has shown promise in curing lung cancer has been discovered by a famous chemical laboratory. This is the only drug effective for treatment of this disease. The laboratory obtains a
patent for the product and decides to sell it. This situation is characterized by ________. A) low threat of substitutions 8) A group of grain farmers in a surplus year will have reduced ________. A) bargaining power 9) Bargaining power of customers is likely to be the highest for markets involving ________. B) industrial products 10) The automobile industry is characterized by many
manufacturers and intense competition among them. This statement illustrates ________. C) high levels of rivalry 11) ABC Motors is the largest manufacturer of cars. The company purchases raw materials from many small-sized sellers across the globe. In this case, ABC
Motors is characterized by ________. B) high bargaining power over its suppliers 12) N-joi Ice Cream recently faced competition against their flagship brand of "black currant ice cream." The competitor made significant
in-roads into this market by offering three varieties of "black currant ice cream." N-joi decided to counter this threat by introducing five new varieties of ice creams. Which competitive strategy is N-joi implementing? B) product differentiation An automobile company decides to improve the quality
of all its products and bring more variety into its product line. The company has decided to adopt ________. B) industry-wide differentiation Focused differentiation occurs when ________. A) a better product is provided within an industry segment Focused cost leadership is observed when a product has the lowest cost ________. A) within an industry segment 16) The difference between the value that an activity generates and the cost of the activity is called the ________. C) margin Porter defined value as the ________. A) amount of money that a customer is willing to pay for an offering Identify the activity in the value chain that involves receiving and handling of raw materials and other inputs to the product. A) inbound logistics The difference between the total value added and the total costs incurred is called the ________ of the value chain. B) total margin 20) A retail marketing
company sells such products as agricultural produce and consumer products. The company procures materials from farmers and local producers. This process of obtaining the inputs needed for a business is called ________. B) inbound logistics Which of the following value chain activities involves transforming raw materials
into a finished product or service? A) operations Which of the following value chain activities involves collecting, storing, and physically distributing the product to buyers? D) outbound logistics 23) Which of the following value chain activities involves inducing buyers to purchase a product and providing a means for them to do so? C) sales and marketing 24) Which of the following value chain activities involves assisting users with handling of the products after sale, thus
maintaining and enhancing the products' value? B) customer service 33) A(n) ________ is a network of activities that generate value by transforming inputs into outputs. A) business process 34) The cost of the business process is the sum of the cost of the inputs and the ________. A) cost of the activities 3 types of corporate forms in CA "conventional" for-profit, not-for-profit, benefit Sets with similar termsMIS CH 347 terms Karly_Whittington8 CISB210-003 Chapter 3 and 728 terms eskubitz123 ISM Chapter 345 terms sharan_shelat bus108-quiz345 terms Ana_Patino7 Other sets by this creatorEl Examen de Cultura14 terms sfredett Revised Final Exam Nut Chap Q164 terms sfredett Nut Final - Q&A from the llama155 terms sfredett Financial Management - Chapter 10 questions77 terms sfredett Other Quizlet setsCh. 14, 15, 17, &21 Quiz83 terms Arielle-Quijada COMMS 333 REVIEW35 terms whitney_gillman 11-2C-5V3 Ch 3--Aircrew Complement/Management44 terms chiarolanza3 AUD168 terms Emma_Romer6 Related questionsQUESTION What was Paul's main reason for writing the second letter to the Thessalonians? 15 answers QUESTION What is characteristic for the intrinsic Pathway of apoptosis? 8 answers QUESTION
Which statement made by a 49-year-old female patient describes a situation common to those in this life stage? 14 answers QUESTION Bill Haley ultimately failed to become the first rock star in part because he: 15 answers What is Porter's theory of competitive advantage?Michael Porter proposed the theory of competitive advantage in 1985. The competitive advantage theory suggests that states and businesses should pursue policies that create high-quality goods to sell at high prices in the market. Porter emphasizes productivity growth as the focus of national strategies.
What are the 5 competitive strategies according to Porter?These forces include the number and power of a company's competitive rivals, potential new market entrants, suppliers, customers, and substitute products that influence a company's profitability.
Can you identify which of the following forces does not from part of Porter's competitive position analysis?Political factor is not one of the Porter's five force factor. The Porter's five forces tool is a simple but powerful tool to evaluate the power of business. Porter's Forces Analysis assumes that there are important forces that determine competitive power in a business situation.
Which of the following is likely to cause high bargaining power of suppliers?The bargaining power of suppliers is high if the buyer does not represent a large portion of the supplier's sales. If substitute products are unavailable in the marketplace, then supplier power is high.
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According to porter, which of the following is most important to achieving a competitive advantage?
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