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 “conglomerates” refers to firms using the diversification strategy. related constrained related linked global unrelated 9. The goal of the organization’s ________ is to point the firm in the direction of where it would like to be in the years to come. strategy mission culture vision 10. A company that seeks to increase its sales and profits through backward, forward, or horizontal integration within the industry is said to be employing a(n) ________ growth strategy. target diversification intensive integrative 11. Annual-plan control requires making sure the company isn’t overspending to achieve sales goals. The key ratio to watch is ___________. stock turnover marketing expense-to-sales cash flow return on investment gross margin 12. The recent joint ventures formed by BP with Russian and Indian partners showed the importance of the ________ segment of the general environment that BP and other integrated oil firms have to manage when contending with scarce resources. physical demographic global political/legal 13. Many consumers are willing to pay $100 for a perfume that contains $10 worth of scent because the perfume is from a well-known brand. What kind of pricing is the company depending on? image pricing market-skimming pricing target pricing going-rate pricing 14. Hilton Hotels customizes rooms and lobbies according to location. Northeastern hotels are sleeker and more cosmopolitan. Southwestern hotels are more rustic. This is an example of ________ segmentation. psychographic geographic demographic behavioral 15. A group of college graduates decides to start a business. Though they are knowledgeable in various business domains, they are unable to arrive at a valuable business idea. They decide to search for ideas in a structured manner. They meet
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