1. According to our textbook the discussion of competitive advantage and added value always starts with which three things?

a) A sense of relative competitive position

b) The general attractiveness of the industry

c) The trends to which the industry is subject to

d) The dynamics of the situation in which there are a small number of players

2. In regards to anticipating competitive dynamics one should try to anticipate the moves a competitor might what?

a) Regarding the trending direction of interest rates

b) Solving estimating pay off strategy with the cardinal principle of dynamic theory of look ahead and reason back.

c) How they might react to the moves you make.

d) Utilize the idea of iterated elimination of competitors' dominate strategies to maximize our company's profit margins.

3. A business has added value when the network of customers, suppliers, and complementors in which it operates is better off with it than without it- that means what has occurred?

a) Customer value has been maximized.

b) The firm has offered something unique and valuable in the marketplace.

c) Businesses are maximizing their shareholder returns.

d) Competition is at its peak the strategic plan needs to be reevaluated.

4. Strategists now embrace the idea any analysis of competition must consider what?

a) The acceleration of the change curve differential as compared to the fit of the proposed strategy

b) The amount of value a firm can claim

c) Differentiation

d) cost

5. Threats to strategy emanate from both external and internal changes. A sound strategy is more often undermined internally by what?

a) The desire to grow

b) Organizational failures

c) Misguided views of competition

d) Changes in technology

6. Threat of new entry, competitive rivalry, supplier power, buyer power, and threat of substitution are all part of what?

a) A competitive pentagon

b) Porter's Five-Forces

c) The Black Swan Theory of strategic planning

d) Porter's Diamond of Competitive Advantage

7. The exploring of various strategic options primarily focuses on decomposing the firm into parts.

The final step of exploring options is for management to what?

a) Build a team

b) Build a vision of the whole

c) Consider the ruggedness of the business landscape

d) Choice