1. Which of the following is the best characterization of sociocultural forces?

a) a focus group's culture, norms, and values

b) a society's culture, norms, and values

c) a firm's culture, norms, and values

d) a competitor's culture, norms, and values

2. The final step in industry analysis is to

a) draw a strategic-group map.

b) define the relevant industry.

c) identify the key players in each of the five forces.

d) identify the underlying drivers of the five forces.

3. Curry Rush is a premium Asian restaurant chain that differentiates itself from a large number of competitors by providing exclusively organic Vietnamese cuisine. It has some pricing power because it provides differentiated products and therefore, has some entry barriers in place. In this scenario, Curry Rush is most likely operating in a(n)

a) perfectly competitive industry.

b) monopoly.

c) monopolistically competitive industry.

d) oligopoly.

4. Which of the following statements with regard to industry structures is true?

a) A consolidated industry tends to be more profitable than a fragmented one.

b) Having a large number of competitors generally equates to higher industry profitability.

c)  They are stable over time, not dynamic.

d) Having few but large competitors increases the threat of strong competitive forces such as supplier or buyer power.

5) A firm will fail to create a sustained competitive advantage when the

a) source of its competitive advantage is socially complex.

b) source of its competitive advantage is causally ambiguous.

c) resource bundles exhibit heterogeneity and immobility.

d) fit between its internal strengths and the external environment is static.