Question 1: Which of the following is one of the four Ps of the marketing mix?

Process

Physical evidence

People

Promotion

Planning

QUESTION 2: Which of the following is true about transaction cost economics?

It is a theory that contends that an organization can, at least in part, create an environment for itself that is beneficial to the organization.

It is a theory that contends that organizations are very limited in their ability to adapt to the conditions around them.

It is a theory that examines the extent to which firms copy each other's strategies.

It is a theory that centers on whether it is cheaper for a firm to make or to buy the products that it needs.

It is a theory that contends that the possession of strategic resources can provide an organization with competitive advantages over its rivals.

QUESTION 3: A value chain differs from a supply chain in that a value chain:

is a system of people, activities, information, and resources involved in creating a product and moving it to the customer.

charts the path by which products and services are created and eventually sold to customers.

is a broader concept than a supply chain.

concept is fixated on how fast products can be made available to consumers.

creation requires the components of agility, adaptability, and alignment.

QUESTION 4: _____ provide exclusive rights to the creators of original artistic works such as books, movies, songs, and screenplays.

Patents

Copyrights

Trademarks

Trade secrets

Inventor rights

5 points

QUESTION 5: Which of the following is a primary activity that value chains include?

Procurement

Firm infrastructure

Service

Technology

Human resource management

QUESTION 6: A resource is _____ to the extent that it helps a firm create strategies that capitalize on opportunities and ward off threats.

rare

difficult to imitate

non-substitutable

executable

valuable

QUESTION 7: Which of the following is an example of a patent?

Richard James's Slinky

McDonald's golden arches

The Nike swoosh

The formulation of Coca-Cola

Original artistic creations, like books

QUESTION 8: To earn a(n) _____ from the U.S. Patent and Trademark Office, an inventor must demonstrate than an invention is new, non-obvious, and useful.

copyright

trademark

trade secret

patent

inventor right

QUESTION 9: Which of the following theories for explaining a firm's competitiveness contends that organizations are very limited in their ability to adapt to the conditions around them?

Resource-based theory

Enactment

Transaction cost economics

Environmental determinism

Institutional theory

QUESTION 10: Trademarks:

are phrases, pictures, names, or symbols used to identify a particular organization.

provide exclusive rights to the creators of original artistic works such as books, movies, songs, and screenplays.

are legal decrees that protect inventions from direct imitation for a limited period of time.

refer to formulas, practices, and designs that are central to a firm's business and that remain unknown to competitors.

provide exclusive rights to the creators of formulas, practices, and designs and allow them to keep those a secret.

QUESTION 11: Which of the following is least likely to meet the criteria for strategic resources?

A firm's raw material inventory

A firm's organizational culture

A firm's reputation

A firm's intellectual properties

A firm's employees' skills

QUESTION 12: According to the resource-based theory, _____ of an asset is one of the four qualities that makes it a strategic resource for a business.

availability

dynamism

rarity

tangibility

competitiveness

QUESTION 13: Which of the following refer to formulas, practices, and designs that are central to a firm's business and that remain unknown to competitors?

Patents

Copyrights

Trademarks

Trade secrets

Inventor rights

QUESTION 14: Which of the following is one of the four components required for creating best value supply chains?

Strategic value chain management

Adaptability

Technology

Diversification

Operations

QUESTION 15: It would be simply too costly for an airline to pursue a backward integration strategy and enter the airplane manufacturing business. Which of the following theories for explaining a firm's competitiveness is most likely to give executives such insights?

Resource-based theory

Enactment

Transaction cost economics

Environmental determinism

Institutional theory

QUESTION 16: A firm that enjoys a(n) _____ capability is one that is skilled at continually updating its array of capabilities in order to keep pace with changes in its environment.

competitive

distinctive

strategic

dynamic

evolving

QUESTION 17: Which of the following is true about institutional theory?

It is a theory that contends that an organization can, at least in part, create an environment for itself that is beneficial to the organization.

It is a theory that contends that organizations are very limited in their ability to adapt to the conditions around them.

It is a theory that examines the extent to which firms copy each other's strategies.

It is a theory that centers on whether it is cheaper for a firm to make or to buy the products that it needs.

It is a theory that contends that the possession of strategic resources can provide an organization with competitive advantages over its rivals.

QUESTION 18: _____ is one of the five support activities that value chains include.

Inbound logistics

Technology

Operations

Service

Marketing and sales

QUESTION 19: The formulation of Coca-Cola is an example of a(n) _____.

copyright

trademark

trade secret

patent

inventor right

QUESTION 20: _____ is one of the five primary activities that value chains include.

Procurement

Firm infrastructure

Technology

Human resource management

Inbound logistics