Skip to content
Past Exams

2024 WPC470 Law Final Exam With Answers (650 Solved Questions)

2024 WPC470 Law Final Exam With Answers is the perfect tool for last-minute revision using past exams.

Preview 16 of 134 pages

See the first 16 pages exactly as they appear in the document.

  1. Page 1
    Read page 1 as text

    WPC 470 Final Exam With Verified Questions & Answers Latest Updated 2024 Which of the following statements about a flexible manufacturing system (FMS) is NOT true? a..Used properly, an FMS allows the firm to increase its effectiveness in responding to changes in its customers' needs, while retaining low-cost advantages and consistent product quality. b.An FMS is a computer-controlled process that allows firms to produce a variety of products in moderate, flexible quantities with a minimum of manual intervention. c.The goal of an FMS is to eliminate the "low cost versus product variety" trade-off that is inherent in traditional manufacturing technologies. d.An FMS allows a manufacturer to connect with its suppliers, distributors, and customers, which enables it to satisfy customer expectations in terms of product quality and delivery speed. - An FMS allows a manufacturer to connect with its suppliers, distributors, and customers, which enables it to satisfy customer expectations in terms of product quality and delivery speed. Which of the following statements about a firm's resources and capabilities is true? a.All of a firm's resources and capabilities have the potential to be the foundation for a competitive advantage. b.It is difficult to achieve and sustain a competitive advantage based on resources alone. c.As a source of competitive advantage, a capability must be exceedingly complex to understand and manage. d.When a resource is rare and valuable, it becomes a core competency. - It is difficult to achieve and sustain a competitive advantage based on resources alone When examining the component of Future Objectives for a competitor analysis, which of the following is NOT a question that is addressed? a.How do our goals compare with our competitors' goals? b.Where will emphasis be placed in the future? c.What is the attitude toward risk? d.What is our future break-even point? - What is our future break-even point?

  2. Page 2
  3. Page 3
    Read page 3 as text

    A _____ competitive advantage exists only when competitors are unable to duplicate the benefits of a firm's strategy or when they lack the resources to attempt imitation. a.profitable b.temporary c.rare d.sustainable - sustainable Powerful customers can force a cost leader to reduce its prices, but not below the level at which the cost leader's: a.next-most-efficient industry competitor can earn average returns. b.least efficient industry competitor can earn average returns. c.next-most-efficient industry competitor can earn above-average returns. d.next-most-efficient industry competitor can earn below-average returns. - next-most- efficient industry competitor can earn average returns. A firm combines individual tangible and intangible resources to create: a.assets. b.capabilities. c.competencies. d.advantages. - capabilities The main competitive advantage of a particular major U.S. technology firm is sourcing and procurement of raw materials. This company is facing increasing competition on price and is strongly considering outsourcing as a means of reducing costs. The LAST function this firm should consider outsourcing is: a.operations. b.supply-chain management. c.research and development. d.distribution. - Supply chain management Wallingford Company is trying to determine optimal ways to collect and distribute knowledge throughout the firm. This is an activity for which support function in the value chain? a.Human resources b.Finance c.Management information systems

  4. Page 4
    Read page 4 as text

    d.Distribution - Management Information Systems Vendors across the country offer sunglasses that look virtually identical to those made by Chanel, Prada, Gucci, and other luxury brands — including the trademark logos — but cost far less. These products are the result of: a.competition. b.imitation. c.counterfeiting. d.evolving consumer preferences. - counterfeiting JoAnn Tucker recently took over as Chief Executive Officer (CEO) of Burger-Rama, Inc. Burger-Rama has seen declining profits over the past five years and has struggled to remain competitive in the fast-food industry. In order to achieve strategic competitiveness, JoAnn must: a..conduct training programs and hire educated and experienced employees. b.invest in sophisticated technology in relevant knowledge areas. c.fire the current board of directors and start afresh. d.shift the company's focus to marketing and develop an extensive advertising campaign. - conduct training programs and hire educated and experienced employees Firms failing to perform the value-chain activities and support functions in an optimum manner when implementing the _____ strategy become "stuck in the middle." a.cost leadership b.focus c.differentiation d.integrated cost leadership/differentiation - integrated cost leadership/differentiation The chief executive officer (CEO) and other top-level managers often involve other people to develop the mission statement because: a.the mission deals more directly with product markets and customers. b.it is viewed as a task that can easily be delegated. c.the mission deals more directly with capital markets and shareholders. d.forming the mission is typically not the final responsibility of the CEO or other top-level managers. - The mission deals more directly with product markets and customers

  5. Page 5
    Read page 5 as text

    A firm should outsource only activities where it: a.has the probability of developing core competencies. b.has developed the ability to innovate. c.cannot match up a value chain activity with a support function. d.cannot create value or where it is at a substantial disadvantage compared to competitors. - cannot create value or where it is at a substantial disadvantage compared to competitiors Which of the following strategies helps a firm concentrate on understanding its customers and their needs with greater clarity as a foundation for innovation? a.Market segmentation strategy b.Business model strategy c.Digital strategy d.Cost leadership strategy - Digital strategy When a firm earns below-average returns, it: a.is able to maximize the interests of all stakeholders. b.should reward those stakeholders who have the least power. c.should try to minimize the amount of support lost from stakeholders. d.should treat all stakeholders the same. - should minimize the amount of support lost from stakeholders Which of the following statements about a firm's customers is true? a.Customers are the most obvious stakeholders, at least in U.S. organizations. b.Customers are part of its capital market stakeholders. c.Customers are more important than its other product market stakeholders. d.Customers prefer that investors receive a maximum return on their investments. - Customers are more important than its other product market stakeholders. Joplin Tires' corporate website states "Joplin Tires strives to be the top-selling tire manufacturer in the United States." This statement is Joplin Tires': a.mission. b.statement of organizational culture. c.code of ethics.

  6. Page 6
    Read page 6 as text

    d.vision. - Vision When examining the Assumptions component for a competitor analysis, which of the following is a question that is addressed? a.Do we assume the future will be volatile? b.How are we currently competing? c.How do we rate compared to our competitors? d.What are our strengths and weaknesses? - Do we assume the future will be volatile? Which of the following is NOT an implication of strategic groups? a.Because firms within a group offer similar products to the same customers, the competitive rivalry among them can be intense. b.The strengths of the five forces differ across strategic groups. c.The closer the strategic groups are in terms of their strategies, the greater is the likelihood of rivalry between the groups. d.Strategic groups have less threats to each firm's profitability. - Strategic groups have less threats to each firm's profitability. Which of the following statements about determining which customer needs to satisfy is NOT true? a.In a general sense, needs are related to a product's benefits and features. b.Customers prefer to buy customized products. c.The most effective firms strive continuously to anticipate changes in customers' needs. d.The generalized forms of value that products provide are either high cost with acceptable features or similar features with acceptable cost. - The generalized forms of value that products provide are either high cost with acceptable features or similar features with acceptable cost Which of the following is an assumption of the industrial organization (I/O) model? a.Organizational decision makers are rational individuals who are committed to acting in the firm's best interests. b.Resources and capabilities are not highly mobile across firms. c.Differences in firms' performances across time are due primarily to their unique resources and capabilities.

  7. Page 7
    Read page 7 as text

    d.The internal environment imposes pressures and constraints that determine the firm's strategies. - Organizational decision makers are rational individuals who are committed to acting in the firm's best interests. How firms integrate the activities they complete within each business-level strategy demonstrates: a.how they differ from one another. b.how profitable they will be. c.what their cost structure is. d.whether they will have the lowest costs. - how they differ from one another Which of the following would be considered to be part of Seaside Bar & Grill's capital market stakeholders? a.Shareholders b.Customers c.Suppliers d.Employees - Shareholders Each business-level strategy can help the firm establish and exploit a particular competitive _____ as the basis for how it will create value for customers within a particular competitive _____. a.advantage; scope b.scope; advantage c.geographic area; market d.cost; activity - advantage, scope Amazon has capitalized on which dimension with customers in order to build customer- centric relationships? a.Reach b.Richness c.Affiliation d.Pricing - richness The 2 major driving factors of Hypercompetition are - Global Economy and Technology.

  8. Page 8
    Read page 8 as text

    cost leadership strategy - producing standardized goods or services at costs below competitors costs differentiation strategy - producing differentiated goods or services for which customers are willing to pay a price premium Vision - what we want to be mission - is why we exist Capital market stakeholders - shareholders, major suppliers of capital Product Market Stakeholders - primary customers, suppliers, host communities, unions organizational stakeholders - employees, managers, nonmanagers A _____ describes what a firm does to create, deliver, and capture value for its stakeholders. a.business model b.strategic plan c.business-level strategy d.corporate-level strategy - business model If a firm does not have core competencies in an area required to achieve a competitive advantage, it must: a.change its product line. b.acquire the resources needed to build those competencies. c.analyze the internal organization to identify strengths. d.analyze the internal organization to identify weaknesses. - acquire the resources needed to build those competencies. All of the following are ways that firms develop and use total quality management (TQM) systems EXCEPT

  9. Page 9
    Read page 9 as text

    a.to increase customer satisfaction. b.to cut costs. c.to reduce the amount of time required to introduce innovative products to the marketplace. d.to achieve competitive advantage. - to achieve competitive advantage. Which of the following is an assumption of the resource-based model? a.Resources and capabilities are not highly mobile across firms. b.A firm's performance across time is due primarily to the industry's structural characteristics rather than to the firm's unique resources and capabilities. c.Most firms competing within an industry or within a segment of that industry are assumed to control similar strategically relevant resources and to pursue similar strategies in light of those resources. d.Organizational decision makers are assumed to be rational individuals who are committed to acting in the firm's best interests, as shown by their profit-maximizing behaviors. - Resources and capabilities are not highly mobile across firms. Which of the following countries is most ethnically diverse? a.Japan b.Germany c.Uganda d.South Korea - Uganda Which of the following is a typical risk for a firm that uses the cost leadership strategy? a.Excessive differentiation causing the customer base to become too small b.Loss of customer loyalty c.Production and distribution processes becoming obsolete d.Inability to balance high differentiation with low price - Production and distribution processes becoming obsolete Which of the following statements about an organization's stakeholders is true? a.Not all organizations have stakeholders. b.Stakeholders have enforceable claims on the firm's performance. c.All stakeholders have the same level of influence in an organization.

  10. Page 10
    Read page 10 as text

    d.Stakeholder relationships are important but cannot be a source of competitive advantage. - Stakeholders have enforceable claims on the firm's performance. Core competencies are often visible in the form of organizational: - functions Quality Construction Supply is a building materials provider headquartered in eastern Canada. The firm's leadership team has recognized that intense rivalry in the region is having a negative impact on the firm's growth and profitability. What is the primary reason behind the firm's decision to acquire a similar building materials supplier serving the northeastern United States? a.Acquiring another firm serving a different market will allow Quality Construction Supply to overcome barriers to entry in another country. b.Reducing the firm's dependence on the eastern Canadian market will reshape the firm's competitive scope. c.Acquiring another firm serving a different market will give Quality Construction Supply access to capabilities it lacks. d.Reducing the firm's dependence on the eastern Canadian market will help avoid a hostile takeover. - Reducing the firm's dependence on the eastern Canadian market will reshape the firm's competitive scope TamBoats makes small, personal submarines. Another firm created an innovative tool that can be stored in a small space. Which of the following can TamBoats use to quickly develop its own tool with similar characteristics? a.Review its own products. b.Establish a competitive advantage. c.Research. d.Reverse engineer the product - reverse engineer the product Which of the following companies simultaneously creates economies of scope through both operational and corporate relatedness? a.Procter & Gamble b.Amazon c.Virgin Group d.Honda - Amazon

  11. Page 11
    Read page 11 as text

    What is a critical element for developing and managing technology-based capabilities while using strategic alliances? a.Establishing proper rollout procedures for the technology between partners b.Establishing profit performance measures between partners c.Establishing trust between partners d.Flowcharting the new technology between partners - Establishing trust between partners Which of the following statements about a global strategy is true? a.The global strategy offers fewer opportunities to take innovations developed at the corporate level and apply them in other markets. b.Compared to a multidomestic strategy, the global strategy seeks greater levels of standardization of products across country markets. c.The global strategy is difficult to use because of its conflicting goals. d.A global strategy is most appropriate for use when the differences between the markets a firm serves and the customers in them are significant. - Compared to a multidomestic strategy, the global strategy seeks greater levels of standardization of products across country markets. Acquisitions made between companies with headquarters in different countries are called _____ acquisitions. a.cross-border b.transglobal c.vertical nation d.cross-cultural - cross-border A _____ specifies actions a firm takes to gain a competitive advantage by selecting and managing a group of different businesses competing in different product markets. a.competitor analysis b.competitive response c.corporate-level strategy d.competitive rivalry - corporate-level strategy

  12. Page 12
    Read page 12 as text

    Poole Company recently acquired Carroll Inc. The two firms did not have identical assets, but they are complementary in unique ways. This makes it possible for them to generate: a.private synergy. b.overdiversification. c.resource slack. d.due diligence. - Private synergy _____ integration exists when a company owns its own source of output distribution. a.Backward b.Forward c.Sideways d.Horizontal - forward Of the five entry modes, which is often the quickest means for firms to enter international markets? a.Licensing b.Strategic alliance c.Exporting d.Acquisition - acquisition _____ refers to the absence of direct links between businesses. a.Linkless b.Unrelated c.Unconstrained d.Low-level - unrelated Which of the following statements regarding the allocation of capital is true? a.External investors receive full information regarding current performance and future prospects of a business. b.Businesses seeking capital are not required to provide information to potential suppliers. c.External sources of capital have a limited ability to understand the operational dynamics within large organizations

  13. Page 13
    Read page 13 as text

    d.External shareholders have access to information and therefore receive full and complete disclosure. - External sources of capital have a limited ability to understand the operational dynamics within large organizations Creating operational relatedness is achieved by: a.transferring core competencies. b.sharing activities. c.gaining market power. d.multipoint competition - sharing activities Research has found that being a first mover is often critical to a firm's success in industries that have: a.many competitors. b.slow-cycle markets. c.short product life cycles. d.limited resources. - short product life cycles As a driver of competitive behavior, ability refers to: a.a firm's understanding of the consequences of its competitive actions and responses. b.each firm's resources and the flexibility they provide. c.competing firms' level of market commonality and resource similarity. d.a firm's incentive to take action or to respond to a competitor's attack - each firm's resources and the flexibility they provide. Which of the following is believed to be the strongest determinant of whether a merger or an acquisition will be successful? a.The integration process b.The level of relatedness of the two businesses c.The ability of the firms to achieve synergy d.The type of diversification strategy chosen - the integration process Which of the following is NOT an expected outcome of a management buyout? a.Improved performance b.Downscoping

  14. Page 14
    Read page 14 as text

    c.Increased strategic focus d.Downsizing - downsizing Which of the following approaches to differentiation would present a high-end, luxury handbag and footwear designer with the best opportunity to differentiate itself from competitors? a.Responsive customer service b.Technological leadership c.Perceived prestige and status d.Rapid product innovations - Perceived prestige and status Which of the following is an assumption of the industrial organization (I/O) model? a.Organizational decision makers are rational individuals who are committed to acting in the firm's best interests. b.Resources and capabilities are not highly mobile across firms. c.Differences in firms' performances across time are due primarily to their unique resources and capabilities. d.The internal environment imposes pressures and constraints that determine the firm's strategies. - Organizational decision makers are rational individuals who are committed to acting in the firm's best interests. According to your text, forecasting demand for new technological products is difficult because: a.the market for technology is extremely volatile. b.the market for technology is extremely competitive. c.technology trends are continually shortening product life cycles. d.technology trends fluctuate considerably - technology trends are continually shortening product life cycles. Which of the conditions that characterizes difficult managerial decisions concerning resources, capabilities, and core competencies results from the interrelationships among conditions shaping a firm? a.Complexity b.Uncertainty

  15. Page 15
    Read page 15 as text

    c.Intraorganizational conflict d.Judgment - complexity In order to gain insights from which to select strategies, the firm needs to match what it _____ do with what it _____ do. a.can; cannot b.might; must not c.should; will d.can; might - can, might Resources have a greater likelihood of being a source of competitive advantage when: a.they are tangible in nature. b.they are intangible in nature. c.they are integrated to form a capability. d.they are implemented by top management. - they are integrated to form a capability. _____ is the set of data and information the firm gathers to better understand and anticipate competitors' objectives, strategies, assumptions, and capabilities. a.Rules of engagement b.Competitor intelligence c.A SWOT analysis d.Complementor analysis - competitor intelligence A company can earn above-average returns only when the value it creates is: a.equal to the costs incurred to create that value. b.less than the costs incurred to create that value. c.greater than the costs incurred to create that value. d.both rare and substitutable. - greater than the costs incurred to create that value. People buy products from Soco Outfitters because it is a brand name they know and trust. Soco's costly-to-imitate capabilities arise from: a.an ambiguous cause. b.social complexity. c.a historical source.

  16. Page 16
    Read page 16 as text

    d.interpersonal relationships. - a historical source Core competencies are often visible in the form of organizational: a.functions. b.value. c.culture. d.symbols. - functions Outsourcing allows a firm to nurture a smaller number of capabilities, which: a.increases the potential loss in its ability to innovate. b.decreases opportunities for competitive advantage. c.decreases the loss of jobs within the firm. d.prevents the firm from becoming overextended. - prevents the firm from becoming overextended. RXL and NuVal are two major telecommunications companies. They are in advanced talks for RXL to acquire NuVal, and RXL has hired an investment bank to exclusively complete the due- diligence process. RXL's acquisition performance will likely _____ because of this decision. a.not be affected b.increase c.decrease d.fail - decrease Managing the business units of a geographically diverse multinational firm requires skill, not only in managing a _____ set of businesses, but also coordinating _____ points of view emerging from businesses located in countries and regions. a.decentralized; diverse b.centralized; diverse c.centralized; analogous d.decentralized; analogous - decentralized, diverse Your small company makes a product that your European cousins believe will be popular in their country. You have no foreign manufacturing expertise, but you can manufacture the

118 more pages in the full document

Unlock it once and it stays in your library, ready to chat with or turn into flashcards.

Unlock the full document

More Other Exams & Certifications study materials

See all

Study this document with CramX

Once it is in your library, every tool can work from it.