Question 1

Maxim is researching his competitor's workforce.In order to do this, Maxim should look at _____________________.

Accepted Answer

Maxim should look at all of these factors to gain a comprehensive understanding of his competitor's workforce. The number of employees can give insight into the company's size and potential resources, while recruiting efforts can indicate areas of focus or expansion. Salary ranges can give insight into the company's compensation philosophy and competitiveness in the market, while hiring policies can reveal the company's values and priorities when it comes to selecting candidates.

Question 2

When new CEOs enter an organization, it is common for them to _____________ their previous efforts at past companies when implementing new strategies.

Accepted Answer

New CEOs often integrate their previous experiences and successful strategies from past companies into their new roles to improve the organization's performance.

Question 3

Over time, most companies develop a _______________.This _______________ is affected by and, in turn, influences the company culture.

Accepted Answer

A company's reputation is the perception that people have of the company and its products or services over time. This reputation is influenced by various factors like the quality of the products or services, customer service, corporate social responsibility, and more. A good reputation can help a company attract and retain customers, while a poor reputation can turn customers away. The company culture also plays a role in shaping the reputation, as it influences how employees interact with customers and how the company responds to customer feedback.

Question 4

Harold used to sell his teas through multiple teahouses throughout the country.Recently he decided to open storefronts in popular malls to sell his tea directly to the customer.Harold's choice to sell directly to the customer is an example of __________________.

Accepted Answer

Forward integration involves a company expanding its activities to include control over the direct distribution or supply of its products, such as opening storefronts to sell directly to customers.

Question 5

_________________________ enables companies to test competitor reaction to possible strategic scenarios such as product modifications or new advertising campaigns.

Accepted Answer

Competitive scenario analysis involves testing competitor reaction to possible strategic scenarios. This allows companies to gain insights into how competitors might respond to changes in the market and adjust their own strategies accordingly. The other options listed are all useful types of analysis, but they do not specifically address the testing of competitor reactions.

Question 6

Clayton is aware that the ability to access financial resources and a quality workforce represents a significant advantage for a competitor.In order to understand his competitive landscape, Clayton should _____________________.

Accepted Answer

Understanding a competitor's financial resources and workforce quality involves analyzing their bond rating, investment in plants and equipment, and stock performance.

Question 7

A company's _______________ is a critical element in competitor analysis.A good way to valuate it is to look at the company's senior management team.

Accepted Answer

Culture is the critical element in competitor analysis that can help differentiate one company from another. Culture influences a company's behavior, decision-making, and ultimately its performance. An organizations' senior management team helps define company culture and values, so it can be a good way to evaluate it. Therefore, the best choice is B.

Question 8

The best candidates for acquisitions or merger are candidates that are _________, ____________ competitors with ___________ growth opportunities.

Accepted Answer

Small companies that have been successful are often attractive targets for acquisition or merger because they have the potential for growth and can be integrated into the acquiring company more easily. Additionally, if they are not direct competitors, there may be opportunities for synergy and increased market share.

Question 9

Pain Perdu, a sit-down restaurant popular in France, has begun to freeze and ship its famous dishes to the United States for sale in grocery stores.This is an example of _____________.

Accepted Answer

The freezing and shipping of Pain Perdu's dishes to the United States for sale in grocery stores represents market expansion because the company is entering a new market (the United States) to sell its products.

Question 10

Xavier started to grow a garden of fresh herbs and vegetables at his house for use in his restaurant, and reduced his need to purchase these items from his supplier.This is an example of _____________.

Accepted Answer

Backward integration occurs when a company expands its role to fulfill tasks formerly completed by businesses up the supply chain, such as a restaurant growing its own produce instead of buying it from suppliers.

Question 11

Company X lowers prices on its gaming systems two days before the traditional Day after Thanksgiving sales, causing other companies to adjust their pricing strategies accordingly, thereby demonstrating a ______________________.

Accepted Answer

Company X's actions caused other companies to adjust their pricing strategies, which indicates a competitive scenario analysis. This suggests that Company X is actively monitoring its competitors and planning its pricing strategies accordingly. While a situation analysis, environmental survey, and SWOT analysis may also be relevant to understanding the market and competitive landscape, the specific example given in the question pertains to a competitive pricing strategy. A research analysis would generally involve a more comprehensive study of consumer behavior, market trends, or other factors that might inform pricing decisions, rather than a specific action taken by a single company.

Question 12

When GE switched from Jack Welch, to Jeffrey Immelt as CEO, the company experienced a change in culture away from _____________ and towards _____________.

Accepted Answer

The answer of When GE switched from Jack Welch, to...

Question 13

Steve Jobs is known for looking at the products that his company is an expert in, recognizing its strengths and using that information to expand into new product lines.This is an example of ____________.

Accepted Answer

Steve Jobs' strategy of using the strengths of his company's existing products to expand into new product lines is an example of product expansion.

Question 14

Christo Enterprises just hired new a CEO, Yvonne.Previously Yvonne worked as CEO for a competitor that was known for cutting costs and redirecting the company focus on core business.Yvonne will probably ____________ at Christo Enterprises.

Accepted Answer

The answer of Christo Enterprises just hired new a CEO,...

Question 15

A company that moves toward the end user is engaged in __________________.

Accepted Answer

Forward integration involves a company expanding its operations to include activities closer to the end user, such as distribution or retail.

Question 16

In __________________, companies merge operations back up the supply chain away from the consumer.

Accepted Answer

Backward integration is the process of merging operations back up the supply chain towards the sources of raw materials, components, and services, which allows a company to gain control over its inputs and potentially reduce costs.

Question 17

Gerry owns the top catering business in Savannah, while Rosalie owns an old mansion popular for rent for private parties and weddings.Fueled by the desire to offer customers a more sophisticated solution, Gerry and Rosalie have decided to partner to offer certain party packages.Gerry and Rosalie are ___________________.

Accepted Answer

The answer of Gerry owns the top catering business in...

Question 18

Companies frequently follow and utilize an established ___________________, which allows competitors to study particular trends in relation to another company.

Accepted Answer

A strategic model is a framework that companies use to guide their business strategies, which competitors can study to understand trends and strategies.

Question 19

Autumn has run a successful full service spa for the past 10 years.This year she decided to open a nail boutique, which specializes in manicures and pedicures on the go.This is an example of ____________.

Accepted Answer

Market expansion occurs when a company enters a new market with its existing products or services. In this case, Autumn is expanding her market by opening a nail boutique, which is a new type of business for her.

Question 20

____________ occurs when a company leverages its existing expertise (technical product experience or supply chain)to create new products for existing or new markets.

Accepted Answer

Product expansion occurs when a company uses its existing expertise to develop new products for existing or new markets. This strategy is often more cost-effective and less risky than developing entirely new capabilities or entering completely new markets.

Quiz 6: Understanding Competitors: Analysis to Action