40 Free Test Bank for Strategic Management and Competitive Advantage International Version 4th Edition Barney

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________ costs exist when customers make investments in order to use a firm's particular products or services.

•  A) Strategic-switching
•  B) Competitive-switching
•  C) Customer-switching
•  D) Resource-switching

Mature industries are characterized by

•  A) an increase in total industry demand.
•  B) faster increases in production capacity.
•  C) a slowdown in the introduction of new products or services.
•  D) a decrease in the amount of international competition.

________ are advantages that come to firms that make important strategic and technological decisions early in the development of an industry.

•  A) Visionary advantages
•  B) First-mover advantages
•  C) Comparative advantages
•  D) Missionary advantages

Which of the following is the best example of forward vertical integration?

•  A) A car dealership opening up its own automobile manufacturing plant
•  B) A car company opening its own dealerships to sell its products directly to customers
•  C) A car company opening its own chain of video rental stores
•  D) A car company opening a plant to product motorcycles

Civil wars, political coups, terrorism, wars between countries, famines, and country or regional economic recessions are all examples of which element of the general environment?

•  A) Demographics
•  B) Specific international events
•  C) Economics
•  D) Culture

Overall, the average level of performance in an industry is likely to be highest when

•  A) the threat level of all five forces is high.
•  B) the threat level of rivalry and substitutes is low, but the threat level of suppliers, buyers and new entrants is high.
•  C) the threat level of rivalry, substitutes and new entrants is high, but the threat level of buyers and supplies is low.
•  D) the threat level of all five forces is low.

The advantages that come to firms that make important strategic and technological decisions early in the development of an industry are known as ________ advantages.

•  A) first-mover
•  B) competitive
•  C) early-entrant
•  D) first-comer

If your customers value your products more when they have your product and another firm's product rather than when they have your product alone, the other firm is considered to be a

•  A) competitor.
•  B) complementor.
•  C) rival.
•  D) substitute.

________ valuable assets are resources required to successfully compete in an industry.

•  A) Strategically
•  B) Pedestrian
•  C) Globally
•  D) Domestically

Which type of competition is characterized by a large number of firms, heterogeneous products and low cost of entry and exit?

•  A) Perfect competition
•  B) Monopolistic competition
•  C) Oligopoly
•  D) Monopoly

The products or services provided by a firm's rivals meet ________ customer needs in ________ ways as the product provided by the firm itself.

•  A) different; the same
•  B) approximately the same; the same
•  C) different; different
•  D) approximately the same; different

________ make a wide variety of raw materials, labor and other critical assets available to firms.

•  A) Buyers
•  B) Rivals
•  C) Suppliers
•  D) Substitutes

In the S-C-P model, ________ refers to the strategies that firms in an industry implement.

•  A) structure
•  B) strategy
•  C) conduct
•  D) performance

When activity in an economy is relatively low for a short period of time, the economy is said to be in a

•  A) recession.
•  B) depression.
•  C) prosperous cycle.
•  D) boom.

All other things being equal, which of the following would lead to lower barriers to entry in an industry?

•  A) The existence of economies of scale in the industry
•  B) Products are highly differentiated in the industry.
•  C) Industry incumbents have learning-curve cost advantages.
•  D) Raw materials are widely and readily available at a competitive price.

The major opportunity facing firms in fragmented industries is

•  A) refining their current products and emphasizing an increase in service quality.
•  B) developing new products and technologies.
•  C) creating a first-mover advantage through technological leadership.
•  D) the implementation of strategies that began to consolidate the industry into a smaller number of firms.

Frequent price cutting by firms in an industry, frequent introduction of new products by firms in an industry and intense advertising campaigns are indications of

•  A) high power of buyers.
•  B) high threat of entry.
•  C) high levels of rivalry.
•  D) high threat of substitutes.

Rivalry tends to be high when

•  A) there are few firms in an industry and these firms tend to be unequal in size.
•  B) the industry growth rate is higher.
•  C) firms are unable to differentiate their products.
•  D) production capacity can be added in small increments.

Industries in which a large number of small or medium-sized firms operate and no small set of firms has dominant market share or creates dominant technologies are called ________ industries.

•  A) fragmented
•  B) mature
•  C) emerging
•  D) declining

In a perfectly competitive industry,

•  A) there are relatively few firms operating in the industry.
•  B) the products and services sold by firms in the industry are very different from each other.
•  C) it is very costly for firms to enter the industry.
•  D) it is not very costly for firms to exit the industry.