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OIM 210 Exam – Questions With Solutions (Solved)
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OIM 210 Exam – Questions With Solutions (Solved)
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OIM 210 Exam – Questions With Solutions (Solved)What do firms strive for? Right Ans - sustainable competitive advantage
what is sustainable competitive advantage? Right Ans - financial
performance that consistently outperforms industry averages
What is operational effectiveness? Right Ans - refers to performing the
same tasks better rivals perform them
What is the fast follower problem? Right Ans - exists when savvy rivals
watch a pioneer's efforts, learn from their successes and missteps, then enter
the market quickly with a comparable or superior product at a lower cost
What is strategic positioning? Right Ans - refers to performing different
activities from those of rivals, or the same activities in a different way
What are FreshDirect two most pressing problems for Big Apple shoppers?
Right Ans - 1. selection is limited
2. prices are high
What is a firm's storefront? Right Ans - A website offering a product mix
heavy on fresh produce, as well as one-click menus and semi-prepared
specials like "meals in four minutes"
What does higher inventory turns mean? Right Ans - the firm is selling
product faster, so it collects money quicker than its rivals do
What is the resource-based view of competitive advantage\? Right Ans -
approach's idea is that if a firm is to maintain sustainable competitve
advantage, a firm must control a set of exploitable resources that have four
critical characteristics
What are teh four critical characterisitcs? Right Ans - - valuable
- rare
- imperfectly imitable
- non-substitutable
, What have firms that craft an imitation-resitant value chain develop? Right
Ans - develop a way of doing business that others will struggle to replicate,
and in nearly every successful effort of this kind, technology plays a key
enabling role
What is the value chain? Right Ans - is the set of interrelated activities that
bring products or services to market
What are the five primary components of value chain? Right Ans - 1.
inbound logistics
2. operations
3. outbound logistics
4. marketing and sales
5. support
What are the four secondary components? Right Ans - 1. firm
infrastructure
2. human resource management
3. technology/research and development
4. procurement
True/False: among a value chain's primary components, goods and
information don't necessarily flow in a line from one function to another
Right Ans - TRUE
True/False: the value chain can be used to map a firm's efficiency and to
benchmark it against rivals, revealing opportunities to use technology to
improve processes and procedures Right Ans - TRUE
What is a brand? Right Ans - The symbolic embodiment of all the
information connected with a product or service, and a strong brand can also
be an exceptionally powerful resource for competitive advantage
Why do consumers use brands? Right Ans - to lower search costs - so
having a strong brand is particularly vital for firms hoping to be the first
online stop for consumers
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