Strategy is
a. The art of matching the resources and capabilities of a firm to the opportunities and risks in its environment
b. Developing a resource for the company that is both rare and valuable to create competitive advantage
c. Making sure that the resource developed is non-fungible to create a sustainable advantage
d. All of the above
QUESTION 2To attract more bidders, and more aggressive bidders, to your common-value auction
a. withhold relevant information about the value of the object
b. don't allow bidders to know how others are bidding
c. allow potential bidders ample time to examine the object being sold
d. do not hold oral auctions
QUESTION 3If a customer values good A at 15, and it costs the firm 10 to produce, current profit per unit is
a. 10
b. 8
c. 5
d. 1
QUESTION 4To attract more bidders, and more aggressive bidders, to your common-value auction
a. withhold relevant information about the value of the object
b. allow bidders to know how others are bidding
c. do not allow potential bidders to examine the object too closely
d. do not hold oral auctions
QUESTION 5Which of the following is the foundation for success for a company facing competition
a. Create an advantage over the competition
b. Protect the advantage created over the competition
c. Create and protect advantages over the competition
d. None of the above
QUESTION 6To attract more bidders, and more aggressive bidders, to your common-value auction
a. reveal all of the relevant information about the value of the object
b. don't allow bidders to know how others are bidding
c. do not allow potential bidders to examine the object too closely
d. do not hold oral auctions
QUESTION 7Firms maintain their completive edge by
a. Providing a good at lower costs than their rivals
b. Providing a superior product at the same cost as your rival
c. Being innovative
d. All the above
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