Competitive Advantage
A company has a ______ over its rivals when its profitability is greater than the average profitability than all companies in its industry.
Competitive advantage
True or False: lower prices can generate demand
True
True or False: Product design elegance is part of research and development
True or False: Human resources deals only with sexual harassment claims in the workplace.
False
In which US city did the first Starbucks open?
Seattle
What does VRIO stand for?
Value, rarity, inimitability, organization
When a company creates more value it can charge _____ prices.
Higher
The general creation of a good or service, also sometimes called manufacturing.
Production
What are the four support activities?
Company infrastructure, information systems, material management, human resources
What singer holds the record for most Grammy nominations?
Intellectual property is what kind of resource?
Rare resource
At the most basic level, what is ONE of the factors in a company's profitability?
1) customer value
2) price
3) cost of creating goods
What are the four primary activities?
R&D, production, marketing and sales, customer service
What is the support activity that can manage inventory, track sales, price products, sell products, and deal with customer service inquiries?
Information systems
What is the name of Boba Fett's ship in Star Wars?
Slave 1
Southwest has outperformed industry rivals for 4+ decades. What kind of advantage do they have?
Sustained competitive advantage
What is the name of the most famous process improvement tool?
Perrier's ability to charge an increased $2.50 sparkling water, was a result of what strategy? (hint: the strategy increased perceived customer value)
Marketing
What support activity provides an unbroken chain of components for production to manufacture goods on time for customers?
Material management/logistics
Who was the first woman inducted into the Rock and Roll Hall of Fame?
Aretha Franklin
Reverse engineering
demand
What is the population of people working in customer service in the US?
2.8 million
Company infrastructure includes what corporate-level functions?
Legal, accounting, finance, and organizational architecture of a company
What three movies have won 11 oscars each?
Ben-Hur, Titanic, Lord of the Rings: Return of the King