Reflection Lecture 2 IBIS FCB0025

What is a competitive advantage?

• A product or service that customers value more than competitors' offerings

• A marketing tactic to attract new customers

• A strategy to reduce costs

• A method for increasing employee satisfaction

What does SWOT analysis help to identify?

• Strengths, weaknesses, opportunities, and threats

• Sales, workforce, operations, and technology

• Market share, customer loyalty, and brand value

• Financial performance, employee engagement, and market trends

What is the first-mover advantage?

• Having the lowest prices in the market

• Offering the most diverse product range

• Being the first to market with a competitive advantage

• Establishing the strongest brand presence

Which of the following is NOT one of Porter's Five Forces?

• Rivalry among existing competitors

• Supplier power

• Market segmentation

• Threat of substitute products or services

What does buyer power refer to?

• The competition among existing businesses

• The ability of buyers to affect the price of an item

• The threat posed by new market entrants

• The influence of suppliers on product availability

What is the purpose of value chain analysis?

• To identify potential new markets for expansion

• To evaluate market trends and customer preferences

• To analyze financial performance over time

• To assess internal activities for competitive advantage

Which of the following is a primary value activity in the value chain?

• Human resource management

• Inbound logistics

• Technology development

• Firm infrastructure

What is business process reengineering?

• Redesigning business processes to improve performance

• Creating new products to meet market demands

• Implementing new technology in existing processes

• Outsourcing business functions to third parties

What does business intelligence involve?

• Creating financial reports for stakeholders

• Collecting and analyzing data for strategic decision-making

• Developing new marketing strategies

• Managing employee performance

What is the role of a knowledge worker?

• To handle customer service inquiries

• To oversee financial transactions

• To manage supply chain logistics

• To interpret and analyze information