484) The threat of substitute products or services refers to the power of customers to purchase alternatives.
⊚ true
⊚ false
⊚ false
485) The threat of substitute products or services refers to the power of competitors to enter a new market.
⊚ true
⊚ false
⊚ false
486) Tiffany & Company competes in the marketplace by offering high-cost, custom jewelry. Tiffany & Company is following a broad market and cost leadership strategy.
⊚ true
⊚ false
⊚ false
487) Porter has identified three generic business strategies, including focused, broad cost leadership, and switching strategy.
⊚ true
⊚ false
⊚ false
488) According to Porter’s three generic strategies, Walmart is following a business strategy that focuses on broad market and low cost.
⊚ true
⊚ false
⊚ false
489) According to Porter, it is recommended to adopt only one of the three generic strategies.
⊚ true
⊚ false
⊚ false
490) Buyer power is included as one of Porter’s three generic strategies.
⊚ true
⊚ false
⊚ false
491) Value chain analysis views a firm as a series of business processes that each adds value to the product or service.
⊚ true
⊚ false
⊚ false
492) A standardized set of activities that accomplish a specific task is called a supply chain component.
⊚ true
⊚ false
⊚ false
493) The value chain will group a company’s activities into two categories: primary value activities and support value activities.
⊚ true
⊚ false
⊚ false
494) A digital value chain digitizes work across primary and supporting activities. It allows primary activities to connect digitally to help speed up the transition from sales to manufacturing in an organization.
⊚ true
⊚ false
⊚ false
495) A digital data silo digitizes work across primary and supporting activities.
⊚ true
⊚ false
⊚ false
496) A business process is a standardized set of activities that accomplish a specific task, such as processing a customer’s order.
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