11.- All of the following are tangible resources EXCEPT:- A. -Production equipment B. Distribution centers. C. Afirm's reputation D. Afirm's headquarters building. 12.- All of the following are intangible resources EXCEPT:- A. +Capital. B. Dynamic capabilities. C. Patents. D. Social complexities. is the value-lost due to choosing to-use resources for one alternative- 13. -A(n) over another. A. Opportunity cost B. Alternative-losse C. Resource loss D. *Opportunity loss 14.-When the value that a customer attaches-to-a-good-or service exceeds the price paid for the good or service, this is a(n): 4 A. Economic surplus. B. Consumer-surplus. C. -Value surplus. D. +Consumer-value. 15.- Value creation is important to competitive advantage because: A. The product or service that is valued the highest-by-the-firm- will deliver competitive advantage(s). B. The product or service that is valued the highest by the customer can charge the highest price. C. -The company with the highest future value will have highest profits. D. The company with the highest present value will-sustain competitive advantage(s). 16. The opening case of Chapter 6 highlights the business-level-strategy of Whole Foods. All of the following are part of this strategy EXCEPT: 4 A. Adopting a new strategic intent to become the champion of healthy eating. B. Reducing costs through initiatives such as expanding its private-label-offerings. C. >Emphasizing its organic food offerings as the tool to compete on price.- D. >Improving its logistics system in order to improve efficiencies. 17.- All of the following are questions that managers answer when selecting a business-level- strategy EXCEPT- A. Who will we serve?- B. How many product markets will we be in? C. -What customer needs and desires will we satisfy? D. Why do we want to satisfy these needs?- 18.-In order for a firm to formulate an effective business-level strategy, it is important to remember that competitive advantage is determined by: 4 A. The characteristics of the industry in which a firm competes. B. -The characteristics of the firm itself- C. -The characteristics of both the industry and the firm. D. The absolute positioning of the firm. 19.-The two primary competitive levers that managers can use in order to answer the question of how to compete are: A. +Cost and core competencies B. Value and cost. C. Value and core competencies. D. Cost and revenues. 20.-A firm's strategic position is: 4 A. -Determined by its business-level strategy.- B. Created through-strategic trade-offs. C. -An attempt to create a large gap between value creation and costs. D. All of these. 21. When the CEO of Whole Foods, John-Mackey, had to make decisions about the company's- cost-structure and value position he was: 4 A. -Making strategic trade-offs. B. Conducting a strategic group map evaluation. C. -Trying to improve the firm's economies of scope. D. Leveraging the low-cost position of the company. is the difference between value creation and cost. 22. The A. -Profit gap B. -Net profit- C.Value gap D. Revenue gap 23.-A generic business strategy is more likely to help a-cost-leadership-firm-achieve competitive advantage when it does which one of the following?- 4 A. Allows a firm to perform similar activities differently than its rivals with resulting lower costs B. -Allows a firm to perform different activities than its rivals with greater value creation C. -Allows a firm to perform similar activities than-its-rivals with greater costs or lower value creation D. Helps-a-firm-create-as-large-a-gap-as possible between the differential-value-created-and-the- cost required 24.Generic business-level-strategies that a firm-can-adopt-include all of the following EXCEPT- A. -Focused cost-leadership strategy. B. -Focused-differentiation strategy. C. +Market differentiation strategy D. -Broad cost-leadership strategy. 25. When a firm-offers products with unique features and higher value for customers than that of the competition, it is implementing a:- A. *Product-broad-strategy B. Differentiation strategy. C.: +Cost-leadership strategy. D. -Product-focused strategy