Question: 1. What is the main difference between industry standards set by consumers versus industry standards set collectively by companies? a. Customers set the standards as

1. What is the main difference between industry standards set by consumers versus industry standards set collectively by companies?

a. Customers set the standards as a result of their buying patterns; companies set the standards after the government implements the standards into the public domain.

b. Customers set the standards by lobbying the government to mandate them; companies set the standards by cooperating with one another to implement them.

c. Customers set the standards as a result of their buying patterns; companies set the standards by working together to implement them.

d. Customers set the standards as a result of their buying patterns; companies set the standards by lobbying the government to mandate them.

2. A situation in which marginal costs rise as a company tries to expand output is called:

a. strategic insignificance.

b. law of diminishing returns.

c. strategic significance.

d. law of expanding returns.

3. Which of these designations indicates a type of technology industry in which the underlying scientific knowledge that companies use is rapidly advancing, as are the attributes of the products and services that result from its application?

a. Low-tech

b. Blu-ray tech

c. Bio-tech

d. High-tech

Three companies, Fast Forward, Ultra Entertainment, and LBS, are investing in developing Blu-ray players for premium, enhanced media experience for customers. The three companies decided to work together in order to avoid introducing competing and incompatible technology. They combined their technologies and are projected to come out with their Blu-ray formatted product next year. What strategy did the companies use to establish their technology as a standard?

a. Killer application

b. Cooperate with competitors

c. License the format

d. Razor and blade strategy

How can a high-tech company implementing a low-cost structure strategy when faced with high fixed costs and low marginal costs increase profitability?

a. Drive down demand and focus on the exclusivity of premium buyers.

b. Stimulate demand and decrease volume.

c. Stimulate demand and increase volume.

d. Drive down demand and decrease volume to avoid fixed costs.

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