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Walgreens creates value by focusing on the unique capabilities it has built and nurtured and. c. Product quality C) criteria for lease versus purchase decisions. Maine has been described as the Saudi Arabia of water because its borders contain so much drinkable water. False The industry characteristics that make it very difficult for firms to achieve strategic competitiveness and earn above-average returns includes all of the following EXCEPT: a. A firms tangible resource includes which of the following? A marketing department that promises delivery faster than the production department's ability to produce is an example of a lack of understanding of the. B) the interrelationships among the primary activities of the firm and corporate management. All of the following are tangible resources EXCEPT:- A. Which of the following is a support activity? \text{EXPENDITURES FOR THE MONTH OF JULY} Knowledge b. : Which of the following is an example of innovation resources? 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The components are then shipped back to the United States, where each complete car is assembled. When a company's resources are valuable but not rare, the company is said to have which element? c. Leading Build the IS-LM function.b. Firms utilizing a competitive scope strategy can tailor advertising and promotional efforts to a particular market niche. Southwest Airlines provides an illustration of resource-based theory in action. \text{Fixed} \\ A firm's strategy includes which of the following? Cost leadership is a low-cost, broad-based market strategy. 11.-. What are original equipment manufacturers (OEMs)? A firms tangible resource includes which of the following? It has observed as much of the firm's internal functioning and technology as it can legally, yet Gamma cannot understand why Ardent has a competitive advantage over it. d. Relatively moderate rivalry The resource-based view includes all except which of the following regarding managers? ORGANIZED TO CAPTURE VALUE: Having in place the organizational systems, processes, and structure to capitalize on the potential of the resources and capabilities of the firm to provide a competitive advantage. This customer loyalty is why many passengers choose Southwest over other airlines. [Video]. Resources such as Southwests culture that reflect all four qualitiesvaluable, rare, difficult to imitate, and organized to capture valueare ideal because they can create sustained competitive advantages. An effective way to distinguish resources and capabilities is this: resources refer to what an organization owns, capabilities refer to what the organization can do (Table 4.2). Intangible resources include, for example, the knowledge and skills of employees, a firm's reputation, brand name, exclusive rights . Such competitive advantages are based upon. Strategy is a pattern of resource allocation choices and organizational arrangements that result frommanagerial decision making. Tangible resources can be understood as the resources of a company that can be seen, and measured and are physical in nature. Since the firm has two units of capital, the firm's total fixed cost is$20. a process through which unique products that command high prices and high margins gradually lose their ability to do so. A firm's tangible resource includes which of the following? Trading in strategic resources: Necessary conditions, transaction cost problems, and choice of exchange structure. C) the internal analysis of the firm as well as the external analysis of the industry and competitive environment. ~~~~~\text{Movies} & & 10.00 & 5.00\\ ~~~~~\text{Parking/tolls} & & 15.00 & 15.00\\[10pt] B. productive inputs or competitive assets, except human assets and intellectual capital, which are considered capabilities or competencies. Competitors have a hard time duplicating resources that are difficult to imitate. ~~~~~\text{Newspapers. All Rights Reserved. A) By employing JIT inventory systems, Hewlett Packard has been able to cut lead time from five days to one. b. The purpose of this paper is to investigate the relative contribution of tangible resource (TR) and intangible resource (IR), and capabilities on firm performance based on the measures of market share, sales turnover and profitability. For the event listed here, identify which of the determinants of demand or supply are affected. A resource is organized to capture value when the firm has organizational systems, processes, and structure in place to capitalize on the resource for a competitive advantage. A firm's tangible resource includes which of the following? A resource is valuable to the extent that it helps a firm create strategies that capitalize on opportunities and ward off threats. B) Whenever a company improves or developed its capabilities to support innovation, the organization is said to have the capacity for innovation. Firms often bundle together multiple resources and strategies (that may not be unique in and of themselves) to create uniquely powerful combinations. A) interrelationships among functional areas and firm strategies. False ~~~~~\text{Cable TV bill} & & 25.00 & 25.00\\[10pt] a. A firm's strategy includes which of the following: a. Strategic Management Journal, 5, 171180. Tangible resources include all except which of the following? Southwests culture arose from its very humble beginnings. Industry characteristics of an attractive industry, one where firms may achieve strategiccompetitiveness and earn above-average returns includes which of the following? The best measure of a company's ability to meet imminent financial obligations is known as the. Power of stockholders Examples of tangible resources (in the resource-based view of the firm) include: A) financial resources, human resources, and firm competencies. Which of these categories of financial ratios is used to measure a company's ability to meet its short-term financial obligations? ~~~~~\text{Sporting events/recreation} & & 32.00 & 32.00\\ The particular bundles of resources and capabilities that provide unique advantages to the, Core competencies are resources and capabilities that serve as a source of a firms. Power or employees The influence of Southwests organizational culture extends to how customers are treated by employees. Retrieved from https://commons.wikimedia.org/wiki/File:Southwest_737_Lonestar_One.jpg. What kind of competitive advantage, if any, does this capability provide? Which of the following is not a reason to understand social complexity? Ideally, a firm will its own resources, like Southwests culture, that embrace the four VRIO qualities shown in Table 4.1. In the airline industry, is Southwests culture hard to imitate? T or F Southwests culture arose from its very humble beginnings and has evolved across decades. b. Hierarchical diversification Which of the following is not a limitation of SWOT (Strengths, Weaknesses, Opportunity, Threats) analysis? Planning Resources such as cash and vehicles are valuable, of course, but an organizations competitors can readily acquire them. Chi, T. (1994). False Resources that do not have all four qualities can still be very useful, but they are unlikely to provide long-term advantages. If we assume an increase in Investments by 100 units, please calculate again the IS-LM functions.c. Southwest Airlines, for example, has developed the capability of providing excellent customer service by building on its strong organizational culture. Satisfying only one or two of the valuable, rare, difficult-to-imitate, organized to capture value criteria will likely only lead to competitive parity or a temporary advantage. c. To build a portfolio of businesses much like a portfolio of stock Straddling strategies as an approach to strategic management is not recommended for which reason: It is an attempt to gain competitive advantage based on overall lowcost provider of a product, Research shows that straddling strategies leads to confusion among managers about the, It is an indication that the firm's managers have not made necessary choices about the, According to Porter straddling strategies is recommended for narrow scope firms that have, The industry characteristics that make it very difficult for firms to achieve strategic competitiveness and. 12.-. More specifically, capabilities refer to the firms ability to bundle, manage, or otherwise exploit resources in a manner that provides added value and, hopefully, advantage over competitors. Superiority in competitive advantage refers to all of the following factors EXCEPT: a. Which of the following lists consists of support activities: A) human resource management, technology development, customer service, and procurement, B) human resource management, customer service, marketing and sales, and operations, C) human resource management, information systems, procurement, and firm infrastructure, D) customer service, information systems, technology development, and procurement, Human resource management consists of activities involved in the recruiting, hiring, training, development, and compensation of all types of personnel. All of the following except which example is a reason that relentless imitation can be a dangerous practice? B) in periods of recession or economic boom. D) Wal-Mart implemented a sophisticated information system that resulted in reduced inventory carrying costs and shortened customer response times. How should managers assess changes in their firm's competitive position in their industries during a period of unusual economic growth? This may provide bargaining power for the firm in the marketplace. C) managers should not look at their job as primarily balancing stakeholder demands; increasing satisfaction among multiple stakeholders can be achieved simultaneously. Explanation: Tangible resources have a physical form, t, 5. The major diversification strategy through which products are produced that are technically similar to the company's current products but appeal to a new consumer group is: a. Concentric diversification Instead, capabilities are needed to bundle, to manage, and otherwise to exploit resources in a manner that provides value added to customers and creates advantages over competitors. 12 Test Bank - Gould's Ch. Provide employees with HR support in the event they choose to leave the. For a differentiation strategy to be effective, the product difference should NOT be, The different aspects of strategy as distinguished by Mintzberg include which of the, Firms pursuing a differentiation strategy are vulnerable to different competitive threats. Please analyze the behavior of the markets for goods and money for each area.Cite references to material that you use in preparing the essay. Physical assets such as a firms property, plant, and equipment, as well as cash, are considered to be tangible resources. D) Production equipment. Selected Answer: a.Production equipment Answers: a.Production equipment b.Organizational routines c.Capacity for innovation 4 out of 4 points4 out of 4 points 4 out of 4 points 4 out of 4 points. Resources that can be readily seen, touched, and quantified, such as cash or equipment, Resources that are not physical, like a firms reputation, a patent, or employee knowledge, Resources that provide an organization with an opportunity to develop competitive advantages over its rivals. A key benefit of Southwests culture is that it leads employees to treat customers well, which in turn creates loyalty to Southwest among passengers. XYZ Corp. is focusing on the objective of low-cost, high quality, on-time production by minimizing idle productive facilities and workers. A resource-based view of the firm. c. Conglomerate diversification The XYZ Corp. is taking advantage of a ____________ system. Not all organizations need strategies to survive and thrive. 5 Option A Explanation: Tangible resources have a physical form, t .
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