Customers do not simply send money to an organization because it owns strategic resources. When a company's resources are valuable but not rare, the company is said to have which element? a. One key reason is a legendary organizational culture that inspires employees to do their very best. Based on your personal or professional experience, provide an example of when one of these forces caused an organization to change. In other words, describe a management practice from the course content relating to each of the four functions of management. What was the Kujawas total expenditure for the month of July? False Please Explain, What is the relationship between enterprise information management and self-service portals? 3) Unique style. Before long, The Wonders perform on television and That Thing You Do! is a top-ten hit record. D. At Intel the key historic decision to abandon memory chips and concentrate upon microprocessors was the result of which of the following? Explanation: Tangible resources have a physical form, t, 5. This means that a firm has a unique ability to create new capabilities. The resource-based view (RBV) of the firm combines two perspectives: A) the primary and support activities of the firm. B) Whenever a company improves or developed its capabilities to support innovation, the organization is said to have the capacity for innovation. Course Hero is not sponsored or endorsed by any college or university. A strategic resource is an asset that is valuable, rare, difficult to imitate, and organized to capture value (Barney, 1991; Chi, 1994). The VRIO tool can be used to determine if resources or capabilities are valuable, rare, difficult-to-imitate, and organized to capture value, and thereby understand what type of competitive advantage they offer to a firm. Industry characteristics of an attractive industry, one where firms may achieve strategic competitiveness and earn above-average returns includes which of the following? For a resource to provide a firm with the potential for a sustainable competitive advantage, it must have four attributes. According to resource-based theory, one possible road to riches is creatingon purpose or by accidenta unique combination of resources. The industry characteristics that make it very difficult for firms to achieve strategic competitivenessand earn above-average returns includes all of the following EXCEPT: Explore our library and get Management Homework Help with various study sets and a huge amount of quizzes and questions, Find all the solutions to your textbooks, reveal answers you wouldt find elsewhere, Scan any paper and upload it to find exam solutions and many more, Studying is made a lot easier and more fun with our online flashcards, Try out our new practice tests completely, 2020-2023 Quizplus LLC. ~~~~~\text{Movies} & & 10.00 & 5.00\\ b. Tangible goods such as ones car and home are also vital resources. Other airlines could not replicate Southwests culture, regardless of how hard they might try, because of Southwests unusual history. Verified answer. \text{Fixed} \\ True This customer loyalty is why many passengers choose Southwest over other airlines. Question: What is the average total cost when two units of labor (L) are employed? D) the firm's resources are path dependent. b. Capacity for innovation c. Organizational routines d. Production equipment. Retrieved from https://commons.wikimedia.org/wiki/File:The_VRIO_Framework_with_numbers.png. 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. Not surprisingly, this firm ranks among the top twelve in Fortunes Worlds Most Admired Companies for 2020. If so, these resources can provide not only a competitive advantage but also a sustained competitive advantageone that will endure over time and help the firm stay successful far into the future. False Option A is incorrect here. According to value chain analysis, which of the following would be considered part of a firm's infrastructure? What kind of competitive advantage, if any, does this capability provide? Specifically, it is important to recognize that strategic resources can be created by taking several strategies and resources that each could be copied and bundling them together in a way that cannot be copied. Capacity for innovation Organizational routines d. Production equipment. \text{EXPENDITURES FOR THE MONTH OF JULY} Executives who wish to achieve long-term competitive advantages should therefore place a premium on trying to nurture and develop their firms intangible resources. A firms tangible resource includes which of the following Selected Most other airlines do not have this philosophy. Competitors have a hard time duplicating resources that are difficult to imitate. Congratulations on advancing to the final unit of BUS 1101, the opening course in your degree program! Capabilities are important in part because they are how organizations capture the potential value that resources offer. Figure 4.3: Kindred Grey (2020). Knowledge b. Historical comparisons are often misleading. The table below presents the output and input levels: Also assume that the per unit cost of capital is $10. All of the following are tangible resources EXCEPT:- A. BUS 1101 Ch. 5 Flashcards | Quizlet Note that the decision tree is used to assess resources and capabilities, NOT a firms products, services, or the firm itself. How can the members of an organization reach success doing that thing they do? 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. In value chain analysis, the activities of an organization are divided into two major categories of value activities: primary and support. Tangible resources are resources that can be readily seen, touched, and quantified. Scientific capabiliti Production equipment c. Manufacturing plants d. Formal reporting structures 6. Instead, a resource is strategic to the extent that it is valuable, rare, difficult to imitate, and organized to capture value. Strategic Ch. 4 Flashcards | Quizlet turning over an organizational activity to an outside supplier. B) the key emphasis on customer satisfaction and financial goals are only a means to that end. economics. ~~~~~\text{Credit payments} & & 50.00 & 41.74\\ D) outstanding customer service, innovativeness of products, and reputation. All Rights Reserved. 11.-. Tangible resources include all except which of the following? ______________ are assets that can be seen and quantified. The best strategies, corporate and business, are based on a thorough SWOT analysis. Journal of Management, 17, 99120. Consider the market for minivans. It does not help or hurt Southwest competitively. False A firm's tangible resource includes which of the following? c. Conglomerate diversification ~~~~~\text{Telephone bill} & & 35.00 & 41.20\\ A. A firms tangible resource includes which of the following a - Studocu 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. 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. Which activity is the least risky candidate for outsourcing? Knowledge Capacity for innovation Organizational routines Production equipment. Recently, shareholders have been vocal about the importance of products made in the US. Then discuss how the company caters for their interests and what may happen if their expectations are not met.A water utility companyA multinational food companyA local airport. Strategy is a pattern of resource allocation choices and organizational arrangements that result frommanagerial decision making. Every organization has stakeholders. Which of the following is considered an intangible resource? Quiz 4 Flashcards | Quizlet 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. For firms such as Walgreen Co. (a chain of drugstores), information systems have been a source of competitive advantage by enabling them to. The resource-based view includes all except which of the following regarding managers? Capabilities tend to arise over time as a firm takes actions that build on its strategic resources. The balanced scorecard provides top managers with a _____________ view of the business, The balanced scorecard developed by Kaplan and Norton helps to integrate. competitiveness and earn above-average returns includes which of the following? gifts20.0011.65PocketMoney60.0072.00EntertainmentMovies10.005.00Sportingevents/recreation32.0032.00Diningout100.0063.80FixedRent625.00625.00Furniture125.00125.00Savings100.00100.00Emergencyfund50.0050.00Life/carinsurancepremiums132.50132.50Carregistration4.330Pledges/contributions8.330\begin{array}{l c r r} To capture more consumers C) rarity, path dependency, causal ambiguity, and social substitutability. D. T or F B-Strat Ch. 3 Flashcards | Chegg.com (1991). A US firm has outsources its textile manufacturing to aBangledesh for the last 10 years. A) Knowledge can be considered an important asset or resource of a company, but it is not physical in nature. In contrast, intangible resources are quite difficult to see, to touch, or to quantify. What are original equipment manufacturers (OEMs)? Cost leaders must maintain their marketing or face the possible entry of more cost-effectivecompetitors. A firm's tangible resource includes which of the following? Resources that do not have all four qualities can still be very useful, but they are unlikely to provide long-term advantages. B) the legitimacy and reputation of a firm, D) the efficiency with which a firm utilizes its assets. B. productive inputs or competitive assets, except human assets and intellectual capital, which are considered capabilities or competencies. Which of the following examples demonstrates how successful organizations manage their primary activities? C) Organizational routines. This is an example of, A variety of firm resources include interpersonal relations among managers in the firm, its culture, and its reputation with its suppliers and customers.
