B) psychographic uniqueness, path dependency, causal ambiguity, and substitutability. : an American History (Eric Foner), The Methodology of the Social Sciences (Max Weber), Campbell Biology (Jane B. Reece; Lisa A. Urry; Michael L. Cain; Steven A. Wasserman; Peter V. Minorsky), Principles of Environmental Science (William P. Cunningham; Mary Ann Cunningham). The bands magic vanishes as quickly as it appeared, however. Verified answer. A) KnowledgeB) Capacity for innovationC) Organizational routinesD) Production equipment. 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. Firms utilizing a competitive scope strategy can tailor advertising and promotional efforts to a particular market niche. A resource is valuable to the extent that it helps a firm create strategies that capitalize on opportunities and ward off threats. Question 5 A firm's tangible resource includes which of the following? and more. A firms tangible resource includes which of the following? For firms such as Walgreen Co. (a chain of drugstores), information systems have been a source of competitive advantage by enabling them to. D) the effectiveness of its lobbying activities. Want to create or adapt books like this? True B. Superiority in competitive advantage refers to all of the following factors: 1) Customer service. B) the interrelationships among the primary activities of the firm and corporate management. All of the following except which example is a reason that relentless imitation can be a dangerous practice? Strategic Ch. 4 Flashcards | Quizlet B) financial resources, physical resources, and the capacity to combine intangible resources. B) rare, inimitable, physically unique, nonsubstitutable. Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. This is an example of their. Capacity for innovationc. A firm's tangible resource includes which of the following?a. managers should focus exclusively on the current market environment. For the event listed here, identify which of the determinants of demand or supply are affected. ~~~~~\text{Cable TV bill} & & 25.00 & 25.00\\[10pt] Cross), The Methodology of the Social Sciences (Max Weber), Civilization and its Discontents (Sigmund Freud), Campbell Biology (Jane B. Reece; Lisa A. Urry; Michael L. Cain; Steven A. Wasserman; Peter V. Minorsky), Give Me Liberty! Industry characteristics of an attractive industry, one where firms may achieve strategiccompetitiveness and earn above-average returns includes which of the following? \text{Fixed} \\ B. 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. Resource-based theory also stresses the merit of an old saying: the whole is greater than the sum of its parts. If we assume an increase in Investments by 100 units, please calculate again the IS-LM functions.c. 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. C) tangible resources, intangible resources, and organizational capabilities. When a company's resources are valuable but not rare, the company is said to have which element? Thus an organization cannot hope to create an enduring competitive advantage around common resources. Which of the following would be most difficult to assess? c. Conglomerate diversification Which of the following is not one of these attributes: For a resource to provide a firm with the potential for a sustainable competitive advantage, it must have the following four attributes. Low entry barriers the K-W test? True A) supports only individual primary activities. One resource is lead singer Jimmy Mattingly, who possesses immense musical talent. Which of the following is a tangible reource?*. This customer loyalty is why many passengers choose Southwest over other airlines. Principles of Management, Chapter 5 Flashcards | Quizlet 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. Capacity for innovation c. Organizational routines d. Production equipment. O - Firms utilizing a competitive scope strategy can tailor advertising and promotional efforts to aparticular market niche C) financial analysis and stakeholder perspectives. Complete the following statements using either "debit" or "credit": (b) The owner's capital account is increased with a _________. D) geographic uniqueness, cause dependency, social ambiguity, and path complexity. Production equipment B) Capacity for innovation. It. Verified answer. If yes, then Southwests culture is providing a sustained competitive advantage. A companys value derives not from things, but from ____________. Low cost Which of the following is an example of a technological resource? C) repairing the product for the consumer, D) monitoring the cost of producing the product through a cost accounting system. The influence of Southwests organizational culture extends to how customers are treated by employees. Executives who wish to achieve long-term competitive advantages should therefore place a premium on trying to nurture and develop their firms intangible resources. Figure 4.2: Planephotoman. Other resources are hard to copy because they evolve over time and they reflect unique aspects of the firm. Tangible goods such as ones car and home are also vital resources. Knowledge B) Motorola has revised its compensation system to reward employees who learn a variety of skills. Physical assets such as a firms property, plant, and equipment, as well as cash, are considered to be tangible resources. Transcribed image text: 5. D) reputation with suppliers and customers. D) Wal-Mart implemented a sophisticated information system that resulted in reduced inventory carrying costs and shortened customer response times. : C) criteria for lease versus purchase decisions. In the airline industry, is Southwests culture hard to imitate? For example, Southwests culture is complemented by approaches that individually could be copiedthe airlines emphasis on direct flights, its reliance on one type of plane, and its unique system for passenger boardingto create a unique business model whose performance is without peer in the industry. Scientific capabiliti Production equipment c. Manufacturing plants d. Formal reporting structures 6. ~~~~~\text{Movies} & & 10.00 & 5.00\\ 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. Scientific capabiliti Production equipment c. Manufacturing plants d. Formal reporting structures 6. Ratios that reflect whether or not a firm is efficiently using its resources are known as, Historical comparisons provide information to managers about changes in a firm's competitive position. The industry characteristics that make it very difficult for firms to achieve strategic competitivenessand earn above-average returns includes all of the following EXCEPT: A) By employing JIT inventory systems, Hewlett Packard has been able to cut lead time from five days to one. What was the Kujawas total expenditure for the month of July? C) Organizational routines. If a firm has a service that is valuable, rare, and costly-to-imitate, but a substitute exists for the service, the firm will When the talent show audience goes crazy in response, it marks the beginning of a meteoric rise for both the song and the band. \text{Expenses} & & \text{Budgeted} & \text{Spent}\\[10pt] C) marketing expertise increasing a firm's revenues and enabling it to enter new markets. Organizational routines d. Production equipmentd; Easy (Comprehension) 3. D) the firm's resources are path dependent. Strategy formulation is essentially the aim of the organizing, leading, and controlling components ofthe POLC framework Using Southwest Airlines culture as the resource to evaluate with VRIO: For the company culture resource of Southwest Airlines, a yes can be answered for each of the four steps, providing a sustained competitive advantage for this organization. Intangible resources include, for example, the knowledge and skills of employees, a firm's reputation, brand name, exclusive rights . A competitive advantage based on inimitability can be sustained for at least some time if it has the following characteristics.
