~~~~~\text{Emergency fund} & & 50.00 & 50.00\\ All of the following except which example is a reason that relentless imitation can be a dangerous practice? The tangibility of a firms resources is an important consideration within resource-based theory. A firm's strategy includes which of the following: Captures how vision and mission will be achieved, Establishes systems and processes used to implement the goals, Sets specific operating procedures to be followed by front line. 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. B) the interrelationships among the primary activities of the firm and corporate management. Which of the following is not a limitation of SWOT (Strengths, Weaknesses, Opportunity, Threats) analysis? Was this amount more or less than the amount they had originally budgeted? True The evaluation occurs within the industry of the firm being evaluated. C) supports both individual primary and support activities and the entire value chain. d. Unique style If not, all the effort to develop it is a waste of resources and a competitive disadvantage. The best strategies, corporate and business, are based on a thorough SWOT analysis. https://commons.wikimedia.org/wiki/File:Southwest_737_Lonestar_One.jpg, https://commons.wikimedia.org/wiki/File:The_VRIO_Framework_with_numbers.png, Next: 4.4 Intellectual Property & Isolating Mechanisms, Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. Suppliers and buyers with little bargaining power Power or employees Expert Answer. B) financial resources, physical resources, and the capacity to combine intangible resources. Some resources, such as cash and trucks, are not considered to be strategic resources because an organizations competitors can readily acquire them. ~~~~~\text{Pocket Money} & & 60.00 & 72.00\\[10pt] \text{EXPENDITURES FOR THE MONTH OF JULY} A) if the overall strategy of the firm is the same. Strategy formulation answers the question. b. The CEO decides to move the firm's textile manufacturing back to the US to capitalize on the increasing pressure from shareholders to process textiles in the US. According to resource-based theory, one possible road to riches is creatingon purpose or by accidenta unique combination of resources. Knowledge b. Resources and capabilities are the basic building blocks that organizations use to create strategies. Capacity for innovation c. Organizational routines d. Production equipment. : 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). D) Compare the financial ratios of firms in the company's strategic group. False While there are different schools of thought about how strategy comes about, researchers generally agree the common characteristic across successful organizations is: Strategic focus. ~~~~~\text{Savings} & & 100.00 & 100.00\\ B) financial resources, physical resources, and the capacity to combine intangible resources. Ideally, a firm will its own resources, like Southwests culture, that embrace the four VRIO qualities shown in Table 4.1. Option D is the right choice here. Not all organizations need strategies to survive and thrive. DIFFICULT-TO-IMITATE resources often involve legally protected intellectual property such as trademarks, patents, or copyrights. The industry characteristics that make it very difficult for firms to achieve strategic competitivenessand earn above-average returns includes all of the following EXCEPT: Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, Forecasting, Time Series, and Regression (Richard T. O'Connell; Anne B. Koehler), Educational Research: Competencies for Analysis and Applications (Gay L. R.; Mills Geoffrey E.; Airasian Peter W.), Biological Science (Freeman Scott; Quillin Kim; Allison Lizabeth), Business Law: Text and Cases (Kenneth W. Clarkson; Roger LeRoy Miller; Frank B. Southwest Airliness culture provides the firm with uniquely strong employee relations in an industry where strikes, layoffs, and poor morale are common. Retrieved from https://commons.wikimedia.org/wiki/File:The_VRIO_Framework_with_numbers.png. If we assume an increase in Investments by 100 units, please calculate again the IS-LM functions.c. Which of the following is a tangible reource?*. B. ~~~~~\text{Heating fuel} & & 50.00 & 15.00\\ 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 cost The XYZ Corp. is taking advantage of a ____________ system. In the value chain, which of the following activities is deemed to add direct value to a firm? c. Extensive market research True B. If not, then this resource only provides Southwest competitive parity. A firm's strategy includes which of the following: a. O - One approach to focusing is to service either industrial buyers or consumers, but not both, Strategic management process is the coordinated means by which an organization chooses itsmission and vision. Another is guitarist Lenny Haise, whose fun attitude reigns in the enigmatic Mattingly. 12 Test Bank - Gould's Ch. Strategic Ch. 4 Flashcards | Quizlet D) outstanding customer service, innovativeness of products, and reputation. The bands magic vanishes as quickly as it appeared, however. d. Moderate to high rivalry Trading in strategic resources: Necessary conditions, transaction cost problems, and choice of exchange structure. d. Top-down process A resource or capability is said to be ____________ if it allows the firm to exploit. Maine has been described as the Saudi Arabia of water because its borders contain so much drinkable water. A. Superiority in competitive advantage refers to all of the following factors EXCEPT: a. Physical assets such as a firms property, plant, and equipment, as well as cash, are considered to be tangible resources. Workers at the Cambodian plant produce the clothing according to the European firm's designs and specifications. ~~~~~\text{Sporting events/recreation} & & 32.00 & 32.00\\ O - Firms utilizing a competitive scope strategy can tailor advertising and promotional efforts to aparticular market niche B) the key emphasis on customer satisfaction and financial goals are only a means to that end. illustrates that while bundling resources in a unique way can create immense success, preserving and managing these resources over time can be very difficult. Supply of replacement parts is a _________activity. A. T or F 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. The contribution of tangible and intangible resources, and capabilities D) if the firm's stock is publicly traded. Since the firm has two units of capital, the firm's total fixed cost is$20. What is the firm's secret competitive advantage? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. If not, then it still only provides a temporary competitive advantage. What will happen to bond prices if terrorism ended and the world's nations unilaterally disarmed and adopted free trade policies? To capture more consumers Principles of Management, Chapter 5 Flashcards | Quizlet This video is the song That Thing You Do! by the Wonders. When analyzing a value chain with a VRIO framework, what is the most important question to begin with? A firms tangible resource includes which of the following? All of the following are tangible resources EXCEPT:- A. C) rarity, path dependency, causal ambiguity, and social substitutability. To satisfy the mission and vision The components are then shipped back to the United States, where each complete car is assembled. Verified answer. A) Knowledge. a. Executives who wish to achieve long-term competitive advantages should therefore place a premium on trying to nurture and develop their firms intangible resources. The best measure of a company's ability to meet imminent financial obligations is known as the. O - The best strategies, corporate and business, are based on a thorough SWOT analysis, The intensity of industry competition and an industrys profit potential are a function of which of the following forces of competition? These two building blocks are tightly linkedcapabilities from using resources over time. C) criteria for lease versus purchase decisions. Which of the following is considered an intangible resource? D) the industry and the competitive environment. a. 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. 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. Choose one of the companies below and identify three key stakeholders. Because of this unusual history, other airlines could not replicate Southwests culture, regardless of how hard they might try. ~~~~~\text{Credit payments} & & 50.00 & 41.74\\ 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. ~~~~~\text{Movies} & & 10.00 & 5.00\\ Is Southwests culture rare within the airline industry? For the Unit 8 Learning Journal, reflect for a few minutes on the four functions of management: Planning, Organizing, Leading, and Controlling, represented by the acronym P-O-L-C. All Rights Reserved. Not surprisingly, Coca-Cola ranks among the top twelve in Fortunes Worlds Most Admired Companies for 2020. Examples include all of the following except: A) negotiating and maintaining ongoing relations with regulatory bodies. b. ~~~~~\text{Car registration} & &4.33 & 0\\ If not then culture provides Southwest with a temporary competitive advantage over its rivals, but competitors can imitate it. Strategic Management Journal, 15(4), 271290. ExpensesFoodHouseholdElectricbillTelephonebillHeatingfuelWaterbillCableTVbillTransportationGasolinepurchasesParking/tollsPersonalClothingCreditpaymentsNewspapers. Solved 11.- All of the following are tangible resources - Chegg 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) rare, valuable, inimitable, nonsubstitutable, B) in periods of recession or economic boom. That Thing You Do! Southwests culture arose from its very humble beginnings. Superiority in competitive advantage refers to all of the following factors EXCEPT: Where does strategy formulation fit within the POLC framework? & &\text{Amount}& \text{Amount}\\ 1.3 Intended, Emergent, and Realized Strategies, 1.5 Contemporary Critique of Strategic Management, 1.6 Understanding the Strategic Management Process, 3.2 The Relationship between an Organization and its Environment, 4.4 Intellectual Property & Isolating Mechanisms, 6.2 Understanding Business-Level Strategy through "Generic Strategies", 6.5 Focused Cost Leadership and Focused Differentation, 7.6 Responding to Innovation in the Market, 8.6 Portfolio Planning and Corporate-Level Strategy, 9.2 Advantages and Disadvantages of Competing in International Markets, 9.5 Drivers of Success and Failure When Competing in International Markets, 9.6 Options for Competing in International Markets, 10.3 The Basic Building Blocks of Organizational Structure, 10.4 Creating an Organizational Structure, 10.5 Creating Organizational Control Systems, 11.4 Corporate Ethics and Social Responsibility, 11.5 Contemporary Questions of Corporate Ethics. Based on your personal or professional experience, provide an example of when one of these forces caused an organization to change. In working through the decision tree, once a no is obtained, there is no need to continue through the tree. Design and emergence strategies involve specific levels of the organization. Scientific capabiliti Production equipment c. Manufacturing plants d. Formal reporting structures 6. B. This culture is also rare in that strikes, layoffs, and poor morale are common within the airline industry. the K-W test? Processes related to passengers are infused with customer service attention and actions. B) the legitimacy and reputation of a firm, D) the efficiency with which a firm utilizes its assets. 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. Instead, a resource is strategic to the extent that it is valuable, rare, difficult to imitate, and organized to capture value. 4.3 Resource-Based View - Strategic Management - Virginia Tech Tangible resources include all except which of the following? 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. Receive an answer explained step-by-step. B) in periods of recession or economic boom. Which of the following forms of diversification occurs when a firm operates multiple. C. physical resources, such as the company's brand, image, and reputation . Most other airlines do not have this philosophy. b. (1991). Intangible resources include, for example, the knowledge and skills of employees, a firms reputation, brand name, exclusive rights to intellectual property, leadership traits of executives, and a firms culture. why? ~~~~~\text{Water bill} & & 24.50 & 31.70\\ A dynamic capability exists when a firm is skilled at continually updating its array of capabilities to keep pace with changes in its environment. Retrieved from https://commons.wikimedia.org/wiki/File:Southwest_737_Lonestar_One.jpg. Some difficult to imitate resources are protected by various legal means, including trademarks, patents, and copyrights. Congratulations on advancing to the final unit of BUS 1101, the opening course in your degree program! A firm's strategy includes which of the following? 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. Low entry barriers It signals the market to competent manufacturing, why it is difficult to identify the actual cause of a firm's successful performance. Cropped. 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. Ans. 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 (2020, April 24). b. Has Southwest organized this resource of culture to capture value? B) culture, tangible resources, intangible resources. 2003-2023 Chegg Inc. All rights reserved. Coca-Cola has an uncanny knack for building new brands and products as the soft-drink market evolves. ~~~~~\text{Furniture} & & 125.00 & 125.00\\ XYZ Corp. is focusing on the objective of low-cost, high quality, on-time production by minimizing idle productive facilities and workers. ~~~~~\text{Electric bill} & & 45.00 & 44.35\\ c. Strong competitive threats from product substitutes Other difficult-to-imitate resources, such as brand names, usually need time to develop fully. After their bass player joins the Marines, Lenny elopes on a whim, and Jimmys diva attitude runs amok, the band is finished and Guy is left to wonder what might have been. RARE resources are those held by few or no other competitors. A) By employing JIT inventory systems, Hewlett Packard has been able to cut lead time from five days to one. Captures how vision and mission will be achieved. Relatively moderate rivalry, Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, Design and emergence strategies involve specific levels of the organiz, It is important to note that the concept of strategy is rele. One resource is lead singer Jimmy Mattingly, who possesses immense musical talent. Low cost This means that a firm has a unique ability to create new capabilities. Production equipment C) financial resources, physical resources, and technological resources. One key reason for their success is a legendary organizational culture that inspires employees to do their very best. O - A firm's tangible resource includes which of the following? A useful way to identify a company's resources is to view them as: A. divided into two main categories, tangible and intangible. Consider the market for minivans. A) Organizational strengths may not lead to competitive advantage, B) SWOT's focus on the external environment is too broad and integrative, C) SWOT gives a one-shot view of a moving target, D) SWOT overemphasizes a single dimension of strategy. What kind of competitive advantage, if any, does this capability provide? Resources can be divided into two main types: tangible and intangible. What was the result? A US firm has outsources its textile manufacturing to aBangledesh for the last 10 years. A resource is valuable to the extent that it helps a firm create strategies that capitalize on opportunities and ward off threats. earn aboveaverage returns includes all of the following EXCEPT. A firm's tangible resource includes which of the following?a. Scientific capabiliti Production equipment c. Manufacturing plants d. Formal reporting structures 6. 5 Option A Explanation: Tangible resources have a physical form, t . In the value chain, which of the following activities is deemed to add direct value to a firm? Design/methodology/approach A cross-sectional survey research design was used in the study. Solved 5. Which of the following is considered an intangible - Chegg firms that execute the design blueprints provided by western firms. Before long, The Wonders perform on television and That Thing You Do! is a top-ten hit record. Business Law: Text and Cases (Kenneth W. Clarkson; Roger LeRoy Miller; Frank B. The table below presents the output and input levels: Also assume that the per unit cost of capital is $10. Capabilities are important in part because they are how organizations capture the potential value that resources offer. c. Product quality Organizing Industry characteristics of an attractive industry, one where firms may achieve strategic competitiveness and earn above-average returns includes which of the following? The Wonders-That Thing You Do! Examples of tangible resources (in the resource-based view of the firm) include: A) financial resources, human resources, and firm competencies. Acknowledged by top management The balanced scorecard provides top managers with a _____________ view of the business, The balanced scorecard developed by Kaplan and Norton helps to integrate. : an American History (Eric Foner), Chemistry: The Central Science (Theodore E. Brown; H. Eugene H LeMay; Bruce E. Bursten; Catherine Murphy; Patrick Woodward), Biological Science (Freeman Scott; Quillin Kim; Allison Lizabeth), Educational Research: Competencies for Analysis and Applications (Gay L. R.; Mills Geoffrey E.; Airasian Peter W.), Forecasting, Time Series, and Regression (Richard T. O'Connell; Anne B. Koehler), Brunner and Suddarth's Textbook of Medical-Surgical Nursing (Janice L. Hinkle; Kerry H. Cheever), Principles of Environmental Science (William P. Cunningham; Mary Ann Cunningham), Psychology (David G. Myers; C. Nathan DeWall), Principles of Business Management (BUS 1101), - Firms utilizing a competitive scope strategy can tailor advertising and pro, Final Exam December 9 2020, questions and answers, BUS 1101 Graded Quiz Unit 3 Attempt review, Advanced Design Studio in Lighting (THET659), Introduction to Biology w/Laboratory: Organismal & Evolutionary Biology (BIOL 2200), Online Education Strategies (UNIV 1001 - AY2021-T), Ethics and Social Responsibility (PHIL 1404), Fundamental Human Form and Function (ES 207), Nursing B43 Nursing Care of the Medical Surgical (NURS B43), Managing Organizations and Leading People (C200 Task 1), Managing Organizations & Leading People (C200), Professional Application in Service Learning I (LDR-461), Advanced Anatomy & Physiology for Health Professions (NUR 4904), Principles Of Environmental Science (ENV 100), Operating Systems 2 (proctored course) (CS 3307), Comparative Programming Languages (CS 4402), Business Core Capstone: An Integrated Application (D083), CH 13 - Summary Maternity and Pediatric Nursing, Bates Test questions Children: Infancy Through Adolescence, Ch.

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