Scientific capabiliti Production equipment c. Manufacturing plants d. Formal reporting structures 6. The intensity of industry competition and an industry's profit potential are a function of which of the following forces of competition? The tangibility of a firms resources is an important consideration within resource-based theory. ~~~~~\text{Savings} & & 100.00 & 100.00\\ a. Southwest Airlines culture fits this standard well. If yes, go to number 2. 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. Figure 4.3: Kindred Grey (2020). Strategic Planningb. The airline had so little money that at times it had to temporarily borrow luggage carts from other airlines and put magnets with the Southwest logo on top of the rivals logo. To help them develop an environment in which knowledge is widely spread across all, employees, some organizations have created the new upper-level managerial position of. Resource-based theory also stresses the merit of an old saying: the whole is greater than the sum of its parts. ~~~~~\text{Dining out} & & 100.00 & 63.80\\[10pt] A. This worked, A number of things organizations can do prior to change to prepare employees include which of the following? A retail chain that sells home entertainment systems, computers, and other electronics is far outselling is competitors based on its innovation processes. A) supports only individual primary activities. C) the internal analysis of the firm as well as the external analysis of the industry and competitive environment. Cost leaders must maintain their marketing or face the possible entry of more cost-effectivecompetitors. Industry characteristics of an attractive industry, one where firms may achieve strategic competitiveness and earn above-average returns includes which of the following? The resource-based view focuses on which of the following aspects of resources? To most individuals, cash is an important resource. It signals the market to competent manufacturing, why it is difficult to identify the actual cause of a firm's successful performance. 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. Question 5 a firms tangible resource includes which - Course Hero c. Leading D) if the firm's stock is publicly traded. D) the effectiveness of its lobbying activities. : ~~~~~\text{Pocket Money} & & 60.00 & 72.00\\[10pt] O - Firms utilizing a competitive scope strategy can tailor advertising and promotional efforts to aparticular market niche On occasion, events in the environment can turn a common resource into a strategic resource. C) managers should not look at their job as primarily balancing stakeholder demands; increasing satisfaction among multiple stakeholders can be achieved simultaneously. Course Hero is not sponsored or endorsed by any college or university. Complete the following statements using either "debit" or "credit": (b) The owner's capital account is increased with a _________. To satisfy the mission and vision Also assume that the cost of each unit of labor is $50. Southwest Airlines Boeing 737 Lonestar One (N352SW) at LAS in November 2005. CC BY 2.0. C) Compare the financial ratios of all firms in the country's industrysome of whom serve very diverse market segments and have specialized accordingly. 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. Design and emergence strategies involve specific levels of the organization. A competitive advantage based on inimitability can be sustained for at least some time if it has the following characteristics. What will happen to bond prices if terrorism ended and the world's nations unilaterally disarmed and adopted free trade policies? According to value chain analysis, which of the following would be considered part of a firm's infrastructure? When analyzing organizations, however, common resources such as cash and vehicles are not considered to be strategic resources. In comparing the two types of resources, intangible resources are more likely to meet the criteria for strategic resources (i.e., valuable, rare, difficult-to-imitate, and organized to capture value) than are tangible resources. Figure 4.2: Planephotoman. View the full answer. True or False Please explain, Artifacts reflecting values of an organization include, The foundation of many capabilities lies in the skills and knowledge of a firm's stockholders A. In the value chain, which of the following activities is deemed to add direct value to a firm? Examples of tangible resources (in the resource-based view of the firm) include: A) financial resources, human resources, and firm competencies. It is not hard to imagine a day when companies in Maine make huge profits by sending giant trucks filled with water south and west or even by building water pipelines to service arid regions. Why did it cause this change? b. A firm's tangible resource includes which of the following?a. Social complexity is defined as the socially intricate and interdependent ways firms are typically organized. Critical to the forming of competitive advantages, _______________ are often based on, developing, carrying, and exchanging information and knowledge through the firms human. One key reason for their success is a legendary organizational culture that inspires employees to do their very best. ~~~~~\text{Electric bill} & & 45.00 & 44.35\\ Processes related to passengers are infused with customer service attention and actions. This makes knowledge an intangible resource. the K-W test? What was the result? As another example, what about Southwest Airlines capability to arrive on time at a much higher rate than the industry average? 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. C) financial analysis and stakeholder perspectives. Build the IS-LM function.b. In working through the decision tree, once a no is obtained, there is no need to continue through the tree. Tangible goods such as ones car and home are also vital resources. Which of the following forms of diversification occurs when a firm operates multiple. It is important to note that the concept of strategy is relevant to only large, public companies likeGE. 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Option C is also incorrect here. Captures how vision and mission will be achieved. BUS 1101 - unit 5 self Quiz - A firm's strategy includes - Studocu a. Choose one of the companies below and identify three key stakeholders. As water becomes more and more rare, landowners in Maine stand to benefit. These competitive advantages in turn can help the organization enjoy strong profits (Barney, 1991; Wernerfelt, 1981). What are the degrees of freedom for If not, then this resource only provides Southwest competitive parity. (2020, April 24). Option A is incorrect here. 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 D) the firm's resources are path dependent. Planning Capabilities are needed to bundle, to manage, and otherwise to exploit resources in a manner that provides added value to customers and creates advantages over competitors. 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. Power of stockholders Capabilities are important in part because they are how organizations capture the potential value that resources offer. A) KnowledgeB) Capacity for innovationC) Organizational routinesD) Production equipment. D) Compare the financial ratios of firms in the company's strategic group. Southwests culture arose from its very humble beginnings and has evolved across decades. 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. Note that the decision tree is used to assess resources and capabilities, NOT a firms products, services, or the firm itself. This customer loyalty is why many passengers choose Southwest over other airlines. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Principles of Management, Chapter 5 Flashcards | Quizlet The source of Ardent's success is causally ambiguous. Executives who wish to achieve long-term competitive advantages should therefore place a premium on trying to nurture and develop their firms intangible resources. Consider the market for minivans. The best measure of a company's ability to meet imminent financial obligations is known as the. Strategy formulation answers the question. Firms utilizing a competitive scope strategy can tailor advertising and promotional efforts to a particular market niche. 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. False D) supports mostly support activities but does have some impact on primary activities. Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. This should enable the firm to attain, Managers will be able to obtain a proportionately high level of profits they generate (relative to the firm) if. Another is guitarist Lenny Haise, whose fun attitude reigns in the enigmatic Mattingly. C) Every organization has a routine that it follows for its procedures and processes. Solved 5. Which of the following is considered an intangible - Chegg Strategy formulation is essentially the aim of the organizing, leading, and controlling components ofthe POLC framework c. Strong competitive threats from product substitutes Superiority in competitive advantage refers to all of the following factors EXCEPT: Where does strategy formulation fit within the POLC framework? How was the resistance (if any) overcome? 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). Resource-based theory contends that the possession of strategic resources provides an organization with a golden opportunity to develop competitive advantages over its rivals (Table 4.1). b. Examples include all of the following except: A) negotiating and maintaining ongoing relations with regulatory bodies. Tangible resources are resources that can be readily seen, touched, and quantified. Executives strongly encourage flight attendants to entertain passengers, like hiding in an overhead compartment. turning over an organizational activity to an outside supplier. The three key types of resources that are central to the resource-based view of the firm are: A) tangible resources, intangible resources, and organizational structure. 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. Resources such as cash and vehicles are valuable, of course, but an organizations competitors can readily acquire them. A resource that is difficult to imitate, or create ready substitutes for is called, The VRIO criterion that determines whether a resource or capability is the source of, competitive advantage recognized that the firm must have the _______________ capability to. 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Experts are tested by Chegg as specialists in their subject area. B) supports only individual support activities. If we assume an increase in Investments by 100 units, please calculate again the IS-LM functions.c. A firm's strategy includes which of the following? B) the cost to the firm of replacing them is high. Physical assets such as a firm's property, plant, and equipment, as well as cash, are considered to be tangible resources. Since the firm has two units of capital, the firm's total fixed cost is$20. For a resource to provide a firm with the potential for a sustainable competitive advantage, it must have four attributes. B) effective information systems contributing significantly to a firm's overall cost leadership strategy. RARE resources are those held by few or no other competitors. If not then culture provides Southwest with a temporary competitive advantage over its rivals, but competitors can imitate it. VALUABLE resources aid in improving the organizations effectiveness and efficiency while neutralizing the opportunities and threats of competitors. 11.-. Barney, J. Most other airlines do not have this philosophy. Resource-based theory suggests that tangible or intangible resources that are valuable, rare, difficult to imitate, and organized to capture value best position a firm for long-term success. D. T or F The resource-based view (RBV) of the firm combines two perspectives: A) the primary and support activities of the firm. How should managers assess changes in their firm's competitive position in their industries during a period of unusual economic growth? The Cambodian plant is an example of which type of business? A strategic resource is an asset that is valuable, rare, difficult to imitate, and organized to capture value (Barney, 1991; Chi, 1994). Strategic Management Journal, 5, 171180. Superiority in competitive advantage refers to all of the following factors: 1) Customer service. D) rare, valuable, physically unique, causally ambiguous. Physical assets such as a firms property, plant, and equipment, as well as cash, are considered to be tangible resources. If a firm has a service that is valuable, rare, and costly-to-imitate, but a substitute exists for the service, the firm will Ans. XYZ Corp. is focusing on the objective of low-cost, high quality, on-time production by minimizing idle productive facilities and workers. If yes, go to number 3. Scientific capabiliti Production equipment c. Manufacturing plants d. Formal reporting structures 6. To capture more consumers Do you believe most, You work for an organization that has traditionally been very formalized, and managers have had a very broad span of control over direct reports from multiple departments and functions. 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? When the talent show audience goes crazy in response, it marks the beginning of a meteoric rise for both the song and the band. Maine has been described as the Saudi Arabia of water because its borders contain so much drinkable water. A firms tangible resource includes which of the following? Low entry barriers The bands magic vanishes as quickly as it appeared, however. 6/28/2017 Chapter 5 Quiz: MAN3025 RVEB 1175 4 / 4 ptsQuestion 6 In the value chain, which of the following activities is deemed to add direct value to a firm? Cross), Civilization and its Discontents (Sigmund Freud), Psychology (David G. Myers; C. Nathan DeWall), Chemistry: The Central Science (Theodore E. Brown; H. Eugene H LeMay; Bruce E. Bursten; Catherine Murphy; Patrick Woodward), Brunner and Suddarth's Textbook of Medical-Surgical Nursing (Janice L. Hinkle; Kerry H. Cheever), Give Me Liberty! Capacity for innovation Organizational routines d. Production equipment. Which of the following is not a reason to understand social complexity? In the airline industry, is Southwests culture hard to imitate? ~~~~~\text{Water bill} & & 24.50 & 31.70\\ Was this amount more or less than the amount they had originally budgeted? Low entry barriers Which activity is the least risky candidate for outsourcing? D) Production equipment can be considered an asset or resource of a company that is physical in nature and can be measured, making it a tangible resource. Historical comparisons are often misleading. A Firm's Tangible Resource Includes Which of the Following C) organizational culture and leadership. Resources and capabilities are the basic building blocks that organizations use to create strategies. A) Knowledge. \end{array} Workers at the Cambodian plant produce the clothing according to the European firm's designs and specifications. why? Most airlines struggle to be profitable, but Southwest makes money virtually every year. ~~~~~\text{Parking/tolls} & & 15.00 & 15.00\\[10pt] ~~~~~\text{Life/car insurance premiums} & & 132.50 & 132.50\\ C) financial resources, physical resources, and technological resources. A firms tangible resource includes which of the following a - Studocu 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. Low cost there are several forces for organizational change: workplace demographics, technology, globalization, market conditions, growth, and poor performance. ~~~~~\text{Gasoline purchases} & & 85.00 & 101.70\\ ______________ are assets that can be seen and quantified. Examples of tangible resources (in the resource-based view of the firm) include: A) financial resources, human resources, and firm competencies. b. D. T or F Imagine that a U.S. car manufacturer builds a plant in Mexico, where labor is cheaper.
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