The key to using the Resource Based View is to evaluate a firms resources and capabilities using the VRIO framework decision tree. Business Law: Text and Cases (Kenneth W. Clarkson; Roger LeRoy Miller; Frank B. Which of the following is a support activity? You can view this video here: https://youtu.be/BJn-Jl2ZeQU. Which of the following is a tangible reource?*. One key reason for their success is a legendary organizational culture that inspires employees to do their very best. b. Hierarchical diversification Customers do not simply send money to an organization because it owns strategic resources. 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. Verified answer. A firms tangible resource includes which of the following? ~~~~~\text{Pledges/contributions} & &8.33 & 0\\ _____________ include assets that are deeply rooted in the firms history and have, The firms capacity to deploy resources that have been purposely integrated to achieve a. desired end state are called _____________. These strategic resources can provide the foundation to develop firm capabilities that can lead to superior performance over time. If not, then this resource only provides Southwest competitive parity. 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. 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. Production equipment \text{Entertainment} \\ A) By employing JIT inventory systems, Hewlett Packard has been able to cut lead time from five days to one. The XYZ Corp. is taking advantage of a ____________ system. 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. Transcribed image text: 5. How can the members of an organization reach success doing that thing they do? Imagine that a U.S. car manufacturer builds a plant in Mexico, where labor is cheaper. For the event listed here, identify which of the determinants of demand or supply are affected. True Power of stockholders B) financial resources, physical resources, and the capacity to combine intangible resources. ~~~~~\text{Life/car insurance premiums} & & 132.50 & 132.50\\ Centralized decisions A resource is valuable to the extent that it helps a firm create strategies that capitalize on opportunities and ward off threats. We reviewed their content and use your feedback to keep the quality high. Southwest Airlines culture fits this standard well. c. Conglomerate diversification 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! \text{EXPENDITURES FOR THE MONTH OF JULY} Consider the market for minivans. As can be seen from its exceptional organizational performance over many years when compared to other airlines, VRIO shows that company culture is one reason why it is more successful than its competitors. It does not help or hurt Southwest competitively. Which of the following would be most difficult to assess? What is the firm's secret competitive advantage? B, a. c. Extensive market research While there are different schools of thought about how strategy comes about, researchers generally agree the common characteristic across successful organizations is: Strategic focus. Scientific capabiliti Production equipment c. Manufacturing plants d. Formal reporting structures 6. 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. 5 Option A (1991). Walgreens creates value by focusing on the unique capabilities it has built and nurtured and. 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. \end{array} B-Strat Ch. 3 Flashcards | Chegg.com All Rights Reserved. Other difficult-to-imitate resources, such as brand names, usually need time to develop fully. Which of the following is not a reason to understand social complexity? Verified answer. ~~~~~\text{Pocket Money} & & 60.00 & 72.00\\[10pt] Option C is also incorrect here. Design and emergence strategies involve specific levels of the organization. EXPENDITURESFORTHEMONTHOFJULY, ActualAmountAmountExpensesBudgetedSpentFood$160.00$175.70HouseholdElectricbill45.0044.35Telephonebill35.0041.20Heatingfuel50.0015.00Waterbill24.5031.70CableTVbill25.0025.00TransportationGasolinepurchases85.00101.70Parking/tolls15.0015.00PersonalClothing40.0031.75Creditpayments50.0041.74Newspapers. These two building blocks are tightly linkedcapabilities from using resources over time. ~~~~~\text{Dining out} & & 100.00 & 63.80\\[10pt] A firms tangible resource includes which of the following a - Studocu competitiveness and earn above-average returns includes which of the following? 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. 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. 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. A) Compare the firm's financial ratios with ratios of firms in other strategic groups in the industry. If not then culture provides Southwest with a temporary competitive advantage over its rivals, but competitors can imitate it. C) financial analysis and stakeholder perspectives. Intangible resources are quite difficult to see, touch, or quantify. B) minimized idle production facilities and workers. 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. O - Firms utilizing a competitive scope strategy can tailor advertising and promotional efforts to aparticular market niche d. Top-down process To satisfy the mission and vision Resources and capabilities are the basic building blocks that organizations use to create strategies. 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Also assume that the cost of each unit of labor is $50. : (review sheet 4), The tenpoint plan of the new world order-1, Leadership class , week 3 executive summary, I am doing my essay on the Ted Talk titaled How One Photo Captured a Humanitie Crisis https, School-Plan - School Plan of San Juan Integrated School, SEC-502-RS-Dispositions Self-Assessment Survey T3 (1), Techniques DE Separation ET Analyse EN Biochimi 1, The text defines stakeholders as: Individuals and organizations who are actively involved in the organization or whose interests may be positively or negatively affected as a result of what the organization does (Carpenter et. True 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. 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. Historical comparisons are often misleading. Choose question tag. Why did it cause this change? B) interpersonal relations among a firm's managers. Low entry barriers D. At Intel the key historic decision to abandon memory chips and concentrate upon microprocessors was the result of which of the following? When analyzing organizations, however, common resources such as cash and vehicles are not considered to be strategic resources. Every organization has stakeholders. ___________ are associated with collecting, storing, and distributing the product or service to buyers. a. Is Southwests culture rare within the airline industry? Review the material in Chapter 20 and respond to the following: Discuss the modern quantity theory and the liquidity preference theory. In the 1996 movie That Thing You Do!, unwittingly assembling a unique bundle of resources leads a 1960s band called The Wonders to rise from small-town obscurity to the top of the music charts. B) the legitimacy and reputation of a firm, D) the efficiency with which a firm utilizes its assets. Solved 5. Which of the following is considered an intangible - Chegg In the value chain, which of the following activities is deemed to add direct value to a firm? Which of the following is considered an intangible resource? ~~~~~\text{Gasoline purchases} & & 85.00 & 101.70\\ Strategic Ch. 4 Flashcards | Quizlet ~~~~~\text{Emergency fund} & & 50.00 & 50.00\\ Is Southwests culture valuable? ~~~~~\text{Heating fuel} & & 50.00 & 15.00\\ Some firms develop a dynamic capability. Option D is the right choice here. The intersection of IS-LM functions defines four areas. a process through which unique products that command high prices and high margins gradually lose their ability to do so. A retail chain that sells home entertainment systems, computers, and other electronics is far outselling is competitors based on its innovation processes. When the bands usual drummer has to miss a gig due to injury, the door is opened for charismatic drummer Guy Patterson, whose energy proves to be the final piece of the puzzle for The Wonders. What is this an example of. [Video]. \text{Transportation}\\ Figure 4.3: Kindred Grey (2020). To most individuals, cash is an important resource. What was the Kujawas total expenditure for the month of July? 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. The resource-based view includes all except which of the following regarding managers? the K-W test? : a. 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. B. By how much? Despite having three of the four properties of strategic resources, water in the United States has remained cheap; however, this may be changing. The evaluation occurs within the industry of the firm being evaluated. C) financial resources, physical resources, and technological resources. b. ~~~~~\text{Rent} & & 625.00 & 625.00\\ Because of this unusual history, other airlines could not replicate Southwests culture, regardless of how hard they might try. A. False Please Explain, What is the relationship between enterprise information management and self-service portals? A resource is valuable and rare but neither difficult to imitate nor without substitutes. Superiority in competitive advantage refers to all of the following factors EXCEPT: Where does strategy formulation fit within the POLC framework?
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