This is an example of their. Quiz 4 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. True Firms utilizing a competitive scope strategy can tailor advertising and promotional efforts to a particular market niche. The intensity of industry competition and an industry's profit potential are a function of which of the following forces of competition? Low cost Resources such as cash and vehicles are valuable, of course, but an organizations competitors can readily acquire them. 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. Note that the decision tree is used to assess resources and capabilities, NOT a firms products, services, or the firm itself. Coca-Cola, for example, has an uncanny knack for building new brands and products as the soft drink market evolves. A) physical uniqueness, path dependency, causal ambiguity, and social complexity. BUS 1101 - unit 5 self Quiz - A firm's strategy includes - Studocu Knowledge b. 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. economics. Workers at the Cambodian plant produce the clothing according to the European firm's designs and specifications. d. Relatively moderate rivalry _____________ 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 _____________. 3) Unique style. Southwest Airliness culture provides the firm with uniquely strong employee relations in an industry where strikes, layoffs, and poor morale are common. What is this an example of. 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. In the case of on-time arrival capability, Southwest Airline enjoys a temporary competitive advantage (the third line), but it is not that difficult for rivals to imitate this ability. B) interpersonal relations among a firm's managers. D) the firm's resources are path dependent. Principles of Management, Chapter 5 Flashcards | Quizlet \text{Food} & & \$160.00 & \$175.70\\ Maine has been described as the Saudi Arabia of water because its borders contain so much drinkable water. Choose question tag. One key reason for their success is a legendary organizational culture that inspires employees to do their very best. It does not help or hurt Southwest competitively. ~~~~~\text{Furniture} & & 125.00 & 125.00\\ 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. According to value chain analysis, which of the following would be considered part of a firm's infrastructure? The best measure of a company's ability to meet imminent financial obligations is known as the. C. "Afirm's reputation D. Afirm's headquarters building. For a resource to provide a firm with the potential for a sustainable competitive advantage, it must have four attributes. Acknowledged by top management Scientific capabiliti Production equipment c. Manufacturing plants d. Formal reporting structures 6. To most individuals, cash is an important resource. 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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. 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. 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 boardingin order to create a unique business model in which effectiveness and efficiency is the envy of competitors. D. T or F B. A firm's tangible resource includes which of the following? Other difficult-to-imitate resources, such as brand names, usually need time to develop fully. Provide employees with HR support in the event they choose to leave the. Suppliers and buyers with little bargaining power The tangibility of a firms resources is an important consideration within resource-based theory. Critical to the forming of competitive advantages, _______________ are often based on, developing, carrying, and exchanging information and knowledge through the firms human. O - A firm's tangible resource includes which of the following? Tangible resources can be understood as the resources of a company that can be seen, and measured and are physical in nature. c. Strong competitive threats from product substitutes As water becomes more and more rare, landowners in Maine stand to benefit. Which of the following is not a limitation of SWOT (Strengths, Weaknesses, Opportunity, Threats) analysis? D) rare, valuable, physically unique, causally ambiguous. It. Said differently, a firm that enjoys a dynamic capability is skilled at continually updating its array of capabilities to keep pace with changes in its environment. When analyzing organizations, however, common resources such as cash and vehicles are not considered to be strategic resources. Southwest Airlines Boeing 737 Lonestar One (N352SW) at LAS in November 2005. CC BY 2.0. A firm's tangible resource includes which of the following? 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. Cost leaders must maintain their marketing or face the possible entry of more cost-effective competitors. Wernerfelt, B. Suppliers and buyers with little bargaining power Centralized decisions accounting. How has Walgreens used its core competencies to provide value to its customers? Advertising is a ______activity. If not, then this resource only provides Southwest competitive parity. A. T or F c. Leading ~~~~~\text{Heating fuel} & & 50.00 & 15.00\\ The intersection of IS-LM functions defines four areas. Question 5 a firms tangible resource includes which - Course Hero https://youtu.be/BJn-Jl2ZeQU. Question 5 A firm's tangible resource includes which of the following? O - Not all organizations need strategies to survive and thrive. C) Compare the financial ratios of all firms in the country's industrysome of whom serve very diverse market segments and have specialized accordingly. D) top management providing a key role in collaborating with important customers. Executives who wish to achieve long-term competitive advantages should therefore place a premium on trying to nurture and develop their firms intangible resources. Coca-Cola has an uncanny knack for building new brands and products as the soft-drink market evolves. You can view this video here: https://youtu.be/BJn-Jl2ZeQU. ~~~~~\text{Water bill} & & 24.50 & 31.70\\ It is important to note that the concept of strategy is relevant to only large, public companies likeGE. Option D is the right choice here. D) if the firm's stock is publicly traded. 12.-. Threats posed by new entrants Firms often bundle together multiple resources and strategies (that may not be unique in and of themselves) to create uniquely powerful combinations. D) Production equipment. What will happen to bond prices if terrorism ended and the world's nations unilaterally disarmed and adopted free trade policies? That Thing You Do! Although firm infrastructure is often viewed only as overhead expense, it can become a source of competitive advantage. Supply of replacement parts is a _________activity. : The VRIO Framework with numbers. CC BY-SA 4.0. 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. Supplier and buyers with strong bargaining positions Is Southwests culture valuable? For firms such as Walgreen Co. (a chain of drugstores), information systems have been a source of competitive advantage by enabling them to. Humans simply cannot live without water, so water has inherent value. C) supports both individual primary and support activities and the entire value chain. turning over an organizational activity to an outside supplier. 12 Test Bank - Gould's Ch. A) if the overall strategy of the firm is the same. C) tangible resources, intangible resources, and organizational capabilities. a. C) National Steel improved its efficiency by consolidating, reducing the number of job classifications, and broadening worker responsibilities. Despite having three of the four properties of strategic resources, water in the United States has remained cheap; however, this may be changing. A retail chain that sells home entertainment systems, computers, and other electronics is far outselling is competitors based on its innovation processes. a. To capture more consumers B) the legitimacy and reputation of a firm, D) the efficiency with which a firm utilizes its assets. B) Compare the firm's financial ratios over the most recent one-year period. Capacity for innovation Organizational routines d. Production equipment. Superiority in competitive advantage refers to all of the following factors EXCEPT: The contribution of tangible and intangible resources, and capabilities B, a. False ______________ are the competencies or skills that a firm employs to transform inputs into outputs. The resource-based view includes all except which of the following regarding managers? Distribution centers. This culture is also rare in that strikes, layoffs, and poor morale are common within the airline industry. \text{Household} & & & \\ LegacyRecordingsVEVO. C. physical resources, such as the company's brand, image, and reputation . ExpensesFoodHouseholdElectricbillTelephonebillHeatingfuelWaterbillCableTVbillTransportationGasolinepurchasesParking/tollsPersonalClothingCreditpaymentsNewspapers. The purpose of this paper is to investigate the relative contribution of tangible resource (TR) and intangible resource (IR), and capabilities on firm performance based on the measures of market share, sales turnover and profitability. This customer loyalty is why many passengers choose Southwest over other airlines. Verified answer. Before long, The Wonders perform on television and That Thing You Do! is a top-ten hit record. Captures how vision and mission will be achieved. \text{EXPENDITURES FOR THE MONTH OF JULY} Learn More. \text{Personal}\\ How was the resistance (if any) overcome? If we assume an increase in Investments by 100 units, please calculate again the IS-LM functions.c. B) the cost to the firm of replacing them is high. 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. Retrieved from https://commons.wikimedia.org/wiki/File:Southwest_737_Lonestar_One.jpg. C) rare, valuable, inimitable, nonsubstitutable, B) in periods of recession or economic boom. ~~~~~\text{Credit payments} & & 50.00 & 41.74\\ By how much? 2020-2023 Quizplus LLC. False 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. Planning Which of these categories of financial ratios is used to measure a company's ability to meet its short-term financial obligations? B-Strat Ch. 3 Flashcards | Chegg.com Course Hero is not sponsored or endorsed by any college or university. A useful way to identify a company's resources is to view them as: A. divided into two main categories, tangible and intangible. Resources and capabilities are the basic building blocks that organizations use to create strategies. 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). 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. Southwest Airlines provides an illustration of resource-based theory in action. False Please Explain, What is the relationship between enterprise information management and self-service portals? Gillette combines several technologies (e.g., metallurgy, physiology, physics) to attain unparalleled success in the wet shaving industry. Some resources, such as cash and trucks, are not considered to be strategic resources because an organizations competitors can readily acquire them. b. Capabilities are important in part because they are how organizations capture the potential value that resources offer. Capacity for innovation c. Organizational routines d. Production equipment. Processes related to passengers are infused with customer service attention and actions. Solved 11.- All of the following are tangible resources - Chegg d. To spread out risk and opportunities over a larger set of businesses c. Product quality Not all organizations need strategies to survive and thrive. A companys value derives not from things, but from ____________. 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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. Which of the following is a primary activity? Production equipment O - At Intel the key historic decision to abandon memory chips and concentrate uponmicroprocessors was the result of which of the following? B) psychographic uniqueness, path dependency, causal ambiguity, and substitutability. The evaluation occurs within the industry of the firm being evaluated. D) Wal-Mart implemented a sophisticated information system that resulted in reduced inventory carrying costs and shortened customer response times. Southwest Airlines culture fits this standard well. How do management and employee self-service portals improve organizational efficiency? B) financial resources, physical resources, and the capacity to combine intangible resources. They consist of warehousing, material handling, delivery operation, order processing, and scheduling. than firms pursing a cost leader strategy. Although the airline industry is extremely competitive, Southwest Airliness turns a profit virtually every year. In contrast, intangible resources are quite difficult to see, to touch, or to quantify. Examples of tangible resources (in the resource-based view of the firm) include: A) financial resources, human resources, and firm competencies. giftsPocketMoneyEntertainmentMoviesSportingevents/recreationDiningoutFixedRentFurnitureSavingsEmergencyfundLife/carinsurancepremiumsCarregistrationPledges/contributionsAmountBudgeted$160.0045.0035.0050.0024.5025.0085.0015.0040.0050.0020.0060.0010.0032.00100.00625.00125.00100.0050.00132.504.338.33ActualAmountSpent$175.7044.3541.2015.0031.7025.00101.7015.0031.7541.7411.6572.005.0032.0063.80625.00125.00100.0050.00132.5000. A useful tool for taking stock of organizational capabilities is the ______________. Southwests culture arose from its very humble beginnings and has evolved across decades. If yes, then Southwests culture is providing a sustained competitive advantage. B) the key emphasis on customer satisfaction and financial goals are only a means to that end.
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