~~~~~\text{Rent} & & 625.00 & 625.00\\ 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! b. the K-W test? 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. 2003-2023 Chegg Inc. All rights reserved. & & &\text{Actual}\\ 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. Supply of replacement parts is a _________activity. gifts} & & 20.00 & 11.65\\ Tangible resources can be understood as the resources of a company that can be seen, and measured and are physical in nature. When the talent show audience goes crazy in response, it marks the beginning of a meteoric rise for both the song and the band. 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. ______________ are the competencies or skills that a firm employs to transform inputs into outputs. ~~~~~\text{Dining out} & & 100.00 & 63.80\\[10pt] Do any of the resources or capabilities of your favorite restaurant have the four qualities of resources (VRIO) that lead to success as articulated by resource-based theory. Ans. Use the Kujawas expense summary to answer the question. 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. Resources and capabilities are the basic building blocks that organizations use to create strategies. managers should focus exclusively on the current market environment. D) top management providing a key role in collaborating with important customers. A firm's tangible resource includes which of the following? Also assume that the cost of each unit of labor is $50. C) rarity, path dependency, causal ambiguity, and social substitutability. D) the industry and the competitive environment. Those resources and capabilities that provide a significant competitive advantage are referred to as what? B) need to maintain the reputation of the company. : 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). These competitive advantages in turn can help the organization enjoy strong profits (Barney, 1991; Wernerfelt, 1981). 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). This makes knowledge an intangible resource. Examples include all of the following except: A) negotiating and maintaining ongoing relations with regulatory bodies. While there are different schools of thought about how strategy comes about, researchers generally agree the common characteristic across successful organizations is: Strategic focus. Question: What is the average total cost when two units of labor (L) are employed? \text{Entertainment} \\ Acknowledged by top management ~~~~~\text{Car registration} & &4.33 & 0\\ B, a. Since the firm has two units of capital, the firm's total fixed cost is$20. Firms utilizing a competitive scope strategy can tailor advertising and promotional efforts to a particular market niche. Ans. Resources such as cash and vehicles are valuable, of course, but an organizations competitors can readily acquire them. A) Knowledge can be considered an important asset or resource of a company, but it is not physical in nature. O - At Intel the key historic decision to abandon memory chips and concentrate uponmicroprocessors was the result of which of the following? Question 5 A firm's tangible resource includes which of the following? Capacity for innovationc. VALUABLE resources aid in improving the organizations effectiveness and efficiency while neutralizing the opportunities and threats of competitors. A crash R&D program by one firm cannot replicate a successful technology developed by another firm when research findings cumulate. The source of Ardent's success is causally ambiguous. d. To spread out risk and opportunities over a larger set of businesses 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. ~~~~~\text{Electric bill} & & 45.00 & 44.35\\ Option D is the right choice here. Customers do not simply send money to an organization because it owns strategic resources. B) minimized idle production facilities and workers. 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. A) Knowledge can be considered an important asset or resource of a company, but it is not physical in nature. These two building blocks are tightly linkedcapabilities from using resources over time. Cropped. Production equipment Figure 4.3: Kindred Grey (2020). This may provide bargaining power for the firm in the marketplace. 3) Unique style. In a nod to Southwest Airlines outstanding reputation, the firm ranks eighth in Fortune magazines 2018 list of the Worlds Most Admired Companies.. Provide employees with HR support in the event they choose to leave the. 5 Option A The VRIO Framework with numbers. CC BY-SA 4.0. Cost leaders must maintain their marketing or face the possible entry of more cost-effective competitors. The resource-based view (RBV) of the firm combines two perspectives: A) the primary and support activities of the firm. b. A firm's tangible resource includes which of the following? Is Southwests culture valuable? A) Knowledge. D) Wal-Mart implemented a sophisticated information system that resulted in reduced inventory carrying costs and shortened customer response times. D) tangible resources, intangible resources, and top management. The intersection of IS-LM functions defines four areas. d. Relatively moderate rivalry 5 Option A Explanation: Tangible resources have a physical form, t . If we assume an increase in Investments by 100 units, please calculate again the IS-LM functions.c. If so, these resources can provide not only a competitive advantage but also a sustained competitive advantageone that will endure over time and help the firm stay successful far into the future. 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{Household} & & & \\ reading all the available information carefully, prepare a two page (double-spaced) essay and answer the following questions:Assume that we have the following data:C=100+0.50YIp=100-20rMt=0.10YMs=100-10rM=80a. If yes, go to number 2. Suppliers and buyers with little bargaining power By how much? 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. A strategic resource is an asset that is valuable, rare, difficult to imitate, and organized to capture value (Barney, 1991; Chi, 1994). The industry characteristics that make it very difficult for firms to achieve strategic competitivenessand earn above-average returns includes all of the following EXCEPT: The best measure of a company's ability to meet imminent financial obligations is known as the. Knowledge Capacity for innovation Organizational routines Production equipment. Walgreens creates value by focusing on the unique capabilities it has built and nurtured and. In contrast, intangible resources are quite difficult to see, to touch, or to quantify. Superiority in competitive advantage refers to all of the following factors EXCEPT: Where does strategy formulation fit within the POLC framework? How can the members of an organization reach success doing that thing they do? Resource-based theory can be confusing because the term resources is used in many different ways within everyday common language. A. True Other difficult-to-imitate resources, such as brand names, usually need time to develop fully. D) the effectiveness of its lobbying activities. It is important to note that the concept of strategy is relevant to only large, public companies likeGE. Solved 5. Which of the following is considered an intangible - Chegg What are original equipment manufacturers (OEMs)? What tangible and intangible resources does your favorite restaurant have that might give it a competitive advantage? c. Product quality All Rights Reserved. Which of these categories of financial ratios is used to measure a company's ability to meet its short-term financial obligations? 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. Is Southwests culture rare within the airline industry? A firm's tangible resource includes which of the following? Southwests culture arose from its very humble beginnings and has evolved across decades. economics. A useful tool for taking stock of organizational capabilities is the ______________. Not all organizations need strategies to survive and thrive. When analyzing a value chain with a VRIO framework, what is the most important question to begin with? c. Gobal economic conditions 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. Executives who wish to achieve long-term competitive advantages should therefore place a premium on trying to nurture and develop their firms intangible resources. False Please Explain, What is the relationship between enterprise information management and self-service portals? 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. Verified answer. Learn more about how Pressbooks supports open publishing practices. A) financial analysis and a firm's reputation. C) financial resources, physical resources, and technological resources. D) outstanding customer service, innovativeness of products, and reputation. B) Motorola has revised its compensation system to reward employees who learn a variety of skills. Customer service 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. ~~~~~\text{Water bill} & & 24.50 & 31.70\\ A) KnowledgeB) Capacity for innovationC) Organizational routinesD) Production equipment. 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. Superiority in competitive advantage refers to all of the following factors EXCEPT: B) Capacity for innovation. A) By employing JIT inventory systems, Hewlett Packard has been able to cut lead time from five days to one. why? Workers at the Cambodian plant produce the clothing according to the European firm's designs and specifications. ~~~~~\text{Savings} & & 100.00 & 100.00\\ Capabilities are another key concept within resource-based theory. As water becomes more and more rare, landowners in Maine stand to benefit.
Center Pivot Irrigation Cost, Trent Dilfer Nashville Home, Articles A