For a resource to provide a firm with the potential for a sustainable competitive advantage, it must have four attributes. 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. Option D is the right choice here. Course Hero is not sponsored or endorsed by any college or university. In a nod to Southwest Airlines outstanding reputation, the firm ranks eighth in Fortune magazines 2018 list of the Worlds Most Admired Companies.. B. The bands magic vanishes as quickly as it appeared, however. 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. Humans simply cannot live without water, so water has inherent value. What resistance to the change occurred, if any? These competitive advantages in turn can help the organization enjoy strong profits (Barney, 1991; Wernerfelt, 1981). True B. The balanced scorecard enables managers to consider their business from all of the following perspectives except. Customer service Such competitive advantages are based upon. D) reputation with suppliers and customers. D) geographic uniqueness, cause dependency, social ambiguity, and path complexity. Walgreens creates value by focusing on the unique capabilities it has built and nurtured and. d.Knowledge Question 10 For a differentiation strategy to be effective, the product . 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. A) Knowledge can be considered an important asset or resource of a company, but it is not physical in nature. Southwests culture arose from its very humble beginnings. O - A firm's tangible resource includes which of the following? [Video]. 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. Resource-based theory can be confusing because the term resources is used in many different ways within everyday common language. ~~~~~\text{Credit payments} & & 50.00 & 41.74\\ If not, then it still only provides a temporary competitive advantage. ~~~~~\text{Parking/tolls} & & 15.00 & 15.00\\[10pt] The best strategies, corporate and business, are based on a thorough SWOT analysis. 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. B) Whenever a company improves or developed its capabilities to support innovation, the organization is said to have the capacity for innovation. ~~~~~\text{Gasoline purchases} & & 85.00 & 101.70\\ Historical comparisons are often misleading. D) the industry and the competitive environment. 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. A dynamic capability exists when a firm is skilled at continually updating its array of capabilities to keep pace with changes in its environment. why? A) financial analysis and a firm's reputation. illustrates that while bundling resources in a unique way can create immense success, preserving and managing these resources over time can be very difficult. C. "Afirm's reputation D. Afirm's headquarters building. Correct Answer: Explore answers and other related questions. D. T or F Select one: a. 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. Superiority in competitive advantage refers to all of the following factors EXCEPT: ~~~~~\text{Furniture} & & 125.00 & 125.00\\ b. Hierarchical diversification a. Critical to the forming of competitive advantages, _______________ are often based on, developing, carrying, and exchanging information and knowledge through the firms human. opportunities or negate threats in the environment. b. B) need to maintain the reputation of the company. Superiority in competitive advantage refers to all of the following factors EXCEPT: a. 3) Unique style. Acknowledged by top management Strategy formulation answers the question. False In working through the decision tree, once a no is obtained, there is no need to continue through the tree. 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). 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. 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. They consist of warehousing, material handling, delivery operation, order processing, and scheduling. ~~~~~\text{Dining out} & & 100.00 & 63.80\\[10pt] C) supports both individual primary and support activities and the entire value chain. Which of the following is a tangible reource?*. As another example, what about Southwest Airlines capability to arrive on time at a much higher rate than the industry average? 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. This is an example of which concept? a. : b. Scientific capabiliti Production equipment c. Manufacturing plants d. Formal reporting structures 6. : A) physical uniqueness, path dependency, causal ambiguity, and social complexity. ~~~~~\text{Water bill} & & 24.50 & 31.70\\ One key reason is a legendary organizational culture that inspires employees to do their very best. Which of the following forms of diversification occurs when a firm operates multiple. Strategic Management Journal, 15(4), 271290. Supply of replacement parts is a _________activity. Low entry barriers In the value chain, which of the following activities is deemed to add direct value to a firm? earn aboveaverage returns includes all of the following EXCEPT. Some firms develop a dynamic capability. 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. D. T or F A) if the overall strategy of the firm is the same. 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. When a company's resources are valuable but not rare, the company is said to have which element? 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? Ans. Which of the following is considered an intangible resource? C) marketing expertise increasing a firm's revenues and enabling it to enter new markets. B) Capacity for innovation. 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Retrieved from https://commons.wikimedia.org/wiki/File:The_VRIO_Framework_with_numbers.png. Advertising is a ______activity. While there are different schools of thought about how strategy comes about, researchers generally agree the common characteristic across successful organizations is: Strategic focus. Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. Cost leadership is a low-cost, broad-based market strategy. D) supports mostly support activities but does have some impact on primary activities. Some difficult to imitate resources are protected by various legal means, including trademarks, patents, and copyrights. Use the Kujawas expense summary to answer the question. Customers do not simply send money to an organization because it owns strategic resources. B) financial resources, physical resources, and the capacity to combine intangible resources. Power or employees The balanced scorecard provides top managers with a _____________ view of the business, The balanced scorecard developed by Kaplan and Norton helps to integrate. False A US firm has outsources its textile manufacturing to aBangledesh for the last 10 years. Tangible resources are resources that can be readily seen, touched, and quantified. Southwest Airlines culture fits this standard well. B, a. c. Strong competitive threats from product substitutes Industry characteristics of an attractive industry, one where firms may achieve strategiccompetitiveness and earn above-average returns includes which of the following? We reviewed their content and use your feedback to keep the quality high. 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. Design and emergence strategies involve specific levels of the organization. If we assume an increase in Investments by 100 units, please calculate again the IS-LM functions.c. 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? How do management and employee self-service portals improve organizational efficiency? A retail chain that sells home entertainment systems, computers, and other electronics is far outselling is competitors based on its innovation processes. Captures how vision and mission will be achieved. ___________ are associated with collecting, storing, and distributing the product or service to buyers. Coca-Cola, for example, has an uncanny knack for building new brands and products as the soft drink market evolves. Instead, a resource is strategic to the extent that it is valuable, rare, difficult to imitate, and organized to capture value. ~~~~~\text{Rent} & & 625.00 & 625.00\\ If not, all the effort to develop it is a waste of resources and a competitive disadvantage. How was the resistance (if any) overcome? b. Tangible resources include all except which of the following? accounting. This too is intangible in nature, making Option B an incorrect choice. 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). Resources such as cash and vehicles are valuable, of course, but an organizations competitors can readily acquire them. Executives strongly encourage flight attendants to entertain passengers, like hiding in an overhead compartment. 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 Production equipment O - At Intel the key historic decision to abandon memory chips and concentrate uponmicroprocessors was the result of which of the following? In determining stakeholders who should be consulted as strategy is developed, companies often develop an incomplete list. Figure 4.3: Kindred Grey (2020). 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. D) tangible resources, intangible resources, and top management. Suppliers and buyers with little bargaining power c. Conglomerate diversification Another is guitarist Lenny Haise, whose fun attitude reigns in the enigmatic Mattingly. Expert Answer. Capacity for innovation c. Organizational routines d. Production equipment. Which of the following is not a limitation of SWOT (Strengths, Weaknesses, Opportunity, Threats) analysis? A firms tangible resource includes which of the following? a. Which of the following examples demonstrates how successful organizations manage their primary activities? When analyzing organizations, however, common resources such as cash and vehicles are not considered to be strategic resources. If not then culture provides Southwest with a temporary competitive advantage over its rivals, but competitors can imitate it. Strategic Planning . According to value chain analysis, which of the following would be considered part of a firm's infrastructure? False 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! For firms such as Walgreen Co. (a chain of drugstores), information systems have been a source of competitive advantage by enabling them to. Although not a formal band member, Mattinglys girlfriend Faye provides emotional support to the group and even suggests the groups name. Two or more firms competing for differentiation may engage in price wars that drive profits to very low levels. A firms strategy includes which of the following? What kind of competitive advantage, if any, does this capability provide? These two building blocks are tightly linkedcapabilities from using resources over time. True If yes, then Southwests culture is providing a sustained competitive advantage. ______________ are assets that can be seen and quantified. A. T or F ~~~~~\text{Pocket Money} & & 60.00 & 72.00\\[10pt] Coca-Cola has an uncanny knack for building new brands and products as the soft-drink market evolves. A firm's strategy includes which of the following? a. Was this amount more or less than the amount they had originally budgeted? 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. D) if the firm's stock is publicly traded. In contrast, intangible resources are quite difficult to see, to touch, or to quantify. A) Compare the firm's financial ratios with ratios of firms in other strategic groups in the industry. C) tangible resources, intangible resources, and organizational capabilities. Although firm infrastructure is often viewed only as overhead expense, it can become a source of competitive advantage. Strategic Planningb. That Thing You Do! A clothing manufacturing plant in Cambodia produces pants and shirts for a European clothing designer, distributor, and retailer. A firm's tangible resource includes which of the following? False Low entry barriers One resource is lead singer Jimmy Mattingly, who possesses immense musical talent. Which of the following would be most difficult to assess? Capabilities are important in part because they are how organizations capture the potential value that resources offer. C) financial resources, physical resources, and technological resources. gifts} & & 20.00 & 11.65\\ ~~~~~\text{Sporting events/recreation} & & 32.00 & 32.00\\ c. Leading This culture is also rare in that strikes, layoffs, and poor morale are common within the airline industry. LegacyRecordingsVEVO. 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. C) rare, valuable, inimitable, nonsubstitutable. ~~~~~\text{Cable TV bill} & & 25.00 & 25.00\\[10pt] A useful way to identify a company's resources is to view them as: A. divided into two main categories, tangible and intangible. A companys value derives not from things, but from ____________. Consider, for example, a very generic commodity: water. 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. B) effective information systems contributing significantly to a firm's overall cost leadership strategy. On occasion, events in the environment can turn a common resource into a strategic resource. Trading in strategic resources: Necessary conditions, transaction cost problems, and choice of exchange structure. Superiority in competitive advantage refers to all of the following factors EXCEPT: Where does strategy formulation fit within the POLC framework? Competitors have a hard time duplicating resources that are difficult to imitate. 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. Strategy is a pattern of resource allocation choices and organizational arrangements that result frommanagerial decision making. C) managers should not look at their job as primarily balancing stakeholder demands; increasing satisfaction among multiple stakeholders can be achieved simultaneously. As water becomes more and more rare, landowners in Maine stand to benefit. O - Strategy formulation is an essential component of the POLC framework: 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. C) Organizational routines. Recruitment c. Service d. Procurement c; Medium Ideally, a firm will its own resources, like Southwests culture, that embrace the four VRIO qualities shown in Table 4.1. Distribution centers. Which of the following is an example of innovation resources? Captures how vision and mission will be achieved, O - A firms tangible resource includes which of the following? Journal of Management, 17, 99120. Executives who wish to achieve long-term competitive advantages should therefore place a premium on trying to nurture and develop their firms intangible resources. B) Compare the firm's financial ratios over the most recent one-year period. A resource or capability is said to be ____________ if it allows the firm to exploit. C) financial resources, physical resources, and technological resources. c. To build a portfolio of businesses much like a portfolio of stock C. physical resources, such as the company's brand, image, and reputation . ~~~~~\text{Car registration} & &4.33 & 0\\ Resource-based theory also stresses the merit of an old saying: the whole is greater than the sum of its parts. Consider how Southwest Airliness organizational culture serves as a strategic resource. Southwests culture arose from its very humble beginnings and has evolved across decades. Review the material in Chapter 20 and respond to the following: Discuss the modern quantity theory and the liquidity preference theory. 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. Note that the decision tree is used to assess resources and capabilities, NOT a firms products, services, or the firm itself. Production equipment b. Which activity is the least risky candidate for outsourcing? 2) Product quality. Has Southwest organized this resource of culture to capture value? It. and more. One key reason for their success is a legendary organizational culture that inspires employees to do their very best. D) Wal-Mart implemented a sophisticated information system that resulted in reduced inventory carrying costs and shortened customer response times. The table below presents the output and input levels: Also assume that the per unit cost of capital is $10. You can view this video here: https://youtu.be/BJn-Jl2ZeQU. \text{Food} & & \$160.00 & \$175.70\\ B) interpersonal relations among a firm's managers. If yes, go to number 2. In a 300-500 word Learning Journal, identify a management principle or method from the course for each of the four functions of management. d. Horizontal diversification Supplier and buyers with strong bargaining positions DIFFICULT-TO-IMITATE resources often involve legally protected intellectual property such as trademarks, patents, or copyrights. 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. Physical assets such as a firm's property, plant, and equipment, as well as cash, are considered to be tangible resources. False Please Explain, What is the relationship between enterprise information management and self-service portals? Southwest Airliness culture provides the firm with uniquely strong employee relations in an industry where strikes, layoffs, and poor morale are common. All Rights Reserved. Also, water cannot be imitated (at least not on a large scale), and no other substance can substitute for the life-sustaining properties of water. Cost leaders must maintain their marketing or face the possible entry of more cost-effectivecompetitors. Wernerfelt, B. The source of Ardent's success is causally ambiguous. d. Controlling The key to using the Resource Based View is to evaluate a firms resources and capabilities using the VRIO framework decision tree. b. C) repairing the product for the consumer, D) monitoring the cost of producing the product through a cost accounting system. ~~~~~\text{Telephone bill} & & 35.00 & 41.20\\ 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. View the full answer. Strategic Management Journal, 5, 171180. ~~~~~\text{Movies} & & 10.00 & 5.00\\ \text{EXPENDITURES FOR THE MONTH OF JULY} Other airlines could not replicate Southwests culture, regardless of how hard they might try, because of Southwests unusual history. Major cities in hot climates such as Las Vegas, Los Angeles, and Atlanta are confronted by dramatically shrinking water supplies. 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. Tangible resources can be understood as the resources of a company that can be seen, and measured and are physical in nature. 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. competitiveness and earn above-average returns includes which of the following? \end{array} ExpensesFoodHouseholdElectricbillTelephonebillHeatingfuelWaterbillCableTVbillTransportationGasolinepurchasesParking/tollsPersonalClothingCreditpaymentsNewspapers. Design/methodology/approach A cross-sectional survey research design was used in the study. Workers at the Cambodian plant produce the clothing according to the European firm's designs and specifications. 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. 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. 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. Physical assets such as a firms property, plant, and equipment, as well as cash, are considered to be tangible resources. Tangible resources are resources that can be readily seen, touched, and quantified. These strategic resources can provide the foundation to develop firm capabilities that can lead to superior performance over time. c. Gobal economic conditions Course Hero is not sponsored or endorsed by any college or university. D) rare, valuable, physically unique, causally ambiguous. Which of these categories of financial ratios is used to measure a company's ability to meet its short-term financial obligations? 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! By how much? 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. D) short-term perspectives and strategic positioning. Other difficult-to-imitate resources, such as brand names, usually need time to develop fully. To satisfy the mission and vision A) interrelationships among functional areas and firm strategies. A) KnowledgeB) Capacity for innovationC) Organizational routinesD) Production equipment. C) criteria for lease versus purchase decisions. Option A is incorrect here. Threats posed by new entrants Chi, T. (1994). Retrieved from https://commons.wikimedia.org/wiki/File:Southwest_737_Lonestar_One.jpg. Experts are tested by Chegg as specialists in their subject area. What is the firm's secret competitive advantage? A) Knowledge can be considered an important asset or resource of a company, but it is not physical in nature. c. Product quality See Page 1. A competitive advantage based on inimitability can be sustained for at least some time if it has the following characteristics. 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