Centralized decisions A. As water becomes more and more rare, landowners in Maine stand to benefit. ___________ are associated with collecting, storing, and distributing the product or service to buyers. Course Hero is not sponsored or endorsed by any college or university. d. Unique style Provide employees with HR support in the event they choose to leave the. Acknowledged by top management In determining stakeholders who should be consulted as strategy is developed, companies often develop an incomplete list. Low entry barriers What resistance to the change occurred, if any? Examples of tangible resources (in the resource-based view of the firm) include: A) financial resources, human resources, and firm competencies. Advertising is a ______activity. A resource that is valuable and rare but that can be imitated, for example, might provide an edge in the short term, but competitors can eventually overcome such an advantage. 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. ~~~~~\text{Telephone bill} & & 35.00 & 41.20\\ Superiority in competitive advantage refers to all of the following factors EXCEPT: a. 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. A) physical uniqueness, path dependency, causal ambiguity, and social complexity. What was the Kujawas total expenditure for the month of July? Capacity for innovation c. Organizational routines d. Production equipment. : 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). How do management and employee self-service portals improve organizational efficiency? Do firm resources and capabilities add value? Capabilities are another key concept within resource-based theory. B) financial resources, physical resources, and the capacity to combine intangible resources. These strategic resources can provide the foundation to develop firm capabilities that can lead to superior performance over time. The resource-based view focuses on which of the following aspects of resources? Cropped. A firm's tangible resource 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. a process through which unique products that command high prices and high margins gradually lose their ability to do so. firms that execute the design blueprints provided by western firms. a. 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? managers should focus exclusively on the current market environment. Knowledge 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. Maine has been described as the Saudi Arabia of water because its borders contain so much drinkable water. On occasion, events in the environment can turn a common resource into a strategic resource. Intangible resources include, for example, the knowledge and skills of employees, a firms reputation, and a firms culture. In a 300-500 word Learning Journal, identify a management principle or method from the course for each of the four functions of management. there are several forces for organizational change: workplace demographics, technology, globalization, market conditions, growth, and poor performance. Select one: a. Option D is the right choice here. What tangible and intangible resources does your favorite restaurant have that might give it a competitive advantage? Resources and capabilities are the basic building blocks that organizations use to create strategies. The VRIO Framework with numbers. CC BY-SA 4.0. Recently, shareholders have been vocal about the importance of products made in the US. Planning al., 2010). One key reason for their success is a legendary organizational culture that inspires employees to do their very best. a. This may provide bargaining power for the firm in the marketplace. Other difficult-to-imitate resources, such as brand names, usually need time to develop fully. 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. The balanced scorecard provides top managers with a _____________ view of the business, The balanced scorecard developed by Kaplan and Norton helps to integrate. It depends on the culture and structure of the organization. When analyzing a value chain with a VRIO framework, what is the most important question to begin with? Customer service The resource-based view (RBV) of the firm combines two perspectives: A) the primary and support activities of the firm. 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. It does not help or hurt Southwest competitively. Chi, T. (1994). d. Threats posed by new entrants You can view this video here: https://youtu.be/BJn-Jl2ZeQU. Intangible resources include, for example, the knowledge and skills of employees, a firm's reputation, brand name, exclusive rights . Strategy formulation answers the question. All Rights Reserved. ______________ are the competencies or skills that a firm employs to transform inputs into outputs. The tangibility of a firms resources is an important consideration within resource-based theory. 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. Captures how vision and mission will be achieved. One key reason is a legendary organizational culture that inspires employees to do their very best. turning over an organizational activity to an outside supplier. Cost leadership is a low-cost, broad-based market strategy. \end{array} 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. Production equipment O - At Intel the key historic decision to abandon memory chips and concentrate uponmicroprocessors was the result of which of the following? 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.