False a. D) short-term perspectives and strategic positioning. The particular bundles of resources and capabilities that provide unique advantages to the, Core competencies are resources and capabilities that serve as a source of a firms. They consist of warehousing, material handling, delivery operation, order processing, and scheduling. b. D) outstanding customer service, innovativeness of products, and reputation. Solved 11.- All of the following are tangible resources - Chegg Industry characteristics of an attractive industry, one where firms may achieve strategic competitiveness and earn above-average returns includes which of the following? If we assume an increase in Investments by 100 units, please calculate again the IS-LM functions.c. 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. D) gains in financial performance and customer satisfaction must often come at a cost of employee satisfaction. T or F A companys value derives not from things, but from ____________. managers should focus exclusively on the current market environment. B) the legitimacy and reputation of a firm, D) the efficiency with which a firm utilizes its assets. False Figure 4.2: Planephotoman. While there are different schools of thought about how strategy comes about, researchers generally agree the common characteristic across successful organizations is: Strategic focus. BUS 1101 Ch. 5 Flashcards | Quizlet 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 When a company's resources are valuable but not rare, the company is said to have which element? 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. D) if the firm's stock is publicly traded. 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. Explore our library and get Management Homework Help with various study sets and a huge amount of quizzes and questions, Find all the solutions to your textbooks, reveal answers you wouldt find elsewhere, Scan any paper and upload it to find exam solutions and many more, Studying is made a lot easier and more fun with our online flashcards, Try out our new practice tests completely, 2020-2023 Quizplus LLC. [Video]. ~~~~~\text{Clothing } & & 40.00 & 31.75\\ A resource that has three or less of the qualities can provide an edge in the short term, but competitors can overcome such an advantage eventually. d. To spread out risk and opportunities over a larger set of businesses Despite having three of the four properties of strategic resources, water in the United States has remained cheap; however, this may be changing. Barney, J. ~~~~~\text{Electric bill} & & 45.00 & 44.35\\ ~~~~~\text{Cable TV bill} & & 25.00 & 25.00\\[10pt] Intangible resources include, for example, the knowledge and skills of employees, a firm's reputation, brand name, exclusive rights . turning over an organizational activity to an outside supplier. Complete the following statements using either "debit" or "credit": (b) The owner's capital account is increased with a _________. 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. Intangible resources include, for example, the knowledge and skills of employees, a firms reputation, and a firms culture. Scientific capabiliti Production equipment c. Manufacturing plants d. Formal reporting structures 6. ______________ are the competencies or skills that a firm employs to transform inputs into outputs. The balanced scorecard enables managers to consider their business from all of the following perspectives except. d. Moderate to high rivalry Which of the following is an example of innovation resources? 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. View the full answer. If not, all the effort to develop it is a waste of resources and a competitive disadvantage. B) intangible resources and operational measures. Course Hero is not sponsored or endorsed by any college or university. A resource is organized to capture value when the firm has organizational systems, processes, and structure in place to capitalize on the resource for a competitive advantage. Examples of tangible resources (in the resource-based view of the firm) include: A) financial resources, human resources, and firm competencies. Supplier and buyers with strong bargaining positions Resource-based theory also stresses the merit of an old saying: the whole is greater than the sum of its parts. False To capture more consumers O - Not all organizations need strategies to survive and thrive. How should managers assess changes in their firm's competitive position in their industries during a period of unusual economic growth? When the talent show audience goes crazy in response, it marks the beginning of a meteoric rise for both the song and the band. If yes, go to number 3. A firm's strategy includes which of the following? This video is the song That Thing You Do! by the Wonders. As water becomes more and more rare, landowners in Maine stand to benefit. For the event listed here, identify which of the determinants of demand or supply are affected. 2020-2023 Quizplus LLC. ______________ are assets that can be seen and quantified. This means that a firm has a unique ability to create new capabilities. On occasion, events in the environment can turn a common resource into a strategic resource. Not all organizations need strategies to survive and thrive. Some firms develop a dynamic capability. D) Production equipment. Select one: a. Correct Answer: Explore answers and other related questions. Organizing Physical assets such as a firms property, plant, and equipment are considered to be tangible resources, as is cash. ~~~~~\text{Life/car insurance premiums} & & 132.50 & 132.50\\ \text{EXPENDITURES FOR THE MONTH OF JULY} This worked, A number of things organizations can do prior to change to prepare employees include which of the following? O - A firm's tangible resource includes which of the following? C. physical resources, such as the company's brand, image, and reputation . Which of the following is not a limitation of SWOT (Strengths, Weaknesses, Opportunity, Threats) analysis? Coca-Cola, for example, has an uncanny knack for building new brands and products as the soft drink market evolves. For a resource to provide a firm with the potential for a sustainable competitive advantage, it must have four attributes. YouTube. These competitive advantages in turn can help the organization enjoy strong profits (Barney, 1991; Wernerfelt, 1981).