Physical assets such as a firm's property, plant, and equipment, as well as cash, are considered to be tangible resources. B) Capacity for innovation. Expert Answer. A resource-based view of the firm. Advertising is a ______activity. B) financial resources, physical resources, and the capacity to combine intangible resources. This worked, A number of things organizations can do prior to change to prepare employees include which of the following? As another example, what about Southwest Airlines capability to arrive on time at a much higher rate than the industry average? Resources such as cash and vehicles are valuable, of course, but an organizations competitors can readily acquire them. For the event listed here, identify which of the determinants of demand or supply are affected. c. Leading 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. D) Wal-Mart implemented a sophisticated information system that resulted in reduced inventory carrying costs and shortened customer response times. Principles of Management, Chapter 5 Flashcards | Quizlet b. 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. \text{Household} & & & \\ A crash R&D program by one firm cannot replicate a successful technology developed by another firm when research findings cumulate. [Video]. Supplier and buyers with strong bargaining positions Customers do not simply send money to an organization because it owns strategic resources. b. (1991). Captures how vision and mission will be achieved, O - A firms tangible resource includes which of the following? This should enable the firm to attain, Managers will be able to obtain a proportionately high level of profits they generate (relative to the firm) if. These competitive advantages in turn can help the organization enjoy strong profits (Barney, 1991; Wernerfelt, 1981). Which of the following is not an advantage of Just-In-Time inventory systems? It depends on the culture and structure of the organization. competitiveness and earn above-average returns includes which of the following? C) rare, valuable, inimitable, nonsubstitutable, B) in periods of recession or economic boom. 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). \text{Expenses} & & \text{Budgeted} & \text{Spent}\\[10pt] Examples include all of the following except: A) negotiating and maintaining ongoing relations with regulatory bodies. Choose one of the companies below and identify three key stakeholders. C) Compare the financial ratios of all firms in the country's industrysome of whom serve very diverse market segments and have specialized accordingly. It is important to note that the concept of strategy is relevant to only large, public companies likeGE. If not, then it still only provides a temporary competitive advantage. Complete the following statements using either "debit" or "credit": (b) The owner's capital account is increased with a _________. B) culture, tangible resources, intangible resources. Other difficult-to-imitate resources, such as brand names, usually need time to develop fully. The intersection of IS-LM functions defines four areas. Customer service Southwest Airliness culture provides the firm with uniquely strong employee relations in an industry where strikes, layoffs, and poor morale are common. 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. This culture is also rare in that strikes, layoffs, and poor morale are common within the airline industry. 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. How can the members of an organization reach success doing that thing they do? C) the internal analysis of the firm as well as the external analysis of the industry and competitive environment. D) gains in financial performance and customer satisfaction must often come at a cost of employee satisfaction. Industry characteristics of an attractive industry, one where firms may achieve strategic competitiveness and earn above-average returns includes which of the following? The best strategies, corporate and business, are based on a thorough SWOT analysis. 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. Based on your personal or professional experience, provide an example of when one of these forces caused an organization to change. Resources can be divided into two main types: tangible and intangible. As water becomes more and more rare, landowners in Maine stand to benefit. YouTube. ~~~~~\text{Cable TV bill} & & 25.00 & 25.00\\[10pt] The Wonders-That Thing You Do! A firm's tangible resource includes which of the following? al., 2010). To most individuals, cash is an important resource. It is an intangible part of the company. Coca-Cola, for example, has an uncanny knack for building new brands and products as the soft drink market evolves. Those resources and capabilities that provide a significant competitive advantage are referred to as what? Figure 4.3: Kindred Grey (2020). More specifically, capabilities refer to the firms ability to bundle, manage, or otherwise exploit resources in a manner that provides added value and, hopefully, advantage over competitors. In a nod to Southwest Airlines outstanding reputation, the firm ranks eighth in Fortune magazines 2018 list of the Worlds Most Admired Companies.. Option C is also incorrect here. The balanced scorecard enables managers to consider their business from all of the following perspectives except. Wernerfelt, B. This means that a firm has a unique ability to create new capabilities. Trading in strategic resources: Necessary conditions, transaction cost problems, and choice of exchange structure. C) Every organization has a routine that it follows for its procedures and processes. This makes knowledge an intangible resource. a. Superiority in competitive advantage refers to all of the following factors: 1) Customer service. Resource-based theory also stresses the merit of an old saying: the whole is greater than the sum of its parts. Quiz 4 Flashcards | Quizlet A US firm has outsources its textile manufacturing to aBangledesh for the last 10 years. Imagine that a U.S. car manufacturer builds a plant in Mexico, where labor is cheaper. 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. This is an example of their. Walgreens creates value by focusing on the unique capabilities it has built and nurtured and. B) psychographic uniqueness, path dependency, causal ambiguity, and substitutability. Which of the following is a tangible reource?*. Intangible resources include, for example, the knowledge and skills of employees, a firm's reputation, brand name, exclusive rights . How was the resistance (if any) overcome? D) the industry and the competitive environment. Strategic Management Journal, 5, 171180. 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. Southwest embraces a culture of fun for both its customers and employees. Every organization has stakeholders. 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. the K-W test? Course Hero is not sponsored or endorsed by any college or university. 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. Power or employees 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. What is the firm's secret competitive advantage? C) rare, valuable, inimitable, nonsubstitutable. firms that execute the design blueprints provided by western firms. D. T or F : an American History (Eric Foner), Chemistry: The Central Science (Theodore E. Brown; H. Eugene H LeMay; Bruce E. Bursten; Catherine Murphy; Patrick Woodward), Biological Science (Freeman Scott; Quillin Kim; Allison Lizabeth), Educational Research: Competencies for Analysis and Applications (Gay L. R.; Mills Geoffrey E.; Airasian Peter W.), Forecasting, Time Series, and Regression (Richard T. O'Connell; Anne B. Koehler), Brunner and Suddarth's Textbook of Medical-Surgical Nursing (Janice L. Hinkle; Kerry H. Cheever), Principles of Environmental Science (William P. Cunningham; Mary Ann Cunningham), Psychology (David G. 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Recently, shareholders have been vocal about the importance of products made in the US. C) Organizational routines. and more. When a company's resources are valuable but not rare, the company is said to have which element? False The resource-based view (RBV) of the firm combines two perspectives: A) the primary and support activities of the firm. gifts} & & 20.00 & 11.65\\ Because of this unusual history, other airlines could not replicate Southwests culture, regardless of how hard they might try. Suppliers and buyers with little bargaining power D) the firm's resources are path dependent. Southwest Airlines, for example, has developed the capability of providing excellent customer service by building on its strong organizational culture. \text{Transportation}\\ Chi, T. (1994). What was the Kujawas total expenditure for the month of July? Another is guitarist Lenny Haise, whose fun attitude reigns in the enigmatic Mattingly. For example, 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 boardingto create a unique business model whose performance is without peer in the industry. Solved 5. Which of the following is considered an intangible - Chegg Capacity for innovation c. Organizational routines d. Production equipment. Social complexity is defined as the socially intricate and interdependent ways firms are typically organized. One key reason is a legendary organizational culture that inspires employees to do their very best. C) National Steel improved its efficiency by consolidating, reducing the number of job classifications, and broadening worker responsibilities. d. Controlling C. physical resources, such as the company's brand, image, and reputation . All of the following are tangible resources EXCEPT:- A. _____________ 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 _____________. Verified answer. Major cities in hot climates such as Las Vegas, Los Angeles, and Atlanta are confronted by dramatically shrinking water supplies. Which of the following forms of diversification occurs when a firm operates multiple. Retrieved from https://commons.wikimedia.org/wiki/File:Southwest_737_Lonestar_One.jpg. For a resource to provide a firm with the potential for a sustainable competitive advantage, it must have four attributes. economics. EXPENDITURESFORTHEMONTHOFJULY, ActualAmountAmountExpensesBudgetedSpentFood$160.00$175.70HouseholdElectricbill45.0044.35Telephonebill35.0041.20Heatingfuel50.0015.00Waterbill24.5031.70CableTVbill25.0025.00TransportationGasolinepurchases85.00101.70Parking/tolls15.0015.00PersonalClothing40.0031.75Creditpayments50.0041.74Newspapers. Verified answer. A strategic resource is an asset that is valuable, rare, difficult to imitate, and organized to capture value (Barney, 1991; Chi, 1994). Option A is incorrect here. Cost leaders must maintain their marketing or face the possible entry of more cost-effectivecompetitors. 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. A) if the overall strategy of the firm is the same. Instead, a resource is strategic to the extent that it is valuable, rare, difficult to imitate, and organized to capture value. Competitors have a hard time duplicating resources that are difficult to imitate. Retrieved from https://commons.wikimedia.org/wiki/File:The_VRIO_Framework_with_numbers.png. : 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). b. 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. A firms tangible resource includes which of the - Course Hero 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. A firm's tangible resource includes which of the following? C) repairing the product for the consumer, D) monitoring the cost of producing the product through a cost accounting system. Has Southwest organized this resource of culture to capture value? The XYZ Corp. is taking advantage of a ____________ system. True B. B) Whenever a company improves or developed its capabilities to support innovation, the organization is said to have the capacity for innovation.
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