Why did it cause this change? Southwest Airlines, for example, has developed the capability of providing excellent customer service by building on its strong organizational culture. Workers at the Cambodian plant produce the clothing according to the European firm's designs and specifications. D) short-term perspectives and strategic positioning. \text{Expenses} & & \text{Budgeted} & \text{Spent}\\[10pt] Organizing a. Verified answer. C) tangible resources, intangible resources, and organizational capabilities. 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. Distribution centers. All of the following except which example is a reason that relentless imitation can be a dangerous practice? For firms such as Walgreen Co. (a chain of drugstores), information systems have been a source of competitive advantage by enabling them to. D) gains in financial performance and customer satisfaction must often come at a cost of employee satisfaction. The intensity of industry competition and an industry's profit potential are a function of which of the following forces of competition? the K-W test? False 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. What was the result? Strategy formulation answers the question. Tangible resources can be understood as the resources of a company that can be seen, and measured and are physical in nature. Although the airline industry is extremely competitive, Southwest Airliness turns a profit virtually every year. Communicates to stakeholders the hierarchical corporate structure. Retrieved from https://commons.wikimedia.org/wiki/File:The_VRIO_Framework_with_numbers.png. Congratulations on advancing to the final unit of BUS 1101, the opening course in your degree program! Most other airlines do not have this philosophy. Which of the following would be most difficult to assess? Tangible goods such as ones car and home are also vital resources. Which of the following is a support activity? B) supports only individual support activities. Is Southwests culture rare within the airline industry? https://youtu.be/BJn-Jl2ZeQU. This customer loyalty is why many passengers choose Southwest over other airlines. 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. Study with Quizlet and memorize flashcards containing terms like A firm's tangible resource includes which of the following?, A firm's strategy includes which of the following:, T or F: Not all organizations need strategies to survive and thrive. Ideally, a firm will its own resources, like Southwests culture, that embrace the four VRIO qualities shown in Table 4.1. Suppliers and buyers with little bargaining power competitiveness and earn above-average returns includes which of the following? This is an example of which concept? A resource is valuable and rare but neither difficult to imitate nor without substitutes. 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. A. T or F Power or employees Advertising is a ______activity. ~~~~~\text{Dining out} & & 100.00 & 63.80\\[10pt] Barney, J. 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. b. Design and emergence strategies involve specific levels of the organization. B. productive inputs or competitive assets, except human assets and intellectual capital, which are considered capabilities or competencies. Do firm resources and capabilities add value? In a nod to Southwest Airlines outstanding reputation, the firm ranks eighth in Fortune magazines 2018 list of the Worlds Most Admired Companies.. 12 Test Bank, Peds Exam 1 - Professor Lewis, Pediatric Exam 1 Notes, A&p exam 3 - Study guide for exam 3, Dr. Cummings, Fall 2016, Sociology ch 2 vocab - Summary You May Ask Yourself: An Introduction to Thinking like a Sociologist, Respiratory Completed Shadow Health Tina Jones, Dehydration Synthesis Student Exploration Gizmo, Module One Short Answer - Information Literacy, Seeley's Essentials of Anatomy & Physiology Chapter 1-4, 1-2 Short Answer Cultural Objects and Their Culture, Sample solutions Solution Notebook 1 CSE6040, Kami Export - Jacob Wilson - Copy of Independent and Dependent Variables Scenarios - Google Docs, Leadership class , week 3 executive summary, I am doing my essay on the Ted Talk titaled How One Photo Captured a Humanitie Crisis https, School-Plan - School Plan of San Juan Integrated School, SEC-502-RS-Dispositions Self-Assessment Survey T3 (1), Techniques DE Separation ET Analyse EN Biochimi 1. Resources such as cash and vehicles are valuable, of course, but an organizations competitors can readily acquire them. This culture is also rare in that strikes, layoffs, and poor morale are common within the airline industry. ~~~~~\text{Gasoline purchases} & & 85.00 & 101.70\\ c. Gobal economic conditions Every organization has stakeholders. Examples of tangible resources (in the resource-based view of the firm) include: A) financial resources, human resources, and firm competencies. ~~~~~\text{Car registration} & &4.33 & 0\\ Southwest Airlines provides an illustration of resource-based theory in action. Coca-Cola has an uncanny knack for building new brands and products as the soft-drink market evolves. A competitive advantage based on inimitability can be sustained for at least some time if it has the following characteristics. The balanced scorecard enables managers to consider their business from all of the following perspectives except. Acknowledged by top management A clothing manufacturing plant in Cambodia produces pants and shirts for a European clothing designer, distributor, and retailer. Thus an organization cannot hope to create an enduring competitive advantage around common resources. B) in periods of recession or economic boom. C) Every organization has a routine that it follows for its procedures and processes. Intangible resources include, for example, the knowledge and skills of employees, a firms reputation, and a firms culture. Transcribed image text: 5. Firms often bundle together multiple resources and strategies (that may not be unique in and of themselves) to create uniquely powerful combinations. A) supports only individual primary activities. To satisfy the mission and vision True or False Please explain, Artifacts reflecting values of an organization include, The foundation of many capabilities lies in the skills and knowledge of a firm's stockholders A. B) rare, inimitable, physically unique, nonsubstitutable. A resource that is difficult to imitate, or create ready substitutes for is called, The VRIO criterion that determines whether a resource or capability is the source of, competitive advantage recognized that the firm must have the _______________ capability to. This is an example of their. This makes knowledge an intangible resource. The Wonders-That Thing You Do! Course Hero is not sponsored or endorsed by any college or university. In the value chain, which of the following activities is deemed to add direct value to a firm? 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! A resource-based view of the firm. Some difficult to imitate resources are protected by various legal means, including trademarks, patents, and copyrights. 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. In value chain analysis, the activities of an organization are divided into two major categories of value activities: primary and support. D. T or F Straddling strategies as an approach to strategic management is not recommended for which reason: It is an attempt to gain competitive advantage based on overall lowcost provider of a product, Research shows that straddling strategies leads to confusion among managers about the, It is an indication that the firm's managers have not made necessary choices about the, According to Porter straddling strategies is recommended for narrow scope firms that have, The industry characteristics that make it very difficult for firms to achieve strategic competitiveness and. The influence of Southwests organizational culture extends to how customers are treated by employees. 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). 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. A firms strategy includes which of the following? Such competitive advantages are based upon. 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. Course Hero is not sponsored or endorsed by any college or university. C. physical resources, such as the company's brand, image, and reputation . d.Knowledge Question 10 For a differentiation strategy to be effective, the product . This worked, A number of things organizations can do prior to change to prepare employees include which of the following? A firms tangible resource includes which of the following? 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. What kind of competitive advantage, if any, does this capability provide? Executives strongly encourage flight attendants to entertain passengers, like hiding in an overhead compartment. Want to create or adapt books like this? opportunities or negate threats in the environment. Tangible resources are resources that can be readily seen, touched, and quantified. why? 11.-. and more. D) outstanding customer service, innovativeness of products, and reputation. VALUABLE resources aid in improving the organizations effectiveness and efficiency while neutralizing the opportunities and threats of competitors. D. T or F When analyzing organizations, however, common resources such as cash and vehicles are not considered to be strategic resources. Figure 4.2: Planephotoman. Knowledge Tangible resources are resources that can be readily seen, touched, and quantified. C) National Steel improved its efficiency by consolidating, reducing the number of job classifications, and broadening worker responsibilities. Another is guitarist Lenny Haise, whose fun attitude reigns in the enigmatic Mattingly. B) the key emphasis on customer satisfaction and financial goals are only a means to that end. Ans. Capacity for innovationc. Resource-based theory can be confusing because the term resources is used in many different ways within everyday common language. 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. D) Compare the financial ratios of firms in the company's strategic group. 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. B) Motorola has revised its compensation system to reward employees who learn a variety of skills. Which of the following is a tangible reource?*. A) By employing JIT inventory systems, Hewlett Packard has been able to cut lead time from five days to one. Strategic Management Journal, 15(4), 271290. O - A firm's tangible resource includes which of the following? : The evaluation occurs within the industry of the firm being evaluated. 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. ~~~~~\text{Furniture} & & 125.00 & 125.00\\ Low entry barriers Journal of Management, 17, 99120. The components are then shipped back to the United States, where each complete car is assembled. Capabilities are needed to bundle, to manage, and otherwise to exploit resources in a manner that provides added value to customers and creates advantages over competitors. Choose one of the companies below and identify three key stakeholders. Examples include all of the following except: A) negotiating and maintaining ongoing relations with regulatory bodies. In a 300-500 word Learning Journal, identify a management principle or method from the course for each of the four functions of management. b. Question 5 a firms tangible resource includes which - Course Hero Note that the decision tree is used to assess resources and capabilities, NOT a firms products, services, or the firm itself. According to value chain analysis, which of the following would be considered part of a firm's infrastructure? T or F C) supports both individual primary and support activities and the entire value chain. By how much? d. Moderate to high rivalry YouTube. b. a. Strategy is a pattern of resource allocation choices and organizational arrangements that result frommanagerial decision making. 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. Power of stockholders Which of the following is a primary activity? If not, all the effort to develop it is a waste of resources and a competitive disadvantage. Chi, T. (1994). 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. Which of the following forms of diversification occurs when a firm operates multiple. D) top management providing a key role in collaborating with important customers. Scientific capabiliti Production equipment c. Manufacturing plants d. Formal reporting structures 6. In contrast, intangible resources are quite difficult to see, to touch, or to quantify. 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. 2) Product quality. Retrieved from https://commons.wikimedia.org/wiki/File:Southwest_737_Lonestar_One.jpg. Which of the following examples demonstrates how successful organizations manage their primary activities? False What will happen to bond prices if terrorism ended and the world's nations unilaterally disarmed and adopted free trade policies? Strategic Planning . Option D is the right choice here. 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. See Page 1. b. 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). False Please Explain, What is the relationship between enterprise information management and self-service portals? ~~~~~\text{Sporting events/recreation} & & 32.00 & 32.00\\ Build the IS-LM function.b. B) Whenever a company improves or developed its capabilities to support innovation, the organization is said to have the capacity for innovation. : 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. Myers; C. 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True D) the effectiveness of its lobbying activities. According to resource-based theory, one possible road to riches is creatingon purpose or by accidenta unique combination of resources. \text{Entertainment} \\ C) financial resources, physical resources, and technological resources. C) rare, valuable, inimitable, nonsubstitutable, B) in periods of recession or economic boom. Centralized decisions illustrates that while bundling resources in a unique way can create immense success, preserving and managing these resources over time can be very difficult. Which of the following is an example of innovation resources? Social complexity is defined as the socially intricate and interdependent ways firms are typically organized. turning over an organizational activity to an outside supplier. ~~~~~\text{Newspapers. A Firm's Tangible Resource Includes Which of the Following 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. (2020, April 24). 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! : 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). Threats posed by new entrants False B) minimized idle production facilities and workers. D) rare, valuable, physically unique, causally ambiguous. Is Southwests culture valuable? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. a. Physical assets such as a firm's property, plant, and equipment, as well as cash, are considered to be tangible resources. A firms tangible resource includes which of the following a - Studocu If we assume an increase in Investments by 100 units, please calculate again the IS-LM functions.c. It signals the market to competent manufacturing, why it is difficult to identify the actual cause of a firm's successful performance. It is important to distinguish strategic resources from other resources. Design/methodology/approach A cross-sectional survey research design was used in the study. Customer service Not surprisingly, Coca-Cola ranks among the top twelve in Fortunes Worlds Most Admired Companies for 2020. All Rights Reserved. B) psychographic uniqueness, path dependency, causal ambiguity, and substitutability. \end{array} (review sheet 4), The tenpoint plan of the new world order-1, Leadership class , week 3 executive summary, I am doing my essay on the Ted Talk titaled How One Photo Captured a Humanitie Crisis https, School-Plan - School Plan of San Juan Integrated School, SEC-502-RS-Dispositions Self-Assessment Survey T3 (1), Techniques DE Separation ET Analyse EN Biochimi 1, The text defines stakeholders as: Individuals and organizations who are actively involved in the organization or whose interests may be positively or negatively affected as a result of what the organization does (Carpenter et. What are the degrees of freedom for A firm's tangible resource includes which of the following? ______________ are the competencies or skills that a firm employs to transform inputs into outputs. Low cost On occasion, events in the environment can turn a common resource into a strategic resource. d. To spread out risk and opportunities over a larger set of businesses \text{Fixed} \\ 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. According to resource-based theory, organizations that own strategic resources have important competitive advantages over organizations that do not. Critical to the forming of competitive advantages, _______________ are often based on, developing, carrying, and exchanging information and knowledge through the firms human. b. Business Law: Text and Cases (Kenneth W. Clarkson; Roger LeRoy Miller; Frank B. What is the firm's secret competitive advantage? B-Strat Ch. 3 Flashcards | Chegg.com
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