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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. Every organization has stakeholders. Those resources and capabilities that provide a significant competitive advantage are referred to as what? C) National Steel improved its efficiency by consolidating, reducing the number of job classifications, and broadening worker responsibilities. DIFFICULT-TO-IMITATE resources often involve legally protected intellectual property such as trademarks, patents, or copyrights. 4.3 Resource-Based View - Strategic Management - Virginia Tech Design and emergence strategies involve specific levels of the organization. Which of the following is not a reason to understand social complexity? Walgreens creates value by focusing on the unique capabilities it has built and nurtured and. a. This means that a firm has a unique ability to create new capabilities. b. Superiority in competitive advantage refers to all of the following factors: 1) Customer service. Cropped. & & &\text{Actual}\\ d. To spread out risk and opportunities over a larger set of businesses One key reason is a legendary organizational culture that inspires employees to do their very best. Complete the following statements using either "debit" or "credit": (b) The owner's capital account is increased with a _________. What is this an example of. d. Controlling True 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. \text{Household} & & & \\ It is important to distinguish strategic resources from other resources. d. Moderate to high rivalry ~~~~~\text{Newspapers. Tangible resources can be understood as the resources of a company that can be seen, and measured and are physical in nature. D. T or F The source of Ardent's success is causally ambiguous. Humans simply cannot live without water, so water has inherent value. Firm resources and sustained competitive advantage. Tangible resources are resources that can be readily seen, touched, and quantified. It does not help or hurt Southwest competitively. Tangible resources include all except which of the following? 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. B) intangible resources and operational measures. Which of the following would be most difficult to assess? D) supports mostly support activities but does have some impact on primary activities. Threats posed by new entrants 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. 2020-2023 Quizplus LLC. Do firm resources and capabilities add value? ~~~~~\text{Pocket Money} & & 60.00 & 72.00\\[10pt] Ans. In the value chain, which of the following activities is deemed to add direct value to a firm? On occasion, events in the environment can turn a common resource into a strategic resource. A firm's tangible resource includes which of the following? To capture more consumers Southwest Airlines, for example, has developed the capability of providing excellent customer service by building on its strong organizational culture. Choose question tag. ~~~~~\text{Electric bill} & & 45.00 & 44.35\\ Wernerfelt, B. It is an intangible part of the company. 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. Acknowledged by top management This makes knowledge an intangible resource. A) physical uniqueness, path dependency, causal ambiguity, and social complexity. Is Southwests culture valuable? In determining stakeholders who should be consulted as strategy is developed, companies often develop an incomplete list. c. Strong competitive threats from product substitutes A firm's tangible resource includes which of the following? economics. 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. Strategic Management by Reed Kennedy is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. Select one: a. Southwest Airlines provides an illustration of resource-based theory in action. As water becomes more and more rare, landowners in Maine stand to benefit. 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. A retail chain that sells home entertainment systems, computers, and other electronics is far outselling is competitors based on its innovation processes. \text{Entertainment} \\ In the value chain, which of the following activities is deemed to add direct value to a firm? Knowledge Capacity for innovation Organizational routines Production equipment. Low entry barriers Receive an answer explained step-by-step. : a. earn aboveaverage returns includes all of the following EXCEPT.