\text{Personal}\\ ~~~~~\text{Car registration} & &4.33 & 0\\ Strategy is a pattern of resource allocation choices and organizational arrangements that result frommanagerial decision making. Those resources and capabilities that provide a significant competitive advantage are referred to as what? b. Ideally, a firm will its own resources, like Southwests culture, that embrace the four VRIO qualities shown in Table 4.1. Although firm infrastructure is often viewed only as overhead expense, it can become a source of competitive advantage. Southwests culture arose from its very humble beginnings. Why did it cause this change? Scientific capabiliti Production equipment c. Manufacturing plants d. Formal reporting structures 6. Physical assets such as a firm's property, plant, and equipment, as well as cash, are considered to be tangible resources. False Tangible resources are resources that can be readily seen, touched, and quantified. DIFFICULT-TO-IMITATE resources often involve legally protected intellectual property such as trademarks, patents, or copyrights. B) rare, inimitable, physically unique, nonsubstitutable. B) the cost to the firm of replacing them is high. a. (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. Capacity for innovation Organizational routines d. Production equipment. A key benefit of Southwests culture is that it leads employees to treat customers well, which in turn creates loyalty to Southwest among passengers. Strategy formulation is essentially the aim of the organizing, leading, and controlling components ofthe POLC framework ~~~~~\text{Emergency fund} & & 50.00 & 50.00\\ B) minimized idle production facilities and workers. 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. a process through which unique products that command high prices and high margins gradually lose their ability to do so. What are the degrees of freedom for Which of the following is an example of a technological resource? a. Resources and capabilities are the basic building blocks that organizations use to create strategies. A useful way to identify a company's resources is to view them as: A. divided into two main categories, tangible and intangible. The influence of Southwests organizational culture extends to how customers are treated by employees. On occasion, events in the environment can turn a common resource into a strategic resource. than firms pursing a cost leader strategy. Option D is the right choice here. Social complexity is defined as the socially intricate and interdependent ways firms are typically organized. [Video]. In the 1996 movie That Thing You Do!, unwittingly assembling a unique bundle of resources leads a 1960s band called The Wonders to rise from small-town obscurity to the top of the music charts. Which activity is the least risky candidate for outsourcing? Not all organizations need strategies to survive and thrive. Southwests culture arose from its very humble beginnings and has evolved across decades. Resource-based theory can be confusing because the term resources is used in many different ways within everyday common language. All Rights Reserved. c. Leading D) geographic uniqueness, cause dependency, social ambiguity, and path complexity. BUS 1101 - unit 5 self Quiz - A firm's strategy includes - Studocu ______________ are the competencies or skills that a firm employs to transform inputs into outputs. (1991). It is an intangible part of the company. It depends on the culture and structure of the organization. ~~~~~\text{Sporting events/recreation} & & 32.00 & 32.00\\ T or F C) financial analysis and stakeholder perspectives. According to resource-based theory, one possible road to riches is creatingon purpose or by accidenta unique combination of resources. Correct Answer: Explore answers and other related questions. 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. d. Relatively moderate rivalry How can the members of an organization reach success doing that thing they do? c. Gobal economic conditions In the value chain, which of the following activities is deemed to add direct value to a firm? Power or employees 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. d. Horizontal diversification Suppliers and buyers with little bargaining power B) the legitimacy and reputation of a firm, D) the efficiency with which a firm utilizes its assets. Other difficult-to-imitate resources, such as brand names, usually need time to develop fully. Low entry barriers Which of the following forms of diversification occurs when a firm operates multiple. In value chain analysis, the activities of an organization are divided into two major categories of value activities: primary and support. \end{array} C) Every organization has a routine that it follows for its procedures and processes. earn aboveaverage returns includes all of the following EXCEPT. ~~~~~\text{Gasoline purchases} & & 85.00 & 101.70\\ Trading in strategic resources: Necessary conditions, transaction cost problems, and choice of exchange structure. Retrieved from https://commons.wikimedia.org/wiki/File:The_VRIO_Framework_with_numbers.png. One resource is lead singer Jimmy Mattingly, who possesses immense musical talent. See Page 1. A) Knowledge can be considered an important asset or resource of a company, but it is not physical in nature. B, a. Complete the following statements using either "debit" or "credit": (b) The owner's capital account is increased with a _________. 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. You can view this video here: https://youtu.be/BJn-Jl2ZeQU. LegacyRecordingsVEVO. B) psychographic uniqueness, path dependency, causal ambiguity, and substitutability. ~~~~~\text{Dining out} & & 100.00 & 63.80\\[10pt] Cropped. According to resource-based theory, organizations that own strategic resources have important competitive advantages over organizations that do not.