______________ are the competencies or skills that a firm employs to transform inputs into outputs. A firm's tangible resource includes which of the following? This means that a firm has a unique ability to create new capabilities. B) effective information systems contributing significantly to a firm's overall cost leadership strategy. Tangible resources include all except which of the following? c. Strong competitive threats from product substitutes D) the industry and the competitive environment. B) minimized idle production facilities and workers. B) the interrelationships among the primary activities of the firm and corporate management. Other difficult-to-imitate resources, such as brand names, usually need time to develop fully. ~~~~~\text{Pocket Money} & & 60.00 & 72.00\\[10pt] C) rare, valuable, inimitable, nonsubstitutable, B) in periods of recession or economic boom. b. The VRIO Framework with numbers. CC BY-SA 4.0. 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Physical assets such as a firm's property, plant, and equipment, as well as cash, are considered to be tangible resources. Power or employees 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. This worked, A number of things organizations can do prior to change to prepare employees include which of the following? Examples of tangible resources (in the resource-based view of the firm) include: A) financial resources, human resources, and firm competencies. : 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). Low entry barriers Question 5 A firm's tangible resource includes which of the following? Other resources are hard to copy because they evolve over time and they reflect unique aspects of the firm. Captures how vision and mission will be achieved. 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. This too is intangible in nature, making Option B an incorrect choice. Humans simply cannot live without water, so water has inherent value. d. Horizontal diversification B) Motorola has revised its compensation system to reward employees who learn a variety of skills. The bands magic vanishes as quickly as it appeared, however. Production equipment ExpensesFoodHouseholdElectricbillTelephonebillHeatingfuelWaterbillCableTVbillTransportationGasolinepurchasesParking/tollsPersonalClothingCreditpaymentsNewspapers. Want to create or adapt books like this? Option A is incorrect here. It. What was the result? Explanation: Tangible resources have a physical form, t, 5. Ans. ~~~~~\text{Cable TV bill} & & 25.00 & 25.00\\[10pt] d. Relatively moderate rivalry The following are examples of socially complex organizational phenomena except. Some firms develop a dynamic capability. What was the Kujawas total expenditure for the month of July? The XYZ Corp. is taking advantage of a ____________ system. One resource is lead singer Jimmy Mattingly, who possesses immense musical talent. 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. RARE resources are those held by few or no other competitors. 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. 3) Unique style. Despite having three of the four properties of strategic resources, water in the United States has remained cheap; however, this may be changing. Workers at the Cambodian plant produce the clothing according to the European firm's designs and specifications. d. Unique style \text{Personal}\\ Advertising is a ______activity. Selected Answer: a.Production equipment Answers: a.Production equipment b.Organizational routines c.Capacity for innovation 4 out of 4 points4 out of 4 points 4 out of 4 points 4 out of 4 points. (2020, April 24). The Cambodian plant is an example of which type of business? ~~~~~\text{Parking/tolls} & & 15.00 & 15.00\\[10pt] Which of the following forms of diversification occurs when a firm operates multiple. If yes, go to number 3. The airline had so little money that at times it had to temporarily borrow luggage carts from other airlines and put magnets with the Southwest logo on top of the rivals logo. Low entry barriers \text{Expenses} & & \text{Budgeted} & \text{Spent}\\[10pt] What are original equipment manufacturers (OEMs)? ~~~~~\text{Heating fuel} & & 50.00 & 15.00\\ In assessing its primary activities, an airline would examine. In contrast, intangible resources are quite difficult to see, to touch, or to quantify. 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. To capture more consumers C) organizational culture and leadership. A firm's tangible resource includes which of the following? Design/methodology/approach A cross-sectional survey research design was used in the study. Which of these categories of financial ratios is used to measure a company's ability to meet its short-term financial obligations? Although firm infrastructure is often viewed only as overhead expense, it can become a source of competitive advantage. (1991). 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{Savings} & & 100.00 & 100.00\\ C) National Steel improved its efficiency by consolidating, reducing the number of job classifications, and broadening worker responsibilities. The evaluation occurs within the industry of the firm being evaluated. : O - A firm's tangible resource includes which of the following? -Production equipment B. Because of this unusual history, other airlines could not replicate Southwests culture, regardless of how hard they might try. If not, all the effort to develop it is a waste of resources and a competitive disadvantage. Also assume that the cost of each unit of labor is $50. How do management and employee self-service portals improve organizational efficiency? d. Threats posed by new entrants D. T or F C. "Afirm's reputation D. Afirm's headquarters building. 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. 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. B. b. A competitive advantage based on inimitability can be sustained for at least some time if it has the following characteristics. 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. C) financial analysis and stakeholder perspectives. Build the IS-LM function.b. The balanced scorecard provides top managers with a _____________ view of the business, The balanced scorecard developed by Kaplan and Norton helps to integrate. What tangible and intangible resources does your favorite restaurant have that might give it a competitive advantage? A. A resource is valuable to the extent that it helps a firm create strategies that capitalize on opportunities and ward off threats. D) short-term perspectives and strategic positioning. Expert Answer. c. Leading Supply of replacement parts is a _________activity. This customer loyalty is why many passengers choose Southwest over other airlines. Instead, a resource is strategic to the extent that it is valuable, rare, difficult to imitate, and organized to capture value. D. At Intel the key historic decision to abandon memory chips and concentrate upon microprocessors was the result of which of the following? ~~~~~\text{Movies} & & 10.00 & 5.00\\ A) Knowledge can be considered an important asset or resource of a company, but it is not physical in nature. 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. Review the material in Chapter 20 and respond to the following: Discuss the modern quantity theory and the liquidity preference theory. 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. 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. True One key reason for their success is a legendary organizational culture that inspires employees to do their very best. ~~~~~\text{Gasoline purchases} & & 85.00 & 101.70\\ The intersection of IS-LM functions defines four areas. Customer service Planning The balanced scorecard enables managers to consider their business from all of the following perspectives except. B) psychographic uniqueness, path dependency, causal ambiguity, and substitutability. _____________ 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 _____________. What kind of competitive advantage, if any, does this capability provide? Strategy formulation is essentially the aim of the organizing, leading, and controlling components ofthe POLC framework Low cost d. Moderate to high rivalry If a firm has a service that is valuable, rare, and costly-to-imitate, but a substitute exists for the service, the firm will A firm's tangible resource includes which of the following? b. Walgreens creates value by focusing on the unique capabilities it has built and nurtured and. 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. \text{Food} & & \$160.00 & \$175.70\\ Production equipment O - At Intel the key historic decision to abandon memory chips and concentrate uponmicroprocessors was the result of 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. O - At Intel the key historic decision to abandon memory chips and concentrate uponmicroprocessors was the result of which of the following? A) physical uniqueness, path dependency, causal ambiguity, and social complexity. 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. c. Extensive market research When the bands usual drummer has to miss a gig due to injury, the door is opened for charismatic drummer Guy Patterson, whose energy proves to be the final piece of the puzzle for The Wonders. The influence of Southwests organizational culture extends to how customers are treated by employees. Threats posed by new entrants Resources and capabilities are the basic building blocks that organizations use to create strategies. Do firm resources and capabilities add value? 5 Option A Explanation: Tangible resources have a physical form, t . gifts} & & 20.00 & 11.65\\ Intangible resources are quite difficult to see, touch, or quantify. b. Maine has been described as the Saudi Arabia of water because its borders contain so much drinkable water. If not then culture provides Southwest with a temporary competitive advantage over its rivals, but competitors can imitate it. Customers do not simply send money to an organization because it owns strategic resources. Complete the following statements using either "debit" or "credit": (b) The owner's capital account is increased with a _________. When analyzing organizations, however, common resources such as cash and vehicles are not considered to be strategic resources. opportunities or negate threats in the environment. 1.3 Intended, Emergent, and Realized Strategies, 1.5 Contemporary Critique of Strategic Management, 1.6 Understanding the Strategic Management Process, 3.2 The Relationship between an Organization and its Environment, 4.4 Intellectual Property & Isolating Mechanisms, 6.2 Understanding Business-Level Strategy through "Generic Strategies", 6.5 Focused Cost Leadership and Focused Differentation, 7.6 Responding to Innovation in the Market, 8.6 Portfolio Planning and Corporate-Level Strategy, 9.2 Advantages and Disadvantages of Competing in International Markets, 9.5 Drivers of Success and Failure When Competing in International Markets, 9.6 Options for Competing in International Markets, 10.3 The Basic Building Blocks of Organizational Structure, 10.4 Creating an Organizational Structure, 10.5 Creating Organizational Control Systems, 11.4 Corporate Ethics and Social Responsibility, 11.5 Contemporary Questions of Corporate Ethics. B) Capacity for innovation. D) the firm's resources are path dependent. Superiority in competitive advantage refers to all of the following factors: 1) Customer service. Organizational routines d. Production equipmentd; Easy (Comprehension) 3. 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. In the value chain, which of the following activities is deemed to add direct value to a firm? A firm's tangible resource includes which of the following? Was this amount more or less than the amount they had originally budgeted? Experts are tested by Chegg as specialists in their subject area. 11.-. A) interrelationships among functional areas and firm strategies. ~~~~~\text{Car registration} & &4.33 & 0\\ 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. b. D) tangible resources, intangible resources, and top management. C) repairing the product for the consumer, D) monitoring the cost of producing the product through a cost accounting system. Critical to the forming of competitive advantages, _______________ are often based on, developing, carrying, and exchanging information and knowledge through the firms human. Choose one of the companies below and identify three key stakeholders. What resistance to the change occurred, if any? By how much? Tangible resources are resources that can be readily seen, touched, and quantified. A firm's tangible resource includes which of the following?a. Which of the following is a primary activity? That Thing You Do! b. Hierarchical diversification Capabilities tend to arise over time as a firm takes actions that build on its strategic resources. : a. Provide employees with HR support in the event they choose to leave the. d. Controlling A firm's strategy includes which of the following: a. VALUABLE resources aid in improving the organizations effectiveness and efficiency while neutralizing the opportunities and threats of competitors. Southwest Airlines culture fits this standard well. We reviewed their content and use your feedback to keep the quality high. C) Organizational routines. B) intangible resources and operational measures. A US firm has outsources its textile manufacturing to aBangledesh for the last 10 years. Is Southwests culture rare within the airline industry? b. Retrieved from https://commons.wikimedia.org/wiki/File:Southwest_737_Lonestar_One.jpg. If yes, go to number 2. Suppliers and buyers with little bargaining power For a resource to provide a firm with the potential for a sustainable competitive advantage, it must have four attributes. ~~~~~\text{Water bill} & & 24.50 & 31.70\\ The purpose of this paper is to investigate the relative contribution of tangible resource (TR) and intangible resource (IR), and capabilities on firm performance based on the measures of market share, sales turnover and profitability. O - Firms utilizing a competitive scope strategy can tailor advertising and promotional efforts to aparticular market niche a. All of the following except which example is a reason that relentless imitation can be a dangerous practice? 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. Intangible resources include, for example, the knowledge and skills of employees, a firms reputation, and a firms culture. Wernerfelt, B. c. Strong competitive threats from product substitutes In value chain analysis, the activities of an organization are divided into two major categories of value activities: primary and support. The components are then shipped back to the United States, where each complete car is assembled. Use the Kujawas expense summary to answer the question. 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! B) need to maintain the reputation of the company. 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. A) rare, valuable, mobile, nonsubstitutable. Competitors have a hard time duplicating resources that are difficult to imitate. Verified answer. DIFFICULT-TO-IMITATE resources often involve legally protected intellectual property such as trademarks, patents, or copyrights. According to value chain analysis, which of the following would be considered part of a firm's infrastructure? Consider how Southwest Airliness organizational culture serves as a strategic resource. Recruitment c. Service d. Procurement c; Medium How was the resistance (if any) overcome? Which of the following is not one of these attributes: For a resource to provide a firm with the potential for a sustainable competitive advantage, it must have the following four attributes. Which of the following is not a reason to understand social complexity? Why did it cause this change? 12 Test Bank - Gould's Ch. Resource-based theory also stresses the merit of an old saying: the whole is greater than the sum of its parts. B) Whenever a company improves or developed its capabilities to support innovation, the organization is said to have the capacity for innovation. In other words, describe a management practice from the course content relating to each of the four functions of management. A useful way to identify a company's resources is to view them as: A. divided into two main categories, tangible and intangible. What is the firm's secret competitive advantage? Which of the following would be most difficult to assess? In comparing the two types of resources, intangible resources are more likely to meet the criteria for strategic resources (i.e., valuable, rare, difficult-to-imitate, and organized to capture value) than are tangible resources. 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. Which activity is the least risky candidate for outsourcing? B) supports only individual support activities. Relatively moderate rivalry, Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, Design and emergence strategies involve specific levels of the organiz, It is important to note that the concept of strategy is rele. View the full answer. turning over an organizational activity to an outside supplier. Cost leaders must maintain their marketing or face the possible entry of more cost-effectivecompetitors. As water becomes more and more rare, landowners in Maine stand to benefit. When a company's resources are valuable but not rare, the company is said to have which element? Those resources and capabilities that provide a significant competitive advantage are referred to as what? XYZ Corp. is focusing on the objective of low-cost, high quality, on-time production by minimizing idle productive facilities and workers. In a 300-500 word Learning Journal, identify a management principle or method from the course for each of the four functions of management. How has Walgreens used its core competencies to provide value to its customers? False C) rarity, path dependency, causal ambiguity, and social substitutability. ~~~~~\text{Furniture} & & 125.00 & 125.00\\ 12.-. C) criteria for lease versus purchase decisions. As another example, what about Southwest Airlines capability to arrive on time at a much higher rate than the industry average? LegacyRecordingsVEVO. B) Compare the firm's financial ratios over the most recent one-year period. How can the members of an organization reach success doing that thing they do? Scientific capabiliti Production equipment c. Manufacturing plants d. Formal reporting structures 6. C) rare, valuable, inimitable, nonsubstitutable. ~~~~~\text{Credit payments} & & 50.00 & 41.74\\ : d.Knowledge Question 10 For a differentiation strategy to be effective, the product . than firms pursing a cost leader strategy. A resource-based view of the firm. Consider, for example, a very generic commodity: water. Correct Answer: Explore answers and other related questions. B) the key emphasis on customer satisfaction and financial goals are only a means to that end. Centralized decisions When analyzing a value chain with a VRIO framework, what is the most important question to begin with? Coca-Cola has an uncanny knack for building new brands and products as the soft-drink market evolves. This video is the song That Thing You Do! by the Wonders. 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Industry characteristics of an attractive industry, one where firms may achieve strategic competitiveness and earn above-average returns includes which of the following? a. Not all organizations need strategies to survive and thrive. Acknowledged by top management Learn More. a. False A firm's tangible resource includes which of the following? Knowledge ~~~~~\text{Life/car insurance premiums} & & 132.50 & 132.50\\ A) By employing JIT inventory systems, Hewlett Packard has been able to cut lead time from five days to one. False O - Not all organizations need strategies to survive and thrive. The best strategies, corporate and business, are based on a thorough SWOT analysis. Since the firm has two units of capital, the firm's total fixed cost is$20. Most other airlines do not have this philosophy. Coca-Cola, for example, has an uncanny knack for building new brands and products as the soft drink market evolves. Note that the decision tree is used to assess resources and capabilities, NOT a firms products, services, or the firm itself.
a firm's tangible resource includes which of the following?
