: 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). According to resource-based theory, one possible road to riches is creatingon purpose or by accidenta unique combination of resources. c. Extensive market research B) in periods of recession or economic boom. Build the IS-LM function.b. Firms often bundle together multiple resources and strategies (that may not be unique in and of themselves) to create uniquely powerful combinations. False A) KnowledgeB) Capacity for innovationC) Organizational routinesD) Production equipment. ___________ are associated with collecting, storing, and distributing the product or service to buyers. Most other airlines do not have this philosophy. To capture more consumers Executives strongly encourage flight attendants to entertain passengers, like hiding in an overhead compartment. While there are different schools of thought about how strategy comes about, researchers generally agree the common characteristic across successful organizations is: Strategic focus. Which activity is the least risky candidate for outsourcing? Course Hero is not sponsored or endorsed by any college or university. A retail chain that sells home entertainment systems, computers, and other electronics is far outselling is competitors based on its innovation processes. D) geographic uniqueness, cause dependency, social ambiguity, and path complexity. Strategy is a pattern of resource allocation choices and organizational arrangements that result frommanagerial decision making. 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. Instead, capabilities are needed to bundle, to manage, and otherwise to exploit resources in a manner that provides value added to customers and creates advantages over competitors. Industry characteristics of an attractive industry, one where firms may achieve strategiccompetitiveness and earn above-average returns includes which of the following? B) Motorola has revised its compensation system to reward employees who learn a variety of skills. Retrieved from https://commons.wikimedia.org/wiki/File:Southwest_737_Lonestar_One.jpg. In a nod to Southwest Airlines outstanding reputation, the firm ranks eighth in Fortune magazines 2018 list of the Worlds Most Admired Companies.. Scientific capabiliti Production equipment c. Manufacturing plants d. Formal reporting structures 6. A US firm has outsources its textile manufacturing to aBangledesh for the last 10 years. This customer loyalty is why many passengers choose Southwest over other airlines. C) supports both individual primary and support activities and the entire value chain. Southwest Airlines provides an illustration of resource-based theory in action. ~~~~~\text{Savings} & & 100.00 & 100.00\\ Despite Mattinglys objections, Guy spontaneously adds an up-tempo beat to a sleepy ballad called That Thing You Do! during a local talent contest. The CEO decides to move the firm's textile manufacturing back to the US to capitalize on the increasing pressure from shareholders to process textiles in the US. Journal of Management, 17, 99120. How was the resistance (if any) overcome? Which of the following would be most difficult to assess? Knowledge b. The balanced scorecard enables managers to consider their business from all of the following perspectives except. False Historical comparisons are often misleading. Some difficult to imitate resources are protected by various legal means, including trademarks, patents, and copyrights. B) intangible resources and operational measures. True B. C) managers should not look at their job as primarily balancing stakeholder demands; increasing satisfaction among multiple stakeholders can be achieved simultaneously. This culture is also rare in that strikes, layoffs, and poor morale are common within the airline industry. A firms tangible resource includes which of the following? C) the internal analysis of the firm as well as the external analysis of the industry and competitive environment. \text{EXPENDITURES FOR THE MONTH OF JULY} Low entry barriers 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. Verified answer. Resources that can be readily seen, touched, and quantified, such as cash or equipment, Resources that are not physical, like a firms reputation, a patent, or employee knowledge, Resources that provide an organization with an opportunity to develop competitive advantages over its rivals. VALUABLE resources aid in improving the organizations effectiveness and efficiency while neutralizing the opportunities and threats of competitors. 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. 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. This makes knowledge an intangible resource. In the value chain, which of the following activities is deemed to add direct value to a firm? C) tangible resources, intangible resources, and organizational capabilities. This too is intangible in nature, making Option B an incorrect choice. A. C) financial resources, physical resources, and technological resources. 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. 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. This is an example of their. Examples include all of the following except: A) negotiating and maintaining ongoing relations with regulatory bodies. Solved 5. Which of the following is considered an intangible - Chegg In the value chain, which of the following activities is deemed to add direct value to a firm? A resource is valuable and rare but neither difficult to imitate nor without substitutes. 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. c. Gobal economic conditions If yes, then Southwests culture is providing a sustained competitive advantage. Recruitment c. Service d. Procurement c; Medium Organizing Superiority in competitive advantage refers to all of the following factors EXCEPT: a. Maine has been described as the Saudi Arabia of water because its borders contain so much drinkable water. Capabilities are another key concept within resource-based theory. One resource is lead singer Jimmy Mattingly, who possesses immense musical talent.
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