\end{array} For the event listed here, identify which of the determinants of demand or supply are affected. Want to create or adapt books like this? Has Southwest organized this resource of culture to capture value? Competitors have a hard time duplicating resources that are difficult to imitate. Which of the following is a support activity? Capacity for innovationc. Some resources, such as cash and trucks, are not considered to be strategic resources because an organizations competitors can readily acquire them. The key to using the Resource Based View is to evaluate a firms resources and capabilities using the VRIO framework decision tree. c. Conglomerate diversification It signals the market to competent manufacturing, why it is difficult to identify the actual cause of a firm's successful performance. Ethics and Social Responsibility (PHIL 1404), Organizational Systems and Quality Leadership (NURS 4210), Primary Concepts Of Adult Nursing II (NUR 4110), Web Programming 1 (proctored course) (CS 2205), Assessing Impact on Student Learning (D093), Survey of Old and New Testament (BIBL 104), Introduction to Anatomy and Physiology (BIO210), Primary Care Of The Childbearing (NR-602), Professional Application in Service Learning I (LDR-461), Advanced Anatomy & Physiology for Health Professions (NUR 4904), Principles Of Environmental Science (ENV 100), Operating Systems 2 (proctored course) (CS 3307), Comparative Programming Languages (CS 4402), Business Core Capstone: An Integrated Application (D083), Summary Reimagining Global Health - Chapter 5 & 6, ATI System Disorder Template Heart Failure, General Chemistry I - Chapter 1 and 2 Notes, MMC2604 Chapter 1 Notesm - Media and Culture: Mass Communication in a Digital Age, Database Systems Design Implementation and Management 9th Edition Coronel Solution Manual, BIO 115 Final Review - Organizers for Bio 115, everything you need to know, Dehydration Synthesis Student Exploration Gizmo, Ejemplo de Dictamen Limpio o Sin Salvedades, 1-2 Module One Activity Project topic exploration, (8) Making freebase with ammonia cracksmokers, Lessons from Antiquity Activities US Government, Conversation Concept Lab Transcript Shadow Health, The cell Anatomy and division. there are several forces for organizational change: workplace demographics, technology, globalization, market conditions, growth, and poor performance. Such competitive advantages are based upon. What kind of competitive advantage, if any, does this capability provide? _____________ 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 _____________. Which activity is the least risky candidate for outsourcing? A Firm's Tangible Resource Includes Which of the Following In contrast, intangible resources are quite difficult to see, to touch, or to quantify. A firm's tangible resource includes which of the following? 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. \end{array} How can the members of an organization reach success doing that thing they do? This culture is also rare in that strikes, layoffs, and poor morale are common within the airline industry. One key reason is a legendary organizational culture that inspires employees to do their very best. Southwest embraces a culture of fun for both its customers and employees. 6/28/2017 Chapter 5 Quiz: MAN3025 RVEB 1175 4 / 4 ptsQuestion 6 In the value chain, which of the following activities is deemed to add direct value to a firm? Intangible resources are quite difficult to see, touch, or quantify. Design/methodology/approach A cross-sectional survey research design was used in the study. accounting. The following are examples of socially complex organizational phenomena except. A firm's tangible resource includes which of the following? 5 Option A Is Southwests culture rare within the airline industry? A) financial analysis and a firm's reputation. B) in periods of recession or economic boom. D) the effectiveness of its lobbying activities. By how much? The best strategies, corporate and business, are based on a thorough SWOT analysis. Transcribed image text: 5. It is an intangible part of the company. A firms tangible resource includes which of the following a - Studocu Southwest Airlines culture fits this standard well. Supplier and buyers with strong bargaining positions Principles of Management, Chapter 5 Flashcards | Quizlet Correct Answer: Explore answers and other related questions. 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. This video is the song That Thing You Do! by the Wonders. Southwests culture arose from its very humble beginnings and has evolved across decades. This means that a firm has a unique ability to create new capabilities. In a 300-500 word Learning Journal, identify a management principle or method from the course for each of the four functions of management. 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. Which of the following would be most difficult to assess? Using Southwest Airlines culture as the resource to evaluate with VRIO: For the company culture resource of Southwest Airlines, a yes can be answered for each of the four steps, providing a sustained competitive advantage for this organization. C. "Afirm's reputation D. Afirm's headquarters building. The industry characteristics that make it very difficult for firms to achieve strategic competitivenessand earn above-average returns includes all of the following EXCEPT: 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 boardingin order to create a unique business model in which effectiveness and efficiency is the envy of competitors. Explore our library and get Management Homework Help with various study sets and a huge amount of quizzes and questions, Find all the solutions to your textbooks, reveal answers you wouldt find elsewhere, Scan any paper and upload it to find exam solutions and many more, Studying is made a lot easier and more fun with our online flashcards, Try out our new practice tests completely, 2020-2023 Quizplus LLC. Experts are tested by Chegg as specialists in their subject area. Strategy formulation answers the question. If not, then it still only provides a temporary competitive advantage. Humans simply cannot live without water, so water has inherent value. Cost leaders must maintain their marketing or face the possible entry of more cost-effectivecompetitors. 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. If yes, then Southwests culture is providing a sustained competitive advantage. d.Knowledge Question 10 For a differentiation strategy to be effective, the product . Not all organizations need strategies to survive and thrive. How was the resistance (if any) overcome? Superiority in competitive advantage refers to all of the following factors EXCEPT: Where does strategy formulation fit within the POLC framework? Firms often bundle together multiple resources and strategies (that may not be unique in and of themselves) to create uniquely powerful combinations. C) Every organization has a routine that it follows for its procedures and processes. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 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. Major cities in hot climates such as Las Vegas, Los Angeles, and Atlanta are confronted by dramatically shrinking water supplies. D) Production equipment. According to resource-based theory, organizations that own strategic resources have important competitive advantages over organizations that do not. If yes, go to number 2. When the talent show audience goes crazy in response, it marks the beginning of a meteoric rise for both the song and the band. Firms utilizing a competitive scope strategy can tailor advertising and promotional efforts to a particular market niche. Option D is the right choice here. It has observed as much of the firm's internal functioning and technology as it can legally, yet Gamma cannot understand why Ardent has a competitive advantage over it. Learn More. D) the firm's resources are path dependent. In the value chain, which of the following activities is deemed to add direct value to a firm? If yes, go to number 3. Industry characteristics of an attractive industry, one where firms may achieve strategic competitiveness and earn above-average returns includes which of the following? Cost leaders must maintain their marketing or face the possible entry of more cost-effective competitors. Coca-Cola has an uncanny knack for building new brands and products as the soft-drink market evolves. Choose one of the companies below and identify three key stakeholders. Some difficult to imitate resources are protected by various legal means, including trademarks, patents, and copyrights. b. Choose question tag. giftsPocketMoneyEntertainmentMoviesSportingevents/recreationDiningoutFixedRentFurnitureSavingsEmergencyfundLife/carinsurancepremiumsCarregistrationPledges/contributionsAmountBudgeted$160.0045.0035.0050.0024.5025.0085.0015.0040.0050.0020.0060.0010.0032.00100.00625.00125.00100.0050.00132.504.338.33ActualAmountSpent$175.7044.3541.2015.0031.7025.00101.7015.0031.7541.7411.6572.005.0032.0063.80625.00125.00100.0050.00132.5000. Captures how vision and mission will be achieved. A) Knowledge. D) top management providing a key role in collaborating with important customers. 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. The VRIO tool can be used to determine if resources or capabilities are valuable, rare, difficult-to-imitate, and organized to capture value, and thereby understand what type of competitive advantage they offer to a firm. d. Threats posed by new entrants Is Southwests culture valuable? These strategic resources can provide the foundation to develop firm capabilities that can lead to superior performance over time. Verified answer. 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. b. Not surprisingly, this firm ranks among the top twelve in Fortunes Worlds Most Admired Companies for 2020. If we assume an increase in Investments by 100 units, please calculate again the IS-LM functions.c. A) rare, valuable, mobile, nonsubstitutable. It does not help or hurt Southwest competitively. 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. A) if the overall strategy of the firm is the same. A firms tangible resource includes which of the following? Congratulations on advancing to the final unit of BUS 1101, the opening course in your degree program! d. Relatively moderate rivalry The bands magic vanishes as quickly as it appeared, however. A. While resources refer to what an organization owns, capabilities refer to what the organization can do. C) supports both individual primary and support activities and the entire value chain. A resource-based view of the firm. 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. Examples include all of the following except: A) negotiating and maintaining ongoing relations with regulatory bodies.