a firm's tangible resource includes which of the following?

Which of the following is not an advantage of Just-In-Time inventory systems? 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. Tangible resources include all except which of the following? Tangible goods such as ones car and home are also vital resources. A firm's tangible resource includes which of the following? ~~~~~\text{Furniture} & & 125.00 & 125.00\\ Which of the following is not a reason to understand social complexity? If a firm has a service that is valuable, rare, and costly-to-imitate, but a substitute exists for the service, the firm will Based on your personal or professional experience, provide an example of when one of these forces caused an organization to change. A firm's tangible resource includes which of the following? [Video]. Thus an organization cannot hope to create an enduring competitive advantage around common resources. DIFFICULT-TO-IMITATE resources often involve legally protected intellectual property such as trademarks, patents, or copyrights. These two building blocks are tightly linkedcapabilities from using resources over time. Some resources, such as cash and trucks, are not considered to be strategic resources because an organizations competitors can readily acquire them. When analyzing organizations, however, common resources such as cash and vehicles are not considered to be strategic resources. Knowledge b. d.Knowledge Question 10 For a differentiation strategy to be effective, the product . gifts} & & 20.00 & 11.65\\ C) Organizational routines. Despite having three of the four properties of strategic resources, water in the United States has remained cheap; however, this may be changing. It depends on the culture and structure of the organization. Which of the following would be most difficult to assess? A) financial analysis and a firm's reputation. O - Firms utilizing a competitive scope strategy can tailor advertising and promotional efforts to aparticular market niche B) psychographic uniqueness, path dependency, causal ambiguity, and substitutability. C) financial resources, physical resources, and technological resources. A firms tangible resource includes which of the following? A. 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. Wernerfelt, B. B) rare, inimitable, physically unique, nonsubstitutable. 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. Do you believe most, You work for an organization that has traditionally been very formalized, and managers have had a very broad span of control over direct reports from multiple departments and functions. Retrieved from https://commons.wikimedia.org/wiki/File:The_VRIO_Framework_with_numbers.png. How do management and employee self-service portals improve organizational efficiency? Major cities in hot climates such as Las Vegas, Los Angeles, and Atlanta are confronted by dramatically shrinking water supplies. B) the legitimacy and reputation of a firm, D) the efficiency with which a firm utilizes its assets. A useful way to identify a company's resources is to view them as: A. divided into two main categories, tangible and intangible. Industry characteristics of an attractive industry, one where firms may achieve strategic competitiveness and earn above-average returns includes which of the following? Not all organizations need strategies to survive and thrive. \end{array} ~~~~~\text{Credit payments} & & 50.00 & 41.74\\ Resources such as Southwests culture that reflect all four qualitiesvaluable, rare, difficult to imitate, and organized to capture valueare ideal because they can create sustained competitive advantages. Distribution centers. The Cambodian plant is an example of which type of business? 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. Firms often bundle together multiple resources and strategies (that may not be unique in and of themselves) to create uniquely powerful combinations. A resource is valuable and rare but neither difficult to imitate nor without substitutes. The components are then shipped back to the United States, where each complete car is assembled. Workers at the Cambodian plant produce the clothing according to the European firm's designs and specifications. ~~~~~\text{Gasoline purchases} & & 85.00 & 101.70\\ C) National Steel improved its efficiency by consolidating, reducing the number of job classifications, and broadening worker responsibilities. 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. Knowledge b. B) Whenever a company improves or developed its capabilities to support innovation, the organization is said to have the capacity for innovation. Is Southwests culture rare within the airline industry? In the airline industry, is Southwests culture hard to imitate? Strategic Management Journal, 5, 171180. Strategy is a pattern of resource allocation choices and organizational arrangements that result frommanagerial decision making. : Receive an answer explained step-by-step. d. Relatively moderate rivalry How was the resistance (if any) overcome? Ideally, a firm will its own resources, like Southwests culture, that embrace the four VRIO qualities shown in Table 4.1. Figure 4.2: Planephotoman. d. Threats posed by new entrants View the full answer. Not surprisingly, this firm ranks among the top twelve in Fortunes Worlds Most Admired Companies for 2020. c. To build a portfolio of businesses much like a portfolio of stock Want to create or adapt books like this? The intersection of IS-LM functions defines four areas. 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. Resources that do not have all four qualities can still be very useful, but they are unlikely to provide long-term advantages. Said differently, a firm that enjoys a dynamic capability is skilled at continually updating its array of capabilities to keep pace with changes in its environment. Is Southwests culture valuable? Option D is the right choice here. Recruitment c. Service d. Procurement c; Medium As another example, what about Southwest Airlines capability to arrive on time at a much higher rate than the industry average? B. ~~~~~\text{Car registration} & &4.33 & 0\\ ~~~~~\text{Clothing } & & 40.00 & 31.75\\ Learn More. 5 Option A Explanation: Tangible resources have a physical form, t . The VRIO Framework with numbers. CC BY-SA 4.0. b. b. Other resources are hard to copy because they evolve over time and they reflect unique aspects of the firm. 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. Before long, The Wonders perform on television and That Thing You Do! is a top-ten hit record. Firms utilizing a competitive scope strategy can tailor advertising and promotional efforts to a particular market niche. _____________ 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 _____________. This worked, A number of things organizations can do prior to change to prepare employees include which of the following? : 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). Which of the following is a primary activity? If not then culture provides Southwest with a temporary competitive advantage over its rivals, but competitors can imitate it. https://commons.wikimedia.org/wiki/File:Southwest_737_Lonestar_One.jpg, https://commons.wikimedia.org/wiki/File:The_VRIO_Framework_with_numbers.png, Next: 4.4 Intellectual Property & Isolating Mechanisms, Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. What was the Kujawas total expenditure for the month of July? 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. O - A firm's tangible resource includes which of the following? As can be seen from its exceptional organizational performance over many years when compared to other airlines, VRIO shows that company culture is one reason why it is more successful than its competitors. D) rare, valuable, physically unique, causally ambiguous. earn aboveaverage returns includes all of the following EXCEPT. According to resource-based theory, one possible road to riches is creatingon purpose or by accidenta unique combination of resources. gifts20.0011.65PocketMoney60.0072.00EntertainmentMovies10.005.00Sportingevents/recreation32.0032.00Diningout100.0063.80FixedRent625.00625.00Furniture125.00125.00Savings100.00100.00Emergencyfund50.0050.00Life/carinsurancepremiums132.50132.50Carregistration4.330Pledges/contributions8.330\begin{array}{l c r r} True Centralized decisions C) Every organization has a routine that it follows for its procedures and processes. A) Compare the firm's financial ratios with ratios of firms in other strategic groups in the industry. Experts are tested by Chegg as specialists in their subject area. Low cost What are the degrees of freedom for D) short-term perspectives and strategic positioning. ~~~~~\text{Cable TV bill} & & 25.00 & 25.00\\[10pt] B) financial resources, physical resources, and the capacity to combine intangible resources. This may provide bargaining power for the firm in the marketplace. Consider how Southwest Airliness organizational culture serves as a strategic resource. A. T or F If yes, go to number 4. The evaluation occurs within the industry of the firm being evaluated. A retail chain that sells home entertainment systems, computers, and other electronics is far outselling is competitors based on its innovation processes. 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. Examples of tangible resources (in the resource-based view of the firm) include: A) financial resources, human resources, and firm competencies. A firm's strategy includes which of the following? A) if the overall strategy of the firm is the same. See Page 1. The particular bundles of resources and capabilities that provide unique advantages to the, Core competencies are resources and capabilities that serve as a source of a firms. Trading in strategic resources: Necessary conditions, transaction cost problems, and choice of exchange structure. What resistance to the change occurred, if any? C) financial resources, physical resources, and technological resources. D) supports mostly support activities but does have some impact on primary activities. (1991). What is this an example of. 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. 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.

Wealthiest Congressional Districts In America, Articles A