UNIVERSITY OF HOUSTON MANA 3335 EXAM 2
UPDATED ACTUAL QUESTIONS AND CORRECT
ANSWERS
Question:
Resources
Answer:
The assets, capabilities, processes, employee time, information, and knowledge
that an organization uses to improve its effectiveness and efficiency and
create ans sustain competitive advantage.
Question:
Competitive Advantage
Answer:
Providing greater value for customers then competitors can
Question:
Sustainable Competitive Advantage
Answer:
A competitive advantage that other companies have tried unsuccessfully to
duplicate and have, for the moment, stopped trying to duplicate
Question:
Four Resources to achieve a sustainable competitive advantage
Answer:
- Valuable - Rare - Imperfectly Imitable - Nonsubstitutable
Question:
Valuable Re-sources
Answer:
A resource that allows companies to improve efficiency and effectiveness
Question:
Rare Resources
Answer:
A resource that is not controlled or possessed by other competing firms
Question:
Imperfectly Imitable Resources
Answer:
A resource that is impossible or extremely costly or difficult for other firms to
duplicate
Question:
Nonsubstitution Resources
Answer:
A resource that produces value or competitive advantage and has no
equivalent substitutes or replacements
Question:
Three Steps in the Strategy-Making Process:
, Answer:
- Assess the need for strategic change - Conduct a situational analysis - Choose
strategic alternatives
Question:
Assess The Need For Strategic
Change: Competitive Inertia
Answer:
A reluctance to change strategies or competitive practices that have been
successful in the past
Question:
Assess The Need For Strategic Change: Strategic Dissonance
Answer:
A discrepancy between a company's intended strategy and the strategic
actions managers take when implementing that strategy.
Question:
Conduct A Situational Analysis: SWOT Analysis
Answer:
An assessment of the strengths and weaknesses in an organization's internal
environment and the opportunities and threats in its external environment
Question:
Conduct A Situational Analysis: Distinctive Competence
Answer:
What a company can make, do, or perform better than its competitors.
(tangible)
Question:
Conduct A Situational Analysis: Core Capabilities
Answer:
The internal decision-making routines, problem-solving processes, and
organizational cultures that determine how efficiently inputs can be turned
into outputs
Question:
Conduct A Situational Analysis: Strategic Groups
Answer:
A group of companies within an industry against which top managers
compare, evaluate, and benchmark strategic threats and opportunities
Question:
Two Groups In Strategic Groups:
Answer:
- Core Firms - Secondary Firms
Question:
Strategic Groups: Core Firms
Answer:
The central companies in a strategic group. (i.e, Home Depot & Lowe's)
UPDATED ACTUAL QUESTIONS AND CORRECT
ANSWERS
Question:
Resources
Answer:
The assets, capabilities, processes, employee time, information, and knowledge
that an organization uses to improve its effectiveness and efficiency and
create ans sustain competitive advantage.
Question:
Competitive Advantage
Answer:
Providing greater value for customers then competitors can
Question:
Sustainable Competitive Advantage
Answer:
A competitive advantage that other companies have tried unsuccessfully to
duplicate and have, for the moment, stopped trying to duplicate
Question:
Four Resources to achieve a sustainable competitive advantage
Answer:
- Valuable - Rare - Imperfectly Imitable - Nonsubstitutable
Question:
Valuable Re-sources
Answer:
A resource that allows companies to improve efficiency and effectiveness
Question:
Rare Resources
Answer:
A resource that is not controlled or possessed by other competing firms
Question:
Imperfectly Imitable Resources
Answer:
A resource that is impossible or extremely costly or difficult for other firms to
duplicate
Question:
Nonsubstitution Resources
Answer:
A resource that produces value or competitive advantage and has no
equivalent substitutes or replacements
Question:
Three Steps in the Strategy-Making Process:
, Answer:
- Assess the need for strategic change - Conduct a situational analysis - Choose
strategic alternatives
Question:
Assess The Need For Strategic
Change: Competitive Inertia
Answer:
A reluctance to change strategies or competitive practices that have been
successful in the past
Question:
Assess The Need For Strategic Change: Strategic Dissonance
Answer:
A discrepancy between a company's intended strategy and the strategic
actions managers take when implementing that strategy.
Question:
Conduct A Situational Analysis: SWOT Analysis
Answer:
An assessment of the strengths and weaknesses in an organization's internal
environment and the opportunities and threats in its external environment
Question:
Conduct A Situational Analysis: Distinctive Competence
Answer:
What a company can make, do, or perform better than its competitors.
(tangible)
Question:
Conduct A Situational Analysis: Core Capabilities
Answer:
The internal decision-making routines, problem-solving processes, and
organizational cultures that determine how efficiently inputs can be turned
into outputs
Question:
Conduct A Situational Analysis: Strategic Groups
Answer:
A group of companies within an industry against which top managers
compare, evaluate, and benchmark strategic threats and opportunities
Question:
Two Groups In Strategic Groups:
Answer:
- Core Firms - Secondary Firms
Question:
Strategic Groups: Core Firms
Answer:
The central companies in a strategic group. (i.e, Home Depot & Lowe's)
