MGT 449 Chapters 1 - 4 UWL Exam 1 || 100% no Error.
Core Competencies correct answers unique strengths, embedded deep within the firm, and allows
differentiation of products and services from rivals
Resources correct answers any asset that a firm can draw on
Capabilites correct answers Organizational and managerial skills
Activities correct answers Distinct and fine-grained business processes
Resource based view correct answers They are key to superior performance and aid in
identifying core competencies
Resources can be: correct answers Tangibles or intangibles
Resource heterogeneity correct answers A firm is a unique bundle of resources and capabilities
and they differ across firms
Resource immobility correct answers 1. Resources don't move easily from firm to firm
2. Resources are difficult to replicate
3. Resources can last a long time
VRIO Framework correct answers Tool for evaluating firm resource funding and resources must
be:
1. Valuable
2. Rare
3. Costly to imitate
,4. Organized to capture the value of resource
Valuable correct answers Helps exploit an opportunity or offset a threat
Rare correct answers only one firm or few firms possess it
Costly to imitate correct answers Competitors can't develop the resources for a reasonable price
The firm is organized to capture value through: correct answers Effective organizational structure
and coordinating systems
Isolating mechanism correct answers Barriers to imitation and prevents rivals from competing
away firm advantage
- Better expectations of future resource value
- Path dependency
- Causal ambiguity
- Social complexity
- Intellectual Property protection
Core Rigidity correct answers A former core competency
- turned into a liability
- Results of an environmental change
- No longer fits in the external environment
Dynamic capabilities correct answers A firm's ability to:
- Adapt resource over time
1. create, deploy, modify, reconfigure, upgrade
2. External environment
, Goal of dynamic capabilities correct answers 1. Develop resources, capabilities, and
competencies
2. Create a strategic fit with the firm's environment
3. Change in a dynamic fashion
Dynamic markets are due to: correct answers 1. Technological change
2. Deregulation
3. Globalization
4. Demographic shifts
The dynamic capabilities Perspective correct answers A model that emphasizes a firm's ability to:
- modify and leverage its resource base
- Gain and sustain a competitive advantage in a constantly changing environment
Resource stocks correct answers A firm's current level of intangible resources
- New product development
- Engineering expertise
- innovation capabilities
- Reputation for quality
Resource flows correct answers the firm's level of investments to maintain or build a resource
The value chain correct answers Internal activities a firm engages in when transforming inputs
into outputs
-incremental values
* Raw materials, components, products
- incremental costs
Core Competencies correct answers unique strengths, embedded deep within the firm, and allows
differentiation of products and services from rivals
Resources correct answers any asset that a firm can draw on
Capabilites correct answers Organizational and managerial skills
Activities correct answers Distinct and fine-grained business processes
Resource based view correct answers They are key to superior performance and aid in
identifying core competencies
Resources can be: correct answers Tangibles or intangibles
Resource heterogeneity correct answers A firm is a unique bundle of resources and capabilities
and they differ across firms
Resource immobility correct answers 1. Resources don't move easily from firm to firm
2. Resources are difficult to replicate
3. Resources can last a long time
VRIO Framework correct answers Tool for evaluating firm resource funding and resources must
be:
1. Valuable
2. Rare
3. Costly to imitate
,4. Organized to capture the value of resource
Valuable correct answers Helps exploit an opportunity or offset a threat
Rare correct answers only one firm or few firms possess it
Costly to imitate correct answers Competitors can't develop the resources for a reasonable price
The firm is organized to capture value through: correct answers Effective organizational structure
and coordinating systems
Isolating mechanism correct answers Barriers to imitation and prevents rivals from competing
away firm advantage
- Better expectations of future resource value
- Path dependency
- Causal ambiguity
- Social complexity
- Intellectual Property protection
Core Rigidity correct answers A former core competency
- turned into a liability
- Results of an environmental change
- No longer fits in the external environment
Dynamic capabilities correct answers A firm's ability to:
- Adapt resource over time
1. create, deploy, modify, reconfigure, upgrade
2. External environment
, Goal of dynamic capabilities correct answers 1. Develop resources, capabilities, and
competencies
2. Create a strategic fit with the firm's environment
3. Change in a dynamic fashion
Dynamic markets are due to: correct answers 1. Technological change
2. Deregulation
3. Globalization
4. Demographic shifts
The dynamic capabilities Perspective correct answers A model that emphasizes a firm's ability to:
- modify and leverage its resource base
- Gain and sustain a competitive advantage in a constantly changing environment
Resource stocks correct answers A firm's current level of intangible resources
- New product development
- Engineering expertise
- innovation capabilities
- Reputation for quality
Resource flows correct answers the firm's level of investments to maintain or build a resource
The value chain correct answers Internal activities a firm engages in when transforming inputs
into outputs
-incremental values
* Raw materials, components, products
- incremental costs
