BSM600 Week 3 Questions and Correct Answers | Latest Update | A

Why does internal analysis matter? Ans: Determine if resources and capabilities are sources of competitive advantage, regular internal analysis facilitates ongoing performance evaluation. Strengths of internal analysis Ans: Talented workforce, strategic partnerships and customer loyalty etc. Weaknesses of internal analysis Ans: poor financial health, outdated technology, lack of innovation. The Resource Based Views Ans: Assumes that a firm's resources and capabilities are the primary drivers of competitive advantage and economic performance. Also used to help firms achieve competitive advantage and superior economic performance. Resources Ans: all assets, capabilities, organizational processes controlled by a firm that enable the firm to conceive of and implement strategies that improve its efficiency and effectiveness. Capabilities Ans: The procedures, processes, and routines firms employ in their activities. Priorities Ans: Firm's values and rankings of what is most important Assets Ans: Tangible or intangible resources or factors of production that create economic value for the firm when employed. This chapter focuses on physical, financial, human and intangible assets. Operating capabilities Ans: Procedures, processes or routines for delivering value to customers, employees, suppliers or investo