Global, Chapter 4(correct answers) 2023 guaranteed success.

Global, Chapter 4(correct answers) 2023 guaranteed success. SWOT - CORRECT ANSWER-Strengths, Weakness, Opportunity, Threats VIRO - CORRECT ANSWER-Value, rarity, imitability, organization Resource (capabilities) - CORRECT ANSWER-The tangible and intangible assets a firm uses to choose and implement its strategies Tangible resources and capabilities - CORRECT ANSWER-Assets that are observable and easily quantified Intangible resources and capabilities - CORRECT ANSWER-Assets that are hard to observe and difficult (if not impossible) to quantify. (human, innovation, reputational) value chain - CORRECT ANSWER-A series of activities used in the production of goods and services that make a product or service more valuable benchmarking - CORRECT ANSWER-Examining whether a firm has resources and capabilities to perform a particular activity in a manner superior to competitors commoditization - CORRECT ANSWER-A process of market competition through which unique products that command high prices and high margins gradually lose their ability to do so, thus becoming commodities outsourcing - CORRECT ANSWER-Turning over an organizational activity to an outside supplier that will perform it on behalf of the local firm offshoring - CORRECT ANSWER-Outsourcing to an international or foreign firm inshoring - CORRECT ANSWER-Outsourcing to a domestic firm captive sourcing - CORRECT ANSWER-Setting up subsidiaries abroad so that the work done is in-house but the location is foreign. Also known as foreign direct investment (FDI) VRIO framework - CORRECT ANSWER-The resource based framework that focuses on the value (V), rarity (R), imitability (I), and organizational (O) aspects of resources and capabilities causal ambiguity - CORRECT ANSWER-The difficulty of identifying the actual cause of a firm's successful performance