WPC 480 Chapter 4 Exam With Complete Solutions

WPC 480 Chapter 4 Exam With Complete Solutions Core competencies - answerUnique strength, embedded deep within a firm, that are critical to gaining and sustaining competitive advantage. Resources - answerAny assets that a firm can draw on when formulating and implementing a strategy. Capabilities - answerOrganizational and managerial skills necessary to orchestrate a diverse set of resources and deploy them strategically. Activities - answerDistinct and fine-grained business processes that enable firms to add incremental value by transforming inputs into goods and services. Resource based view - answerA model that sees certain types of resources as key to superior firm performances. Tangible resources - answerResources that have physical attributes and thus are visible. Intangible resources - answerResources that do not have physical attributes and thus are invisible. Resource heterogeneity - answerAssumption in the resource-based view that a firm is a bundle of resources and capabilities that differ across firms. Resource immobility - answerAssumption in the resource-based view that a firm has resource that tent to be "sticky" and that do not move easily from firm to firm. Two critical assumptions - answer1. Resource heterogeneity 2. Resource immobility VRIO Framework - answerA theoretical framework that explains and predicts firm-level competitive advantage. VRIO - answer1. Valuable 2. Rare 3. Icostly to Imitate 4. Organized to capture the value of the resource