bus 490 final exam questions well answered

bus 490 final examwhat are resources? - correct answer a competitive asset that is owned and controlled by the firm What are tangible resources? - correct answer assets that can be observed and quantified what are the four tangible resources? - correct answer Financial resources, technological assets, physical resources, organizational resources What are intangible resources? - correct answer assets that are rooted deeply in the firm's history, accumulate over time, and are relatively difficult for competitors to analyze and imitate what are the four intangible resources? - correct answer Human assets and intellectual capital, company culture and incentive system, relationships, (brands, company image, repetitional assets) Wha are capabilities? - correct answer the capacity of a firm to perform some activity proficiently. sustainable competitive advantage - correct answer an advantage that cannot be copied by the competition What is the VRIN test? - correct answer valuable, rare, inimitable, non-substitutable What is a value proposition? - correct answer the set of benefits or values it promises to deliver to consumers to satisfy their needs. measured with value chain analysis and benchmarking What is value chain analysis? - correct answer a systematic way of examining all of the activities a firm performs and determining how they interact to form a source of competitive advantage what are the primary value chain activities? - correct answer supply chain management, operations, distribution, sales and marketing, service, and profit margin what are the support value chain activities? - correct answer product r&d, technology, and system development; human resource management; general administration What is benchmarking? - correct answer a process by which a company compares its performance with that of high-performing organizations Competitive Assets? - correct answer are the firm's resources and capabilities and are the determinants of its competitiveness and ability to succeed in the marketplace. what are the 5 competitive strategies? - correct answer Broad low cost strategy, broad differentiation, focused low-cost, focused differentiation, best cost strategy what is broad low-cost strategy? - correct answer strategy aimed at providing low-cost products to a broad customer segment