Exam 2 Topic 4 Review

Question 2

Why do internal analysis and competitive advantage? uncover _______ and ________

Answer 2

strengths and weaknesses

Question 3

in internal analysis and competitive advantage how do strengths and weaknesses compare to ____________

Answer 3

competitors

Question 4

determine if resources and capabilities are likely sources for a __________________

Answer 4

competitive advantage

Question 5

what is competitive advantage

Answer 5

doing things batter than anyone else on those dimensions that are most important to consumers

Question 6

make more informed ___________ to exploit sources of competitive advantage

Answer 6

strategic decision

Question 7

the ultimate goal of internal environmental assessment is to be ________________

Answer 7

competitively superior

Question 8

what are resources

Answer 8

an input into a firm’s production process

Question 9

do resources alone yield a competitive advantage

Answer 9

no

Question 10

the true value of resources are when they are _________________

Answer 10

uniquely bundled

Question 11

what are the tow types of resources in a firm

Answer 11

tangible and intangible

Question 12

_____________ resources are assets that can be seen and quantified

Answer 12

tangible

Question 13

___________ resources are assets that are rooted deeply in the firm’s history and that have accumulated over time

Answer 13

intangible

Question 14

what is the first building block to an advantage

Answer 14

resources

Question 15

what are capabilities

Answer 15

refer to a company’s skills at coordinating its resources and putting them to productive use

Question 16

capabilities reside in an organization’s __________

Answer 16

routines

Question 17

do capabilιties guarantee superiority?

Answer 17

no, not by themselves

Question 18

what are an organization’s routine

Answer 18

in the way a company makes decisions and manages its internal processes in order to achieve organizational objectives

Question 19

what sets you apart intangible or tangible resources?

Answer 19

these set you apart

Question 20

how we _________ resources is known as a capability

Answer 20

bundle

Question 21

biggest capability we need to develop is how to _______________

Answer 21

suppress costs

Question 22

synonyms for capabilities

Answer 22

routine/ acitvity/ norm/ behavior/ “how we do something”

Question 23

what are core competencies

Answer 23

resources and capabilities that serve as a source of competitive advantage for a firm over its rivals

Question 24

when firms have knowledge about their resources they can determine if they translate into ____________

Answer 24

core competencies

Question 25

in order for capabilities to become core competencies, they must give a firm a ___________

Answer 25

sustainable competitive advantage

Question 26

all core competencies are ____________ but not all ______________ are core competencies

Answer 26

capabilities; capabilities

Question 27

what is the framework used as criteria for sustainable competitive advantage

Answer 27

VRIO

Question 28

VRIO framework evaluates "how......"

Answer 28

we do something

Question 29

VRiO framework used to assess if a __________ can become a ___________

Answer 29

capability; core competency

Question 30

Is VRIO a framework for assessing products and services?

Answer 30

NO; about capabilities and resources

Question 31

what does each letter of VRIO stand for

Answer 31

- valuable - rare - imitation - organization

Question 32

what does it mean for a capability to posess value?

Answer 32

- exploit opportunities - neutralize a threat - creates demand for the firms products/ services

Question 33

What does it mean for a capability to be rare?

Answer 33

- capability is not possessed my many (if any) others - Rare is good (not easily to replicate) - not rare means it's average

Question 34

what is the two part definition of imitation

Answer 34

duplication/ substitution

Question 35

what does duplication mean in imitation

Answer 35

to mimic/ copy

Question 36

what is the question you ask regarding duplication

Answer 36

can the way I do something be mimicked

Question 37

what is the question you ask regarding substitution

Answer 37

can it be substituted and provide same competitive advantage

Question 38

what does it mean for a capability to be properly organized

Answer 38

Means the company or firm properly structured so that the activity can be exploited

Question 39

Which test do companies usually fail on

Answer 39

organization

Question 40

how many tests in the VRIO framework must resources and capabilities pass to be labeled core competencies

Answer 40

all four

Question 41

capabilities that do not provide for a competitive advantage are ____________

Answer 41

non-strategic

Question 42

If a resource/ capability is not valuable, not rare, not hard to imitate , or not have the firm organized around it what would it be called

Answer 42

competitive disadvantage

Question 43

If a resource/ capability is valuable but not rare, not hard to imitate and the firm is not organized around what is it called

Answer 43

competitive equality

Question 44

if a resource/ capability is valuable and rare but not hard to imitate and the firm is not organized around it what is it called

Answer 44

unused competitive advantage

Question 45

if a resource/ capability is valuable, rare, hard to imitate and the firm is organized around it what is it called

Answer 45

long-term competitve advantage

Question 46

What is a SWOT analysis

Answer 46

identify strategies that align and fit a firm's resources and capabilities to the demands of the external environment

Question 47

what does each letter of SWOT stand for

Answer 47

strengths, weaknesses, opportunities and threats

Question 48

what does each part of SWOT deal with (internal or external)

Answer 48

Strength- internal Weaknesses- internal Opportunities- external Threats- external

Question 49

What are SO strategies

Answer 49

use strengths to take advantage of opportunities

Question 50

what are WO strategies

Answer 50

Overcoming weaknesses by taking advantages of opportunities

Question 51

What are ST Strategies

Answer 51

use strengths to avoid threats

Question 52

what are WT strategies

Answer 52

minimize weaknesses and avoid threats

Question 53

a strength in SWOT needs to be directly tied to the ____________of your org

Answer 53

performance

Question 54

only a weakness of your __________ is negatively impacted

Answer 54

performance

Question 55

One of two important observations for the S&W is that some strengths and weaknesses are ______________ in one's industry than others

Answer 55

more important to success

Question 56

One of two important observations for S&W is that not all strengths are __________ and not all weaknesses are ____________

Answer 56

equally as strong; equally as weak

Question 57

One of two important observations for the O&T is that some opportunities might be __________________ and some threats might be ________________

Answer 57

more attractive than others; more severe than others

Question 58

One of two important observations for O&T is that a firm's current strategy ______________________ to opportunities and threats

Answer 58

might not be equally effective in responding

Question 59

Do all Os and Ts represent the same impact to the firm?

Answer 59

some opportunities might be more attractive than others and some threats may be more severe than others

Question 60

opportunities are only as good as.....

Answer 60

the firm's ability to respond to it