Chat with AIExam 2: Competitive Advantage
Discuss how value chain analysis is closely tied to benchmarking.
(32) 
Answered by Examlex AI CopilotValue chain analysis and benchmarking are closely tied because they both focus on improving the efficiency and effectiveness of a company's operations.
Value chain analysis involves examining all the activities and processes that a company undertakes to deliver a product or service to its customers. This includes everything from sourcing raw materials to marketing and sales. By analyzing each step in the value chain, a company can identify areas where it can improve efficiency, reduce costs, or add value to its products or services.
Benchmarking, on the other hand, involves comparing a company's performance against that of its competitors or industry standards. This can help a company identify areas where it is lagging behind its peers and where it can make improvements.
When these two concepts are combined, a company can use value chain analysis to identify specific areas for improvement and then use benchmarking to compare its performance in those areas to that of its competitors. This can help a company set realistic performance targets and identify best practices that it can adopt to improve its operations.
Ultimately, value chain analysis and benchmarking are both tools that can help a company identify opportunities for improvement and make informed decisions about how to allocate resources to achieve its strategic goals. By using these tools in tandem, a company can gain a comprehensive understanding of its competitive position and develop a clear roadmap for improvement.
The value of time spent as a competitor in an industry is directly related to the amount of learning that occurs during that time.
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VerifiedTrue
Strategy process can be thought of as what a firm does.
(42) VerifiedFalse
Which of the following criteria can provide an asymmetric competitive advantage?
(37) Firms will enjoy a sustained competitive advantage only if their capabilities
(40) Studies have shown that ideas and innovations are diffused through the economy in a pattern that resembles a slanted "M-shaped curve."
(31) Why is investment important to the development of unique and valuable capabilities?
(39) The concept of economic rent assumes that over the long run, firms in competitive markets will
(42) What competitive characteristics of a firm create asymmetry as a critical step in a mental model concept of competitive advantage?
(38) Economists assume that, over the long run, firms in competitive markets will earn above-average economic profits (profits after all factors of production have been paid) of zero.
(36) Path dependency is the idea that decisions made at an earlier point in time will make some current options viable while also foreclosing other options.
(26) Why are Mickey Mouse and the other iconic Disney characters critical competitive assets to the Disney Company?
(36) Imitation can help firms "catch-up," but imitation alone is unlikely to give firms a competitive advantage.
(41) Capabilities and resources can be both causally ambiguous and difficult to imitate.
(30) The resource-based framework for competitive advantage suggests that as a resource begins to be diffused through an industry, firms can expect the resource to
(38) Litigation cannot be used as a legal competitive tactic to slow the diffusion process.
(32) Early grocery store pioneers in the adoption of scanning technology enjoyed only a short-lived competitive advantage over rivals.
(33) ___________ is the idea that poor decisions made by a firm at an earlier point in time will make certain current options viable while foreclosing its other options.
(30) 
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