Exam 6: Resource-Based Competitive Advantage

If one person can be identified with certainty as the resource behind the success of a company and he or she is hired away by another company, the VRIST framework dimension of ________ is being illustrated.

Resource substitution means that a firm can easily switch between two or more different resources that will provide the same competitive advantage - it offers the firm greater flexibility.

In a resource-based analysis, identifying ________ resources often presents the greatest challenge for managers.

Leveraging extraordinary resource positions may be accomplished by

There are four steps required by a resource-based analysis. Which of the following is not one of those steps?

Physical assets such as equipment, buildings, land, furniture, money and patents are ________ resources.

Sets of tightly integrated activities, organizational skills, and internally developed routines that rely on extraordinary resources are called

The three basic types of resources that managers today rely on in their development of strategy are physical capital, financial capital, and human capital.

More often than not those resources that cannot be imitated involve unobservable routines or processes that are "behind the scenes."

The durability of a competitive advantage from extraordinary resources may come from historical conditions, causal ambiguity, or social complexity.

A company might leverage an extraordinary resource position by replicating the resource or capability elsewhere in the organization.

An extraordinary resource should be analyzed to see if it is valuable, rare, difficult to imitate, without a substitute, and unable to be traded for.

A successful new product development team works in a state-of-the-art lab and is aided by a crack team of market researchers. This is likely to be a source of durable competitive advantage for the company because of

Which of the following is the best example of an intangible resource?

Extraordinary resources may not be a source of superior performance unless they are combined with other resources, either ordinary or extraordinary.

Ordinary resources must be developed at least as well as the standard for the industry.

Patents, copyrights, and trademarks reveal information about a resource that makes it easier for a rival to imitate that resource.

The must-have resources a firm needs just to be a credible contender in the industry are called ________ resources.

Rare, non-tradable, and non-substitutable resources can be appropriated by competitors with deep pockets.

Which of the following is not a contributor to the durability of a resource-based competitive advantage?