Exam 3: Assessing the Internal Environment of the Firm

Historical comparisons provide information to managers about changes in the competitive position of a firm.Historical comparisons often are misleading

In considering the business from the innovation and learning perspective using the balanced scorecard,the ability of the firm to do well is more dependent on its intangible and tangible assets.

_____________ are typically embedded in unique routines and practices that have evolved and accumulated over time such as effective work teams.

The customer perspective of the balanced scorecard answers which of the following questions?

In order to be considered strategic resources that contribute competitive advantage,they must have several characteristics.Which of the following is not one of these?

Customer service includes

Encyclopedia Britannica lost competitive positioning due to a misunderstanding of the change in competitors,when the CD-based encyclopedia became popular for home computers.

Porsche received a lot of negative feedback when it announced plans to release an SUV,but it went ahead anyway,and the Porsche Cayenne was a great success.This is an example of a peril of making decisions based on crowdsourcing.

Campbell Soup uses electronic networks in order to improve the efficiency of outbound logistics.This is an example of relationships among activities within the firm and with other stakeholders that are part of the company expanded value chain.

Campbell Soup uses an electronic network to facilitate its continuous-replenishment program with its most progressive retailers.This is known as an operations primary activity in the value chain.

A law firm renders services that are specific to client needs and circumstances.This is an example of the transformation process of a service organization.

At Sephora.com,a customer service representative taking a phone call from a repeat customer has instant access to what shade of lipstick she likes best.This is an example of a procurement support activity in the value chain.

Top managers have learned not to rely on SWOT to stimulate self-reflection and group discussions about how to improve their firm and position for success.

Capabilities that exhibit causal ambiguity are difficult to imitate.

The strengths and capabilities of a firm are enough to enable it to achieve a competitive advantage in the marketplace.

Examples of organizational capabilities are outstanding customer service,excellent product development capabilities,superb innovation processes,and flexibility in manufacturing processes.

Crowdsourcing has many benefits,including the example in which McDonalds set up a Twitter campaign to promote positive word of mouth which became a platform for people looking to bash the chain.

Toyota paid a heavy price for its excessive emphasis on cost control.By focusing on one strength exclusively,it suffered severe losses.This is an example of the limitations of a SWOT analysis.

From the innovation and learning perspective,survival is dependent upon managers making _________ changes to existing products and services as well as introduce entirely new products with expanded capabilities.

Some leading edge companies are applying the prosumer concept.Here,firms team up with their suppliers and alliance partners to satisfy their customer needs.