Exam 3: Examining the Internal Environment: Resources

What are table stakes?

Managerial decision making and external strategic analysis are interdependent.

Table stakes are resources that are rare and valuable.

Decision agents are people who put the processes that use the firm's ________ into motion.

Explain the competitive implication of rarity.

Some resources cannot be purchased.

When a firm reconfigures the value chain, it exercises some tradeoffs. Discuss these tradeoffs.

Accumulating resources is a dynamic process.

Southwest Airlines is an airline industry leader. It has protected its competitive advantage by ________.

Capabilities refer to a firm's skill in using its resources to create goods and services.

Intangible assets are easily identified and valued.

Asset turnover measures a firm's ________.

The key tasks in the role of management include all but which of the following?

Explain the concepts of inimitability and nonsubstitutability.

Products that are ________ complex are easier to duplicate than those that are ________ complex.

In order to gain a sustainable competitive advantage, firms must both control and ________ resources and capabilities, according to the VRINE model.

McDonalds' intangible real estate gives it a competitive advantage.

The most effective firms around the globe view their organizations as portfolios of processes. These processes include entrepreneurial, capability-building, and ________.

A patent is an example of a rare and valuable resource.

A manager decides that certain activities are best performed by people outside the firm. This is known as ________.