Question 1

_____ are inputs that firms use to create goods or services.

Accepted Answer

A)  resources 
B)  capabilities 
C)  tradeoffs 
D)  competences 
A)  resources 
B)  capabilities 
C)  tradeoffs 
D)  competences

Question 2

What are the three criteria that appear to be common among successful outsourcing arrangements?

Accepted Answer

The three criteria are: commit

Question 3

By organizing value-chain activities in unique and inimitable ways, firms are creating ________.

Accepted Answer

A)  distinctive capabilities 
B)  intangible resources 
C)  tradeoff protection 
D)  core competencies 
A)  distinctive capabilities 
B)  intangible resources 
C)  tradeoff protection 
D)  core competencies

Question 4

Why is it easier for a new entrant to imitate value-chain activities?

Accepted Answer

A new entrant has more flexibility than

Question 5

One of IKEA's innovations was to outsource ________ to the end consumer.

Accepted Answer

A)  furniture assembly 
B)  design layout 
C)  furniture delivery 
D)  component gathering 
A)  furniture assembly 
B)  design layout 
C)  furniture delivery 
D)  component gathering

Question 6

Making imitation by other companies difficult helps a company protect its advantage.

Accepted Answer

A) True 
 B)False

Question 7

BP and Exxon Mobil possess significant capabilities in exploration, extraction, refining, and distribution. These companies are categorized as highly ________ because they are involved in every stage of the value chain.

Accepted Answer

A)  integrated 
B)  diversified 
C)  tangible 
D)  capable 
A)  integrated 
B)  diversified 
C)  tangible 
D)  capable

Question 8

Questions that should be asked before a firm outsources functions include all but which of the following?

Accepted Answer

A)  Can workers in another specialized firm do the work more efficiently? 
B)  Is it cost effective to outsource a function? 
C)  Are the potential problems with outsourcing worth the risk for the financial benefits gained? 
D)  Who within the firm will manage the quality of outsourced functions? 
A)  Can workers in another specialized firm do the work more efficiently? 
B)  Is it cost effective to outsource a function? 
C)  Are the potential problems with outsourcing worth the risk for the financial benefits gained? 
D)  Who within the firm will manage the quality of outsourced functions?

Question 9

According to the VRINE model, what are the two criteria that must be satisfied in order to sustain a competitive advantage?

Accepted Answer

A)  value and rarity 
B)  value and exploitability 
C)  inimitability and nonsubstitutability 
D)  inimitability and exploitability 
A)  value and rarity 
B)  value and exploitability 
C)  inimitability and nonsubstitutability 
D)  inimitability and exploitability

Question 10

How can firms use value-chain activities to create a competitive advantage?

Accepted Answer

Firms can use value-chain activities to

Question 11

Competitors may easily imitate acquiring tangible resources.

Accepted Answer

A) True 
 B)False

Question 12

Managers act as ________ when they put into motion the processes that use the firm's resources and capabilities.

Accepted Answer

A)  entrepreneurs 
B)  decision agents 
C)  communicators 
D)  psychoanalysts 
A)  entrepreneurs 
B)  decision agents 
C)  communicators 
D)  psychoanalysts

Question 13

Firms can use value-chain activities to create value by either finding better ways to perform the same activities or by ________.

Accepted Answer

A)  integrating new activities into the chain 
B)  finding different ways to perform the same activities 
C)  aligning with other firms to merge activities 
D)  changing activities to match what competitors are doing 
A)  integrating new activities into the chain 
B)  finding different ways to perform the same activities 
C)  aligning with other firms to merge activities 
D)  changing activities to match what competitors are doing

Question 14

Managers play the unique role of being a resource for the firm and having capabilities they use to manage the firm.

Accepted Answer

A) True 
 B)False

Question 15

An organization's exploitative capabilities incorporate all of the dimensions of its value-adding processes.

Accepted Answer

A) True 
 B)False

Question 16

Valuable and rare resources can provide competitive advantage only as long as they are ________.

Accepted Answer

A)  exploitable 
B)  inimitable 
C)  unique 
D)  tangible 
A)  exploitable 
B)  inimitable 
C)  unique 
D)  tangible

Question 17

The basic building blocks of a firm's strategy are its resources and capabilities.

Accepted Answer

A) True 
 B)False

Question 18

Toyota's quality reputation developed over time and therefore, is not easily ________.

Accepted Answer

A)  imitated 
B)  lost 
C)  understood 
D)  exploited 
A)  imitated 
B)  lost 
C)  understood 
D)  exploited

Question 19

A senior manager shakes up a firm and challenges historic ways of operating. He or she is using the ________ process.

Accepted Answer

A)  renewal 
B)  capability-building 
C)  entrepreneurial 
D)  reflective 
A)  renewal 
B)  capability-building 
C)  entrepreneurial 
D)  reflective

Question 20

What are resources? What are the two types of resources?

Accepted Answer

Resources are the inputs used

_____ are inputs that firms use to create goods or services.

What are the three criteria that appear to be common among successful outsourcing arrangements?

By organizing value-chain activities in unique and inimitable ways, firms are creating ________.

Why is it easier for a new entrant to imitate value-chain activities?

One of IKEA's innovations was to outsource ________ to the end consumer.

Making imitation by other companies difficult helps a company protect its advantage.

BP and Exxon Mobil possess significant capabilities in exploration, extraction, refining, and distribution. These companies are categorized as highly ________ because they are involved in every stage of the value chain.

Questions that should be asked before a firm outsources functions include all but which of the following?

According to the VRINE model, what are the two criteria that must be satisfied in order to sustain a competitive advantage?

How can firms use value-chain activities to create a competitive advantage?

Competitors may easily imitate acquiring tangible resources.

Managers act as ________ when they put into motion the processes that use the firm's resources and capabilities.

Firms can use value-chain activities to create value by either finding better ways to perform the same activities or by ________.

Managers play the unique role of being a resource for the firm and having capabilities they use to manage the firm.

An organization's exploitative capabilities incorporate all of the dimensions of its value-adding processes.

Valuable and rare resources can provide competitive advantage only as long as they are ________.

The basic building blocks of a firm's strategy are its resources and capabilities.

Toyota's quality reputation developed over time and therefore, is not easily ________.

A senior manager shakes up a firm and challenges historic ways of operating. He or she is using the ________ process.

What are resources? What are the two types of resources?

Introducing Strategic Management

Leading Strategically Through Effective Vision and Mission

Exploring the External Environment: Macro Industry and Dynamics

Creating Business Strategies

Crafting Business Strategy of Dynamic Contexts

Developing Corporate Strategy

Looking at International Strategies

Understanding Alliances and Cooperative Strategies

Studying Merges and Acquisitions

Organizational Structure, Systems, and Processes

Considering New Ventures and Corporate Renewal

Corporate Governance in the Twenty-First Century

Filters

Exam 3: Examining the Internal Environment: Resources

_____ are inputs that firms use to create goods or services.

What are the three criteria that appear to be common among successful outsourcing arrangements?

By organizing value-chain activities in unique and inimitable ways, firms are creating ________.

Why is it easier for a new entrant to imitate value-chain activities?

One of IKEA's innovations was to outsource ________ to the end consumer.

Making imitation by other companies difficult helps a company protect its advantage.

BP and Exxon Mobil possess significant capabilities in exploration, extraction, refining, and distribution. These companies are categorized as highly ________ because they are involved in every stage of the value chain.

Questions that should be asked before a firm outsources functions include all but which of the following?

According to the VRINE model, what are the two criteria that must be satisfied in order to sustain a competitive advantage?

How can firms use value-chain activities to create a competitive advantage?

Competitors may easily imitate acquiring tangible resources.

Managers act as ________ when they put into motion the processes that use the firm's resources and capabilities.

Firms can use value-chain activities to create value by either finding better ways to perform the same activities or by ________.

Managers play the unique role of being a resource for the firm and having capabilities they use to manage the firm.

An organization's exploitative capabilities incorporate all of the dimensions of its value-adding processes.

Valuable and rare resources can provide competitive advantage only as long as they are ________.

The basic building blocks of a firm's strategy are its resources and capabilities.

Toyota's quality reputation developed over time and therefore, is not easily ________.

A senior manager shakes up a firm and challenges historic ways of operating. He or she is using the ________ process.

What are resources? What are the two types of resources?

Introducing Strategic Management

Leading Strategically Through Effective Vision and Mission

Exploring the External Environment: Macro Industry and Dynamics

Creating Business Strategies

Crafting Business Strategy of Dynamic Contexts

Developing Corporate Strategy

Looking at International Strategies

Understanding Alliances and Cooperative Strategies

Studying Merges and Acquisitions

Organizational Structure, Systems, and Processes

Considering New Ventures and Corporate Renewal

Corporate Governance in the Twenty-First Century

Filters