Question 1

When transforming resources into products what is not required in order for your business to develop a competitive advantage?

Accepted Answer

For a business to develop a competitive advantage, resources should be valuable, rare, nonsubstitutable, and durable. If resources are easy to imitate, they do not provide a sustainable competitive advantage.

Question 2

Which capability is most likely to reside in an organization's processes?

Accepted Answer

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Question 3

What approach to making products is most likely to rely on tacit knowledge where the relationship between cause and effect is not well understood?

Accepted Answer

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Question 4

What approach to making products is most likely to rely on tacit knowledge where the approach requires the interactions of multiple people in complex ways?

Accepted Answer

Social complexity involves interactions among multiple people, making it reliant on tacit knowledge that is difficult to codify or transfer.

Question 5

How can you create the capability to innovate in a technology-intensive industry?

Accepted Answer

Creating the capability to innovate in a technology-intensive industry requires a combination of access to resources, systematic investment in skills, and establishing appropriate organizational boundaries.

Question 6

What are the capabilities that are used to generate values across many firm activities called?

Accepted Answer

Core competency refers to the unique strengths and abilities that a firm develops and leverages across its activities to generate value and achieve a competitive advantage.

Question 7

If your company had a core competency of developing and bringing together advertising, what would it be classified as?

Accepted Answer

The core competency of developing and bringing together advertising is primarily focused on persuading customers, as it involves creating compelling messages and campaigns to influence consumer behavior and drive sales.

Question 8

If your company had a core competency of inventory logistics, what would it be classified as?

Accepted Answer

Infrastructure management is the core competency of inventory logistics.

Question 9

If your company had a core competency of combining basic research, what would it be classified as?

Accepted Answer

Technology development involves combining basic research to create new technologies or improve existing ones.

Question 10

If your company had a core competency of quality control, what would it be classified as?

Accepted Answer

Quality control is a key aspect of manufacturing, as it ensures that products meet the required standards.

Question 11

What is the inability to do new things outside of the firm's core competencies called?

Accepted Answer

Core rigidity refers to the inability to adapt or innovate beyond a firm's established core competencies, leading to stagnation.

Question 12

What is the situation that occurs called when the intent and action of entrepreneurs and managers get misaligned?

Accepted Answer

Strategic dissonance occurs when there is a misalignment between the intent and actions of entrepreneurs and managers, leading to inconsistencies in strategy execution.

Question 13

List and define Porter's five forces. How can each force be used in assessing the attractiveness of an industry?

Accepted Answer

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Question 14

Define a value chain and explain how the value chain can help you with your technology strategy.

Accepted Answer

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Question 15

Compare and contrast the regimes of creative destruction and creative accumulation. Explain why examining the innovation regime is important for entrepreneurs when determining whether or not to enter an industry.

Accepted Answer

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Question 16

Identify and explain how the industry conditions of capital intensity, advertising, concentration, and the average size of firms can pose an impediment to new firms when attempting to enter a market.

Accepted Answer

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Question 17

Describe why resources are so important to a company's success. Also define and distinguish between tangible, intangible, and human resources.

Accepted Answer

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Question 18

Define what a core competency is and why it is important for a company. Explain how core competencies can sometimes lead to core rigidity.

Accepted Answer

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Question 19

Explain strategic dissonance and identify ways that you can limit the possibility of strategic dissonance from developing.

Accepted Answer

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Quiz 11: Competitive Advantage in High-Tech Industries