Question 1

Compare and contrast tangible and intangible resources.

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Question 2

Explain how the activities of a firm help in achieving a competitive advantage.

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Question 3

Merton's Toothpaste has been the leader of dental care products for about 40 years. However, this company relied too long on its competency of reducing cavities without refining or upgrading other aspects of its product. As a result, other personal hygiene companies that began to offer toothpastes with natural whitening agents gained a competitive advantage over Merton's. This case is an example of

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A core competency can turn into a core rigidity if a firm relies too long on the competency without honing, refining, and upgrading as the environment changes.

Question 4

O'Ryan Plastics maintains a manufacturing plant overseas. The local government has just been overthrown by a military group that opposes foreign influence in the country. According to the SWOT analysis, the political situation in this location is considered to be an

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An external threat is a danger in a firm's general environment.

Question 5

Briefly describe the VRIO framework.

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Question 6

Differentiate between a firm's resources and capabilities.

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Question 7

Elaborate on the dynamic capabilities perspective of competitive advantage.

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Question 8

After conducting a SWOT analysis, your firm has decided to focus on addressing issues located in the Weaknesses-Opportunities quadrant. Which of the following steps are you most likely to take?

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The lack of research and development productivity is an internal weakness that prevents your firm from taking advantage of external opportunities by being the first to offering new products and services. By addressing the lack of productivity with a departmental reorganization, the firm has produced a strategic alternative based on the weaknesses-opportunities quadrant of the SWOT matrix.

Question 9

Describe the core competencies of any three successful companies in today's business environment.

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Question 10

Elaborate on the resource-based view of competitive advantage.

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Question 11

Define the value chain.

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Question 12

Elaborate on time compression diseconomies.

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Question 13

How can a firm fully exploit the competitive potential of its resources, capabilities, and competencies?

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Question 14

Differentiate resource stocks from resource flows with the help of the bathtub metaphor.

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Question 15

Describe causal ambiguity and provide an example of how it can act as a barrier against imitation of a firm's valuable resources.

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Question 16

Discuss resource immobility as a critical assumption in the resource-based model of a firm.

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Question 17

In the context of the VRIO Framework, what does a valuable resource mean?

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Question 18

To reduce the amount of time it takes to apply packaging to its finished products, North Star Foods is implementing new equipment at its production plants. By doing this, North Star is addressing a ________ in the value chain analysis.

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Production plants are part of a firm's operations. Operations are primary activities in the value chain analysis.

Question 19

Provide an example of how dynamic capabilities can benefit firms.

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Question 20

Dynamic capabilities are especially relevant for surviving and competing in markets that

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Dynamic capabilities are especially relevant for surviving and competing in markets that shift quickly.

Quiz 4: Internal Analysis: Resources, Capabilities, and Core Competencies