Chapter 3 Business Policy Pearson
What is "distinctive competence"?
It is a competitive advantage that would be competed away.
"Tacit collusion" occurs when __________.
a tacit cooperation has the effect of reducing supply and increasing prices
Resources in the resource-based view (RBV) are defined as tangible and intangible assets that a firm controls. All of the following are examples of a firm's resources EXCEPT __________.
capabilities
When competitors cannot tell, for sure, what enables a firm to gain an advantage, that advantage might be costly to imitate. This situation is referred to as __________.
causal ambiguity
The answer to the question, "Do firms without a resource or capability face a cost disadvantage in obtaining or developing it compared to firms that already possess it?" relates to __________ in the VRIO framework.
imitability
Broad categories of resources and capabilities do NOT include __________.
legal resources
A source of sustained competitive advantage in pharmaceuticals industries is from __________.
patents
Complementary resources and capabilties of an organization that have limited ability to generate competitive advantage in isolation include all of the following EXCEPT __________.
patents
Organization resources that a firm possesses include __________.
planning and controlling within a firm
The answer to the question, "How many competing firms already possess particular valuable resources and capabilities?" relates to __________ in the VRIO framework.
rarity
In product design, if Apple continues to be more skilled than, say, IBM, then the assumption regarding resources and capabilities is described as having __________.
resource heterogeneity
If Mercedes has had its advantage in manufacturing for over 50 years, then the assumption regarding resources and capabilities is described as having __________.
resource immobility
As a part of competitive dynamics that exist in an industry, other firms can respond to the advantages of a competitor in all of the following ways EXCEPT __________.
selling less of the competing items
The question of organization can be answered by all of the following observations EXCEPT __________.
social complexity
When the resources and capabilities a firm uses to gain a competitive advantage involve interpersonal relationships, trust, culture and other resources that are costly to imitate in the short run, it is referred to as __________.
social complexity
The reasons why it is costly to imitate another firm's resources or capabilities include all of the following EXCEPT __________.
sustained competitive advantage
If a resource or capability is valuable and rare but not costly to imitate, exploiting this resource will generate __________ for a firm.
temporary competitive advantage
Attributes of the industry structure that facilitate the development of "tacit cooperation" include all of the following EXCEPT __________.
the industry must have heterogeneous products and costs
Historically, Kodak had a great deal of experience in designing, manufacturing, and selling cameras. Kodak used these resources and capabilities to exploit opportunities including offering film rolls, instant cameras, and other photographic equipment. This is an example of applying __________.
the question of value
Questions needed to conduct resource-based analyses of a firm's internal strengths and weaknesses include all of the following EXCEPT __________.
the question of versatility
The acronym VRIO in the VRIO framework does NOT include __________.
the question of versatility
The RBV and the VRIO framework can be applied to individual firms to understand all of the following EXCEPT __________.
to understand whether these firms will have first-mover advantage
Both first-mover advantages and path dependence can create __________.
unique historical conditions
"Path dependence" is a process that can be a source of costly imitation listed under __________.
unique historical conditions
One way to identify potentially valuable resources and capabilities controlled by a firm is to study that firm's __________.
value chain