GBU CH 4

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resource immobility

resources tend to be "sticky" and don't move easily from firm to firm resources differences can last a long time and it is difficult to reproduce the set of resources that a firm lacks in comparison to another firm

purpose of SWOT analysis

form a strategy that is tailored to the firms unique strengths and weaknesses and the opportunities and threats in its environment

a firm should _________ to be organized to capture value

have a good organization structure have a good coordinating system

a valuable resource

helps the firm deal with external threats

primary activities

(direct) supply chain management, operations, distribution, marketing and sales, after-sales service

support activities

(indirect) research and development, informational systems, human resources, accounting and finance, and firm infrastructure

resource heterogeneity

A firm is bundle of resources and capabilities that differ across firms

dynamic capabilities perspective

a model that emphasizes a firm's ability to modify and leverage its resource base in a way that enables it to gain and sustain competitive advantage in a constantly changing environment

path dependence

a process in which the options one faces in a current situation are limited by decisions made in the past

resources

are any assets that a firm can draw on when formulating and implementing a strategy

Time compression diseconomies

attempting to get a good outcome in less time tends to be ineffective

isolating mechanisms are considered to be

barriers of imitation

Resource-based view

believe firms are a distinctive collection of resources, capabilities, and competencies

help a firms competitive advantage

better expectations of future resource value path dependence casual ambiguity social complexity intellectual property (IP) protection

cowgirl boots, inexpensive leather boots for women, are selling at record-high numbers. The CEO of the company, however, cannot figure out why. Was it caused by the company's recent advertising campaign in the newly reduced price of the boots or some other unknown factor? based on this info, what concept describes the CEOs confusion regarding cowgirl boots recent success

casual ambiguity

dynamic environment are most relevant in

changing markets

value chain

describes the internal activities a firm engages in when transforming inputs into outputs

Javier, the owner of Javiers tacos, has noticed that residents of his town are flocking to a new taco truck in increasing numbers. after doing some research, Javier learns that customers enjoy a new taco truck because almost all tacos ingredients are locally sourced. Javier decided to add locally sources ingredients to his menu. this is an example of

direct imitation

activities

distinct and fine-grained business processes that enable firms to add incremental value by transforming inputs into goods and services

for a firm to sustain any competitive advantage over time, the fit between its internal strengths and external environment needs to be

dynamic

VRIO Framework

ids the resources that can lead to a competitive advantage firm must be organized to capture value

core competencies can help a company achieve

offer products of comparable value at a lower cost then rivals differentiate its products and services to create higher value for the customer

The culture of zappos is hard to imitate because it consists of numerous, diverse interactions among its employees, processes, procedures, and norms, which creates

social complexity

resource based view classifies all resources as

tangible and intangible

core competencies is generated by

the interaction between resources and capabilities

capabilities in a firm

they concern the deployment of resources they include managerial skills they include organizational skills

how are intangible resources stock acquired

through investments over time in intangible resources


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