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Exam 3: The Internal Organization: Resources, Capabilities, Core Competencies, and Competitive Advantages

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Question 51

Multiple Choice

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The most numerous of the following organizational characteristics are

A) resources.
B) capacities.
C) capabilities.
D) core competencies.

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Question 52

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A company can earn above-average returns only when the value it creates is less than the costs incurred to create that value.

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Question 53

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A veterinary practice has added a pet boarding and grooming facility. Most of the practice's competitors also provide these services. The veterinary practice is gaining competitive

Valuable capabilities allow the firm to exploit strengths or neutralize weaknesses in the internal environment.

A product's value is created by each of the following EXCEPT

Analyzing the internal environment enables a firm to determine what it can do by identifying resources,capabilities,and core competencies in the internal organization.

Several months ago,a restaurant developed a new appetizer that is a hit with customers. Many customers go to the restaurant just for the appetizer,and it was at the center of a recent highly positive review by a food critic. Preparation involves common ingredients and average culinary skills but requires a very high oven temperature,which significantly increases utility costs. Several competing restaurants have since added their own version of the appetizer to their menu. Which criterion for assessing capabilities/core competencies is met?

Acme Auto Repair has a thriving business based on its reputation for high-quality work,honesty,and skilled employees. For continued long-term success,Acme's owner should

Describe the four specific criteria that managers can use to decide which of their firm's capabilities have the potential to create a sustainable competitive advantage.

Firms should seek to continually develop new core competencies because all core competencies guarantee above- average profit.

A local restaurant,Farm Fresh Ingredients,has become highly successful through its menu,based solely on organically raised chicken and beef,and organic seasonal produce. It has opened new locations in other cities,and these new locations are becoming highly profitable. Farm Fresh can expect that,at best,its competitive advantage will be

All of the following were traditional sources of competitive advantage EXCEPT

The critical executive skill of the current business age is the ability to

Core competencies are capabilities that serve as a source of competitive advantage for a firm over its rivals.

It is increasingly difficult for a firm to develop and sustain a competitive advantage because of the effects of globalization and

Firms achieve strategic competitiveness and earn above-average returns by acquiring,bundling,and leveraging their resources for the purpose of taking advantage of opportunities in the external environment in ways that create value for customers.

The capabilities used to create the sustainability/green initiatives at Walmart and Target are to be

Capabilities that other firms cannot develop easily are classified as

Today,a substantially slimmed-down Polaroid is introducing a number of new products,including GL20 Camera Glasses which have a built-in camera and LCDs. This wave of new product development is explained by

Describe a value chain analysis. How does a value chain analysis help a firm gain competitive advantage?