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Strategic Managment > Ch3 > Flashcards

Ch3 Flashcards

1
Q

Firms analyzing their internal organization should use a

A

global mind-set

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2
Q

What is global mind-set

A

A global mind-set is the ability to analyze, understand, and manage an internal organization in ways that are not dependent on the assumptions of a single country, culture, or context.

Analyzing the firm’s internal organization requires that evaluators understand how to leverage the firm’s unique bundle of resources and capabilities.

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3
Q

Resources can be ……………….. and …………….. .

A

Tangible and intangible.

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4
Q

What is the four Criteria of sustainable advantages?

A

1-Valuable
2-Rare / نادر
3-Costly to imitate / تقليدها مكلف
4-nonsubstitutanle / غير مستبدله

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5
Q

How can you measured the Value?

A

by a product’s performance characteristics and by its attributes for which customers are willing to pay.

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6
Q

How Firms can create value?

A

by innovatively building and leveraging their resources to form capabilities and core competencies.

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7
Q

creating value for customers is the source to achieve above-average returns for a firm. ?
T or F

A

True

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8
Q

Core competencies, in combination with product-market positions, are the firm’s most important sources of…………… ……….….?

A

competitive advantage

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9
Q

The strategic decisions managers make about the internal organization:

A
  • Are nonroutine
  • Have ethical implications
  • Significantly influence the firm’s ability to earn above-average returns
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10
Q

Making decisions regarding the firm’s assets:

A

1- Involves identifying, developing, deploying, and protecting resources, capabilities, and core competencies.
2- Is challenging and difficult .
3- Is increasingly internationalized

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11
Q

A firm can improve by studying its mistakes.
T or F

A

T
Because The learning generated by making and correcting mistakes can be important in the creation of new capabilities and core competencies.

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12
Q

Three conditions affect managers as they analyze the internal organization and make decisions about resources:

A

1- Uncertainty / شك ؛ عدم يقين
2- Complexity / تعقيد
3- Intra organizational conflict / صراع داخل المنظمه

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13
Q

What is the Conditions Affecting Managerial Decisions about Resources, Capabilities, and Core Competencies

A

1- uncertainty
2- complexity
3- intraorganizationalnconflicts

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14
Q

Uncertainty definition

A

Uncertainty exists about the characteristics of the firm’s general and industry environments and customers’ needs.

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15
Q

Complexity definition

A

Complexity results from the interrelationships among conditions shaping a firm.

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16
Q

Intraorganizational Conflicts definition

A

Intraorganizational conflicts may exist among managers making decisions as well as among those affected by the decisions.

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17
Q

The foundation of competitive advantage are ?

A

1- Resources
2- Capabilities
3- Core competencies

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18
Q

Resources are bundled to create organizational capabilities
In turn, capabilities are the source of a firm’s core competencies, which are the basis of establishing competitive advantages.
T or F

A

T

19
Q

resources only , do not allow firms to create value for customers as the foundation for earning above-average returns.

A

True

20
Q

What is Tangible resources

A

Tangible resources are assets that can be observed and quantified.

21
Q

Four primary categories of tangible resources are:

A
  1. Financial
  2. Organizational
  3. Physical
  4. Technological
22
Q

What is Intangible resources

A

Intangible resources are assets that are rooted deeply in the firm’s history, accumulate over time, and are relatively difficult for competitors to analyze and imitate.

23
Q

Three primary categories of intangible resources are:

A
  1. Human
  2. Innovation
  3. Reputational
24
Q

Tangible resources are hard to leverage?

A

Yes it is difficult to derive additional business or value from a tangible resource.

25
Q

Intangible Resources Compared to tangible resources:

A

• Are less visible and more difficult for competitors to understand, purchase, imitate, or substitute for.
• Are more relied on to be the foundation for a firm’s capabilities.
• Can be leveraged

26
Q

Capabilities are:

A

• Created by combining individual tangible and intangible resources
• Used to complete the organizational tasks required to produce, distribute, and service the goods or services the firm provides to customers for the purpose of creating value for them
• The foundation for building core competencies and hopefully competitive advantages
• Often based on developing, carrying, and exchanging information and knowledge through the firm’s human capital
• Often developed in specific functional areas or in a part of a functional area

27
Q

Core competencies:

A

• Are capabilities that serve as a source of competitive advantage for a firm over its rivals
• Emerge over time through an organizational process
of accumulating and learning how to deploy different resources and capabilities
• The activities the company performs especially well compared to competitors
• The activities through which the firm adds unique value to the goods or services it sells to customers

28
Q

Two tools help firms identify their core competencies:

A
  1. The four criteria of sustainable competitive advantage
  2. Value chain analysis
29
Q

Core competencies are capabilities that are:

A

1- Valuable
• Valuable capabilities allow the firm to exploit opportunities or neutralize threats in its external environment.
2- Rare
• Rare capabilities are capabilities that few, if any, competitors possess.
3- Costly to imitate
• Costly-to-imitate capabilities are capabilities that other firms cannot easily develop.
4- Nonsubstitutable
• Nonsubstitutable capabilities are capabilities that do not have strategic equivalents.

30
Q

Value chain analysis allows the firm to……….. ?

A

understand the parts of its operations that create value and those that do not.

31
Q

The value chain is:

A

A template that firms use to analyze their cost position and to identify the multiple means that can be used to facilitate implementation of a chosen strategy

32
Q

What is Value chain activities?

A

Value chain activities are activities or tasks the firm completes in
order to produce products and then sell, distribute, and service
those products in ways that create value for customers.

33
Q

What is Support functions include ?

A

Support functions include the activities or tasks the firm completes
in order to support the work being done to produce, sell, distribute,
and service the products the firm is producing.

34
Q

What is the support functions in the model of the value chain?

A

1- Finance
2- Human Resources
3- Management Information System

35
Q

What is the Value chain Activities in the model of the value chain?

A

1- Supply-Chain Management
2- Operations
3- Distribution
4- marketing (Including Sale)
5- Follow-Up service (customer service)

36
Q

Firms need to make…..……….When the firm cannot create value in either a value chain activity or a support function.

A

outsourcing

37
Q

Why Firms engaging in effective outsourcing?

A

To
- Increase their flexibility
- Mitigate risks
- Reduce their capital investments

38
Q

Firms should use outsourcing only for activities where they:

A
  • Cannot create value
  • Are at a substantial disadvantage compared to competitors
39
Q

………………can be effective because few, if any, organizations possess the resources and capabilities required to achieve competitive superiority in each value chain activity and support function.

A

Outsourcing

40
Q

There are two significant concerns associated with outsourcing:

A
  1. The potential loss in a firm’s ability to innovate
  2. The loss of jobs within the focal firm
41
Q

Having a significant quantity of resources is not the same as having the “right” resources.
T or F

A

T

42
Q

Why is it important for a firm to study and understand its internal organization?

A

The strategic decisions managers make about the internal organization:
• Are non routine
• Have ethical implications
• Significantly influence the firm’s ability to earn above-average returns

43
Q

What is value?
Why is it critical for the firm to create value? How does it do so?

A

Value is measured by a product’s performance characteristics and by its attributes for which customers are willing to pay.
Etc

44
Q

What are the differences between tangible and intangible resources?
Why is it important for decision makers to understand these differences?
Are tangible resources more valuable for creating capabilities than are intangible resources, or is the reverse true?
Why?

A

Tangible resources are assets that can be observed and quantified.
Intangible resources are assets that are rooted deeply in the firm’s history, accumulate over time, and are relatively difficult for competitors to analyze and imitate.

Strategic Managment (5 decks)

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