Chap 4

Question 1

Where must you to see the observable differences between firms in the same industry?

Answer 1

Inside the firm

Question 2

What does analyzing resources, capabilities, and core competencies reveals?

Answer 2

the firms strengths and weaknesses

Question 3

Linking internal and external analysis helps determines what?

Answer 3

strategic options

Question 4

What does strategic fit allows a company to do?

Answer 4

to exploit opportunities while mitigating threats

Question 5

What leads to competitive advantage between tangible and intangible resources?

Answer 5

intangible resources

Question 6

What is a valuable resource?

Answer 6

Allows the firm to take advantage of opportunities and neutralize threats

Question 7

What is a rare resource?

Answer 7

Possessed by fewer firms than necessary for perfect competition

Question 8

What is a Costly to Imitate resource?

Answer 8

Other firms are unable to develop the resource at a comparable cost

Question 9

What does it mean when a resource is organized to capture value?

Answer 9

Effective organizational structure, processes, and systems

Question 10

Firm internal strengths must a what with the external environment?

Answer 10

dynamic fit?

Question 11

what allows a firm to gain and sustain competitive advantage in a changing environment?

Answer 11

Dynamic capabilities

Question 12

What does a detailed analysis of the value allow you to do?

Answer 12

determine perceived value and costs

Question 13

What can create a strategic fit?

Answer 13

primary and supporting activities

Question 14

What does a SWOT analysis allow you to do?

Answer 14

Leverage strengths, exploit opportunities, mitigate weaknesses and threats

Question 15

What are resources?

Answer 15

they are tangible and intangible assets essentially owned and managed by the company

Question 16

What are capabilities?

Answer 16

the combination of people, systems and processes that enable a firm to perform some set of interrelated tasks within the value chain.

Question 17

What are core capabilities?

Answer 17

is a capability that is critical to the business’s success (i.e., where the firm is differentiating itself as being better at that capability than it’s competitors).

Question 18

What do capabilities provide?

Answer 18

They provide the bridge between human capital and customer value​

Question 19

What does a value chain analysis do?

Answer 19

allows us to get a better sense of the potential and actual threats within the industry environment

Question 20

How do we being the value chain analysis and what are our assumptions?

Answer 20

we explore the value chain in terms of different stages, with an emphasis on the fact that within each stage there are a set of business processes that have to take place.

Question 21

What is customer value?

Answer 21

the amount the customer is willing to pay for what s/he wants

Question 22

What are valued customer outcomes?

Answer 22

the things that the customer wants from the particular product or service

Question 23

What are the three ways execute strategy?

Answer 23

Operations​, Differentiation​,
Transformation

Question 24

What are operations ?

Answer 24

the day to day processes that have to take place in order to sell or deliver a product or service to a customer​

Question 25

Who are in the operations and what role does it play in strategy?

Answer 25

Most people play in operations, having the right skills for the role and operations are the skeleton of strategy

Question 26

What is differentiation and how does it align with the value chain?

Answer 26

deals with how a firm will differentiate itself in the minds of its customers.
It ties into the value chain, and determining at which stage(s) of the value chain it will provide the greatest value.

Question 27

What does differentiation allows you to do?

Answer 27

It is where you seek competitive advantage?

Question 28

What are the two most important forces that disrupt industries?

Answer 28

Changes in customer value/valued outcomes​

Changes in competitors’ strategies

Question 29

What is transformation?

Answer 29

deals with the change of either day-to-day operations or of how the firm is differentiating itself. it is the “change agent role”.