Chapter 6- Internal Analysis

Question 1

Swot Analysis

Answer 1

Acronym for the internal strengths, weakness, of a firm and the environmental opportunities and Threats facing the firm

Question 2

Benchmarking

Answer 2

Comparing the way our company performs a specific activity with a competitor or other company doing the same thing

Question 3

Core competence

Answer 3

A capability or a skill that a firm emphasizes and excels in doing while in pursuit of its overall mission

Distinctive competencies- Apple co pulled resources and other software and made it their own

Toyotas pursuit of quality
Wendy’s- emphasis on providing fresh meat daily

Unique to the firm and arguably distinctive

Question 4

Resource-based view

Answer 4

A method of analyzing and identifying a firms strategic advantages based on examining it’s distinct combination of asset skills and capabilities and intangibles as an organization

Question 5

RBVs underlying premise

Answer 5

Firms differ in fundamental ways because each firm possesses a unique bundle of resources

Intangible and tangible assets and organizational capabilities

Question 6

What are the three basic resources

Answer 6

Tangible assets intangible assets and organizational capabilities

Question 7

Tangible asset

Answer 7

Found on the firms balance sheet Raw materials financial resources real estate and computers

Question 8

Intangible assets

Answer 8

Brand names company reputation morale and technological knowledge

Question 9

Organizational capabilities

Answer 9

Not inputs rather they are skills

Used to transform inputs into outputs

Question 10

Coming to each of these diverse settings were insightful managers and business leaders who base their firms pursuit of market opportunities not only on the existence of external opportunities but also on the assessment of the firms competitive advantages and disadvantages

Answer 10

Sound realistic awareness and appreciation of their firms internally generated advantages

Question 11

Reliance on past experiences

Answer 11

Management myopia

Understand what management myopia is?

Tendency to accept the status quo and disregard signals that change is needed

Question 12

This chapter focuses on how managers identify key resources and capabilities around which to build successful strategies

Answer 12

Managers often do this subjectively based on intuition and gut feel

Question 13

John W Henry

Answer 13

Other strategists used subjective assessment that the Red Sox would fail

Henry used systematic global futures market approach.

Red sSox won the World Series

Question 14

SWOT is an acronym for the internal strengths and weaknesses of a firm, and the environmental opportunities and threats facing that firm.

Answer 14

SWOT analysis

Question 15

Understand the different approaches and frameworks for conducting internal analysis

Page 152-153

Answer 15

SWOT Logical framework. Asks questions like how well is current strategy working Continued use is found in simplicity

Value chain analysis views firm as a chain or sequential process of value creating activities.

Resource based view (RBV) disciplined approach to internal analysis

Question 16

What is a major favorable situation in a firms environment

Key trends

Identification of previously overlooked market segment

Answer 16

Opportunity

Question 17

Major unfavorable situation in a firms environment

Key impediments to the firms current or desired position

Answer 17

Threat

Question 18

Arise from the resources and competencies in meeting the needs of the customers it serves

Resources or capability controlled by or available to a firm

Answer 18

Strengths

Question 19

Limitation or deficiency and one or more of the firms resources and capabilities relative to its competitors create a disadvantage in effect of the meeting customer needs

Answer 19

Weakness

Question 20

Strengths

Answer 20

Sizable miniature storage expertise

User friendly engineering skill

Reputation and image with youthful consumers

Brand name

Web savvy organization and people

Question 21

Limitations of SWOT analysis

Answer 21

Overemphasize internal strengths and downplay external threats

Question 22

Characteristics that make resources difficult to imitate. In the RBV context these are physically unique resources path dependent resources casual ambiguity and economic deterrence

Answer 22

Isolating mechanisms

Question 23

What are for guidelines of RBV view

Answer 23

Is the resource or skill critical to feeling a customers need better than that of a firms competitors

Is the resource scares is it in short supply or not easily substituted or imitated

Who actually gets to profit created by a resource. Appropriability

Durability how rapidly with the resource depreciate

Question 24

And internal analysis technique where in strategic examine customer needs company offerings and competitors offerings to more clearly articulate what their company’s competitive advantage is and how it differs from those of competitors did

Answer 24

Three circle analysis

Question 25

The concept of describes the product sales profit ability and competencies that her key drivers of the success of that product as it moves through a sequence of stages from developments introduction to growth journey to Klein and eventual removal from the market

Answer 25

Product lifecycle