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This has MGT chapters but chapter 1 :(
Terms in this set (41)
According to value-chain analysis, a firm ______.
is profitable when the value it receives exceeds total costs
Inbound logistics includes which of the following processes?
material handling
returns to suppliers
warehousing
Operations includes which of the following activities?
testing
machining
packaging
Procurement activities include the purchase of which of the following?
raw materials
office equipment
machinery
When addressing the value-chain concept, it is important to focus on the interrelationship between the organization and its most important stakeholders, which are ______.
customers
Which type of analysis views the organization as a sequential process of value-creating activities?
value-chain
______ is associated with receiving, storing, and distributing product inputs.
Inbound logistics
The ______ view of the firm states that a firm's competitive advantages are due to its endowment of strategic resources that are valuable, rare, costly to imitate, and costly to substitute.
resource-based
______ includes all activities associated with transforming inputs into the final product.
Operations
______ refers to the function of purchasing inputs used in the firm's value chain.
Procurement
Which of the following are potential outcomes that may be realized by including customers' point of view in actual production?
general innovative ideas that may lead to cost-savings
decreased costs due to customer feedback
greater customer satisfaction and loyalty
The application of value-chain activities is easily applied to service organizations when one understands ______.
the focus is on adding value for customers
______ resources are organizational assets that include physical and financial assets and are relatively easy to identify.
Tangible
The resource-based view of the firm combines which of the following perspectives?
the company's internal analysis
an external analysis of the industry and its competitive environment
Which attributes must a resource have to provide a firm with a sustainable competitive advantage?
ability to exploit opportunities
have no substitutes
be rare among competitors
ability to exploit opportunities
have no substitutes
be rare among competitors
machinery
raw materials
office equipment
Resources are only rare when other companies ______.
do not possess the same valuable resource
Which of the following are examples of tangible resources?
cash
equipment
Resources that competitors can easily imitate generate ______.
temporary value
Which of the following are examples of physical uniqueness?
a beach resort location on a one-of-a-kind island
a company's mineral rights
patented products that cannot be copied
Strategic resources must meet four criteria in order for them to provide a firm with the potential for a ______ competitive advantage.
sustainable
Resources that not many firms possess are known as ______ resources.
rare
Which of the following are reasons why competitors have difficulty imitating resources that were developed over time?
They cannot go out and buy these resources quickly and easily.
Their uniqueness is due in part to all that happened along the path of development.
Resources that are valuable, rare, difficult to imitate, and do not have substitutes provide a firm with a ______.
sustainable competitive advantage
Which of the following are ways that resource inimitability (difficulty to imitate) is a key to value creation?
It constrains competition.
It makes profits more likely to be sustainable.
It creates a barrier to entry.
Which of the following help to explain the extent to which employees and managers may be able to obtain a proportionately high level of generated profits?
manager bargaining power
employee exit cost
employee replacement cost
employee bargaining power
______ is the first source of resource inimitability due to being inherently difficult to copy.
Multiple
choice question.
Physical uniqueness
The stakeholder view takes a(n) ______ approach than the financial ratio analysis in evaluating the firm.
broader
Resources are valuable only when they enable a firm to ______
formulate and implement strategies that improve its efficiency or effectiveness
Which of the following are among the five types of financial ratios that are used to analyze a firm's performance?
short-term and long-term solvency measures
profitability and market value ratios
asset management ratio
______ is a characteristic of resources that is developed and/or accumulated through a unique series of events.
Path dependency
True or false: The only thing a firm needs to achieve a sustainable competitive advantage is a resource that is difficult to imitate.
False
______ is a method of evaluating a firm's performance using performance measures from four perspectives: customer, internal, innovation and learning, and financial.
Balanced scorecard
When employees are essential to a firm's unique capabilities, they will earn higher wages and also have more ______.
bargaining power
Two approaches to evaluate firm performance include which of the following?
financial ratio analysis
stakeholder view (balance scorecard)
______ is a technique for measuring the performance of a firm according to its balance sheet, income statement, and market valuation.
Financial ratio analysis
Which of the following statements about using the balanced scorecard method of evaluating a firm's performance are true?
It takes into account organizational innovation and learning perspective.
It provides managers with a fast but comprehensive view of the business.
It includes financial and customer satisfaction measures.
Internal business perspective measures should focus on the ______ processes that have the greatest effect on customer satisfaction.
business
Which of the following are the key categories of customer concerns?
cost of the good or service
performance and service
time and quality
The ______ perspective involves measures of firm performance that indicate how well a firm's internal processes, decisions, and actions are contributing to customer satisfaction.
internal business
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