core competencies - Answer-unique strengths, embedded deep within a firm, that are critical to gaining and sustaining comp adv
resources - Answer-any assets that a firm can draw on when formulating and implementing a strategy
capabilities - Answer-Organizational and managerial skills necessar...
WPC 480 Exam #2 Questions and
Answers
core competencies - Answer-unique strengths, embedded deep within a firm, that are
critical to gaining and sustaining comp adv
resources - Answer-any assets that a firm can draw on when formulating and
implementing a strategy
capabilities - Answer-Organizational and managerial skills necessary to orchestrate a
diverse set of resources and deploy them strategically
activities - Answer-distinct and fine-grained business processes that enables firms to
add incremental value by transforming inputs into goods and services
resource-based view - Answer-a modelt hat sees certain types of resources as key to
superior firm performance
tangible resource - Answer-resources that have physical attributes and thus are visible
intangible resource - Answer-resources that do not have physical attributes and thus are
invisible
valuable resource - Answer-One of the four key criteria in the VRIO framework. A
resource is valuable if it helps a firm exploit an external opportunity or offset an external
threat
rare resource - Answer-one of the four key criteria in the VRIO framework. A resource is
rare if the number of firms that possess it is less than the number of firms it would
require to reach a state of perfect competition
costly-to-imitate resource - Answer-one of the four key criteria in the VRIO framework. A
resource is costly to imitate if firms that do not possess the resource are unable to
develop or buy the resource at a comparable cost.
organized to capture value - Answer-one of the four key criteria in the VRIO framework.
The characteristic of having in place an effective organizational structure, processes,
and systems to fully exploit the competitive potential of the firm's resources, capabilities,
and competencies.
Causal ambiguity - Answer-A situation in which the cause and effect of a phenomenon
are not readily apparent.
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