UTK BUAD 453 EXAM 1 STUDY GUIDE EXAM QUESTIONS WITH CORRECT ANSWERS
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UTK BUAD 453
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UTK BUAD 453
UTK BUAD 453 EXAM 1 STUDY GUIDE EXAM QUESTIONS WITH CORRECT ANSWERS
What type of competitive advantage does a company experience at each stage of the VRIO cycle? - Answer-Valuable:
If a resource or capability is not valuable, then it does not provide any form of advantage. IF NO, then you have a...
UTK BUAD 453 EXAM 1 STUDY GUIDE
EXAM QUESTIONS WITH CORRECT
ANSWERS
What type of competitive advantage does a company experience at each stage of the
VRIO cycle? - Answer-Valuable:
If a resource or capability is not valuable, then it does not provide any form of
advantage. IF NO, then you have a Competitive Disadvantage - Get RID of it!
Rare:
If a resource or capability is not rare, then it will result in perfect competition, where no
firm can maintain a competitive advantage. IF NO, then you have a Competitive
PARITY- Make it more special!
Imitate:
If a resource or capability is not costly to imitate, then other firms are likely to develop or
buy it, and when they do, competitive advantage may be eroded. IF NO, then you have
a Temporary Competitive Advantage- Make the most of it while you can!
Organized:
If a firm is not organized to capture value from a resource or capability, then even
though it has something that is valuable, rare, and costly to imitate, it may fail to
generate profits because it cannot deliver and capture value in a reasonable and
sustainable way. If NO, then you have aLIMITED BENEFIT - Find away to reach its full
potential!
What are some limitations of a VRIO analysis? - Answer-• Creates an inward-looking
perspective of strategy
• Creates a backward-looking or static perspective
• Overlooks the firm's weaknesses
What is a value chain? - Answer-The process or activities by which a company adds
value to an article, including production, marketing, and the provision of after-sales
service
How does a value chain compare to a supply chain? - Answer-The supply chain deals
with building the product and getting it to the consumer, while the value chain looks for
ways to enhance the product's value as it moves along that supply chain.
What is the purpose of a value chain analysis? - Answer-Aids the strategist in mapping
and understanding a firm's (potential) sources of competitive advantage by
decomposing the firm into strategically important activities. VCA also provides a basis to
structure a firm's activities to deliver on a desired form of competitive advantage.
, What are the two categories of activities in a value chain analysis? - Answer--Primary
activities Logistics, Operations, Sales & Marketing, Service)
-Support activities (Infrastructure, Technology, R&D, HR)
What are the three primary steps in a value chain analysis? - Answer-Step 1 - Identify
your Value Chain Activities
Step 2 - Assign Cost and Value
Step 3 - Identify opportunities
What are some limitations of a value chain analysis? - Answer-• It's very difficult to
pinpoint which activity is creating the value.
• It assumes linear relationships between activities and how they create value. It's not
always that simple
• Many VCA's place the customer "last."
What are the words that comprise the acronym SWOT? - Answer-Strengths
Weaknesses
Opportunities
Threats
What is the primary purpose of a SWOT analysis? - Answer-Is a simple way to examine
a firm's current situation by accounting for a firm's strengths, weaknesses, opportunities,
and threats. It provides a means to account for internal and external factors plus
positive and negative factors confronting a firm, thereby providing a balanced
perspective of strategic issues
How does a traditional SWOT analysis differ from an integrated SWOT analysis? -
Answer-Integrated SWOT goes beyond analysis and into strategy formulation by
combining and leveraging different elements in a more interconnected and actionable
way. External environment +resources and capabilities= actionable strategies
Describe how an integrative SWOT analysis is performed - Answer-An integrative
SWOT analysis builds upon the traditional SWOT model by not only identifying
strengths, weaknesses, opportunities, and threats but also actively combining these
factors to create actionable strategies. Internal Factors (Strengths and Weaknesses).
External Factors (Opportunities and Threats).
What are some limitations of a SWOT analysis? - Answer--Overly simple
-Can misclassify
-Only provides a snapshot of a situation
-Interpretation of information and analysis often varies
-Does not identify key actions to take
What are the four primary dimensions of a Balanced Scorecard - Answer--Financial
-Customer
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