BMGT495 Final Exam Questions with Verified Answers Latest Update
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Module
BMGT495
Institution
BMGT495
BMGT495 Final Exam Questions with Verified Answers Latest Update
Four fundamental questions that a good strategy needs to answer - Answers 1) Where do we compete? 2) What unique value do we bring? 3) What resources/capabilities do we utilize? 4) How do we sustain unique value?
T/F: A good strate...
BMGT495 Final Exam Questions with Verified Answers Latest Update 2024-2025
Four fundamental questions that a good strategy needs to answer - Answers 1) Where do we compete?
2) What unique value do we bring? 3) What resources/capabilities do we utilize? 4) How do we sustain
unique value?
T/F: A good strategy explains why a business is successful by clearly articulating what a business does
and does not do - Answers True
Strategy - Answers A firm's theory about how to compete successfully/meet objectives
Dick Rumelt definition of strategy - Answers Rather, it is coherent action backed by an argument. And
the core of the strategists work is always the same: discover the crucial factors in a situation and design
a way to coordinate and focus actions to deal with them."
Michael Porter definition of strategy - Answers Strategy is making trade-offs in competing. The essence
of strategy is choosing what not to do. Without trade-offs, there would be no need for choice and thus
no need for strategy. Any good ideas could and would be quickly imitated.
What is not strategy? - Answers 1) benchmarking 2) operational efficiency 3) error correction 4) goals or
vision 5) luck
T/F: A strategy will focus on a single aspect of the overall picture - Answers false
T/F: The word strategy comes from the greek word strategos, which means the art of the general -
Answers true
T/F A strategy is often misinterpreted as a goal - Answers false
According to Barney, _____ are all assets, capabilities, organizational processes, firm attributes,
information, knowledge, etc., controlled by a firm that enable the firm to conceive of and implement
strategies that improve its efficiency and effectiveness. Put it differently, _____ are strengths that the
firm can use to conceive of and implement their strategies. - Answers firm resources
organizational assets - Answers Organizational routines and team-based skills that find their expression
in a company's structure, routines, and culture are referred to as
Which of the following is an example of a firm's resources? - Answers a) routine activities such as
invoicing customers that can be contracted from other firms
b) assistance available from the government in the form of rules and regulations
c) assets such as land and buildings owned by a firm
d) liabilities such as bills payables and short-term debts
c
, Which of the following are examples of firm's resources that are hardest for competitors to replicate? -
Answers organizational routines and organizational culture
Which framework can be used to evaluate a firm's resources (and capabilities)? - Answers VRIO
Which of the following statements accurately brings out the difference between tangible and intangible
resources? - Answers Tangible assets can be bought on the open market, whereas intangible assets
cannot be easily purchased.
Gene Craft Inc. is the market leader in the pharmaceutical industry. Though most of its resources are
common to those of its competitors, a few resources have helped the company gain and sustain a
competitive advantage. Which of the following assets of Gene Craft Inc. is most likely to be considered a
rare and costly-to-imitate resource that has contributed to its competitive advantage? - Answers a) the
company's land and buildings
b) the company's plant and machinery
c) the company's raw material supplies
d) the company's chemical patents
d
T/F The virtuous cycles of resources involve: (1) identification of valuable resources, (2) leverage them in
firm capabilities to achieve strong performance, and (3) reinvest, hone and upgrade existing resources. -
Answers true
T/F: Although disaggregation is the key to identifying competitively superior resources, sometimes the
valuable resource is a combination of skills, none of which is superior by itself but which, when
combined, make a better package. (Collis and Montgomery) - Answers true
T/F: It is harder for a rival to match an array of interlocked activities than it is merely to imitate a
particular sales-force approach, match a process technology, or replicate a set of product features.
Positions built on systems of activities are far more sustainable than those built on individual activities
(Porter) - Answers true
T/F: In this set of class slides on resources, we have used the following companies/products as
examples: movie studios, Pringle, and Tesla. - Answers false
In the example of EMI and CT Scanner, EMI's CT Scanner invention failed to pass the VRIO test because: -
Answers The invention is easily imitable; and EMI does not have the organizational infrastructure to
capture its value.
What are the effective barriers for preventing competitor's from imitating a firm's resources - Answers
1) unique historical conditions 2) causal ambiguity 3) social complexity
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