When a company performs a particular competitively important activity truly well in comparison?
a core competence is a competitively and strategically relevant activity that a firm performs well compared to its other activities, whereas a distinctive competence is a competitively relevant activity a firm performs well compared to other rival firms.
Is identifying and appraising a company’s resource strengths?
4. Identifying and appraising a company’s resource strengths and weaknesses and its external opportunities and threats is called A. SWOT analysis.
What are the four tests that should be used to measure the competitive power of a company’s resource strengths?
Gain proficiency in using four analytical tools to evaluate a firm’s ability to compete successfully: SWOT analysis, value chain analysis, benchmarking, and competitive strength assessment.
Why is it important for company managers to develop a worry list of strategic issues and problems that they need to address and resolve?
A worry list is used to identify the specific issues/proboems that management needs to address, not to figure out what specific actions to take.
What is a worry list in business?
the “worry list” sets the management agenda for taking actions to improve the company’s performance. and business outlook. Identifying and assessing a company’s resource strengths and weaknesses and its external opportunities and threats is called: a SWOT analysis.
How do business leaders identify strategic issues and problems?
How Should You Identify Strategic Issues?
- review the notes they have made, the information they have highlighted and those critical items highlighted on the team exercises.
- identify the most critical subjects that the firm needs to address.
What is a resource capability bundle?
Astute Bundling of a Company’s Resources and Capabilities Can Result in Added Competitive Power: A resource/capability bundle is a group of resources and/or capabilities that, when linked and integrated into a functioning whole, has greater competitive value than the summed value of the individual components—in other …
What is the difference between assets resources and capabilities?
ITIL posits that organizations have two fundamental types of assets: resources and capabilities. Resources are money-derived. You can spend money and immediately acquire a resource. Capabilities are things that organizations develop with time.
When a company gains the experience and know how do you perform an activity consistently well and at acceptable cost it is said to have?
a company competence is an activity that a firm performs consistently well and at acceptable cost whereas a core competence is an activity that a company not only performs quite well but is central to its strategy and competitiveness.
Which of the following is not part of conducting SWOT analysis?
Benchmarking the company’s resource strengths and competitive capabilities against industry key success factors is not part of conducting SWOT analysis.
When companies engage in value creating activities they do so by?
When companies engage in value-creating activities, they do so by drawing on specific company resources and capabilities that underlie and enable the activity. 82.
What is the difference between comparative advantage and differential advantage?
Comparative advantage is a company’s ability to produce something more efficiently than a rival, which leads to greater profit margins. A differential advantage is when a company’s products are seen as both unique and of higher quality, relative to those of a competitor.
What are the four types of tangible resources and capabilities?
The four types of tangible resources are financial, organizational, physical, and technological. The three types of intangible resources are human, innovation, and reputational. As a manager or entrepreneur, you will be challenged to understand fully the strategic value of your firm’s tangible and intangible resources.
What are examples of intangibles?
Examples of intangible assets include goodwill, brand recognition, copyrights, patents, trademarks, trade names, and customer lists. You can divide intangible assets into two categories: intellectual property and goodwill. Intellectual property is something that you create with your mind, such as a design.
Which of the following is an example of intangible good?
An intangible good is claimed to be a type of good that does not have a physical nature, as opposed to a physical good (an object). Digital goods such as downloadable music, mobile apps or virtual goods used in virtual economies are proposed to be examples of intangible goods.
How can services be distributed?
A distribution channel consists of a sequence of firms distributing a service from a producer to a consumer. There are two methods of distribution of services, namely, Direct sale and. Delivery of service through intermediaries.
What type of channel of distribution is most common for services?
Retailer Retail