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18 Questions

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Firm Analysis: Internal Environment

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Questions and Answers

What is the primary reason firms prefer to rely on intangible resources?

Because they are less expensive

Because they are easier to manage

Because they are more tangible

Because they are less visible and difficult for competitors to understand, purchase, imitate, or substitute (correct)

Which of the following is an example of intangible resources?

Access to raw materials

Knowledge (correct)

Financial capital

Plant and equipment

What is a disadvantage of the resource-based view of the firm?

It does not account for human resources

It only focuses on tangible resources

It ignores the firm’s interaction with stakeholders

It refers to people as ‘human resources’ (correct)

What is the term used to describe the analysis of a firm’s resources, capabilities, and core competencies?

Resource-based view Signup and view all the answers

Which of the following is NOT an example of tangible resources?

Knowledge Signup and view all the answers

What is the classification of resources that includes patents, trademarks, and copyrights?

Intangible resources Signup and view all the answers

What is considered among the most significant of a firm's capabilities?

Knowledge possessed by employees Signup and view all the answers

What is involved in strategy formulation, selection, implementation, and evaluation?

Strategic thinking Signup and view all the answers

What type of problem requires lateral thinking?

Divergent problem Signup and view all the answers

What is required to develop a strategy?

A sea of unconnected data Signup and view all the answers

What type of thinking is necessary for convergent problems?

Vertical thinking Signup and view all the answers

What is involved in the thinking process for strategy development?

Integration of several types of mental skills and techniques Signup and view all the answers

What makes a competitive advantage based on a resource more sustainable?

The intangibility of the resource Signup and view all the answers

What do resources and capabilities lack in themselves?

Value Signup and view all the answers

What often evolves and develops over time in a firm?

Capabilities Signup and view all the answers

What is a key component of a firm's competency?

Knowledge, skills, and attributes Signup and view all the answers

What may rival firms have that is similar to a firm's capabilities?