Firm Analysis: Internal Environment
18 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

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?

    <p>Resource-based view</p> Signup and view all the answers

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

    <p>Knowledge</p> Signup and view all the answers

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

    <p>Intangible resources</p> Signup and view all the answers

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

    <p>Knowledge possessed by employees</p> Signup and view all the answers

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

    <p>Strategic thinking</p> Signup and view all the answers

    What type of problem requires lateral thinking?

    <p>Divergent problem</p> Signup and view all the answers

    What is required to develop a strategy?

    <p>A sea of unconnected data</p> Signup and view all the answers

    What type of thinking is necessary for convergent problems?

    <p>Vertical thinking</p> Signup and view all the answers

    What is involved in the thinking process for strategy development?

    <p>Integration of several types of mental skills and techniques</p> Signup and view all the answers

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

    <p>The intangibility of the resource</p> Signup and view all the answers

    What do resources and capabilities lack in themselves?

    <p>Value</p> Signup and view all the answers

    What often evolves and develops over time in a firm?

    <p>Capabilities</p> Signup and view all the answers

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

    <p>Knowledge, skills, and attributes</p> Signup and view all the answers

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

    <p>Capabilities</p> Signup and view all the answers

    What is not a key component of a firm's resources and capabilities?

    <p>Market trends</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser