30 Questions
What is the term used to describe an organization's ability to exploit its resources?
Capabilities
According to the VRIO framework, what does 'I' stand for?
Imitability
What ensures the sustainability of a firm's distinctive competency?
The rate at which resources depreciate
Which type of knowledge is easily articulated and communicated?
Explicit knowledge
What is the basic building block of an organization according to the text?
Core competencies
What does the 'V' in the VRIO framework stand for?
Refers to customer value and competitive advantage
What are the key components of a business model according to the text?
Who it serves, what it provides, how it differentiates, how it provides its product/service
Which group along the supply chain is responsible for sourcing raw materials and producing finished products?
Manufacturers
How do companies attract customers to premium products according to the text?
By introducing customers to basic products first and then converting them to more premium ones
What does an entity hosting a platform for other companies to do business receive in exchange?
Compensation for facilitating business transactions
Which entity is paid to promote goods and receives compensation in return according to the text?
Promotional entities
What is characterized as tacit knowledge according to the text?
Knowledge rooted in employee experience or corporate culture that is hard to communicate
What is the main goal of a business model that sells a durable product below cost to generate high-margin sales of a disposable component?
To initially sell a low-cost product to attract customers for the higher-margin component
In a business model where the amount charged depends on how much of the product or service is used, what pricing strategy is being employed?
Dynamic pricing
What type of business model connects buyers and sellers without directly selling any goods themselves?
Affiliate marketing
What is the purpose of conducting a value chain analysis in business?
To evaluate how each step adds or subtracts value in the production process
Which stage comes first in the Typical Value Chain for a Manufactured Product?
Raw Materials
What do businesses engaging in a franchise model receive from franchisees?
A percentage of earnings and assistance in operations and marketing
What activities are related to turning raw materials and components into a finished product?
Operations
Which activities are related to the distribution of products, including packaging and shipping?
Outbound logistics
Which activities are related to the sourcing of raw materials, components, equipment, and services?
Procurement
What activities involve the recruitment, hiring, training, development, retention, and compensation of employees?
Human resources management
Which activities are related to research and development, including product design and market research?
Technological development
What activities are related to marketing and selling a product or service, including promotion and advertising?
Marketing and sales
What type of organization structure is suitable for a small, entrepreneur-dominated company with one or two product lines?
Functional structure
Which organizational structure involves strategic business units with independent product-market segments?
Divisional structure
What does corporate culture help generate within an organization?
Employee commitment
Which type of company structure is characterized by legally independent subsidiaries operating under one corporate umbrella?
Conglomerate structure
What is the primary advantage of a divisional structure for a large corporation with many product lines?
Isolation of product-market segments
In which type of organization would employees typically be specialists in functions like manufacturing, marketing, finance, and human resources?
Medium-sized firm with several product lines
This quiz covers the significance of an organization's internal environment, key resources, capabilities, core competencies, different business models, and key activities in creating value for customers. It also includes topics like tangible assets, intangible assets, and a corporation's ability to exploit resources.
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