The firm’s finished goods inventory C. The firm’s organizational culture D. The firm’s land and building. The four types of tangible resources are financial, organizational, physical, and technological. c. effective information systems contributing significantly to a firm's overall cost leadership strategy. The benefits of affinity groups at law firms are tangible and intangible says Virginia Essandoh director of diversity at Ballard Spahr Andrews & Ingersoll. Intellectual capital can be increased by A) increasing retention of below average workers. The Resource-based View (RBV) of the Firm is an approach to business strategic management that emerged in 1980s and 1990s. Intangible resources are those soft resources which basically consist of knowledge or information. 2. A Firm's Tangible Resource Includes Which Of The Following? D. A firm's strategy includes which of the following: a. B) Resource stocks are a firm's future estimate of both tangible and intangible resources. It will outsource the IT management function to a third party. BPL 5100 chapter 3Chapter 3 1) Capabilities are a subset of a firm's resources and are defined as tangible and intangible assets that enable a firm to take full advantage of other resources it controls.Answer: Diff: 1Learning Obj. The firm’s cash at bank B. c. Sets specific operating procedures to be followed by front line managers. Resource similarity refers to how comparable the firm’s tangible and intangible resources are to a competitor’s in terms of both types and amounts. The definition of the dimensions of OL seeks to incorporate the most recent literature on this issue. Test Prep. From Resources to Capabilities. b. Tangible assets are physical things like land, buildings and machinery. Tangible resources Resources than can be readily seen, touched, and quantified, such as physical assets, property, plant, equipment, and cash. source of competitive advantage. The appearance of employees B. Ans. MGT603 Strategic Management Solved MCQs Set 6. Free. Bankruptcy generally does not offer a sophisticated mechanism to resolve a firm's financial distress. Capacity For Innovation Organizational Routines D. Production Equipment. Why you need to read this article! One of the latest developments in resource management is resource orchestration [6,7,8], which is a process driven by the actions of managers. There are similarities, too, between the deterioration of tangible resources mentioned in Chapter 3 "Resources and Bathtub Behavior" and the decay of intangible resources. A. Strategic Management MCQ is important for exams like MAT, CAT, CA, CS, CMA, CPA, CFA, UPSC, Banking and other Management department exam. ... Human resource as a support activity only appears in a service firm value chain. ... A company pursuing vertical integration can gain market power over its competitors through all of the following EXCEPT: a. improved process innovation. Intangible resources are largely invisible, but over time become more important to the firm than tangible assets because they can be a main source for a competitive advantage. c. What are the tangible and intangible resources of an organization? trademarks, brand reputation, patents and licenses) or physical, human and organizational resources. Which of the following best describes business strategy? : 3.2: Describe Four Types of Resources and CapabilitiesAACSB: Analytical Thinking 2) Resources in the resource based view areCourseMerit is a marketplace for … A firm’s tangible resource includes which of the following? C. Assurance D. Reliability. Tacit knowledge is shared informally through social exchanges, and is embedded in a firm's culture. For example, an idea is real, but not tangible. Thus, as summarized in the following figure, SHRM is an integral part of the control portion of the planning-organizing-leading-controlling (P-O-L-C) framework. The article has the following structure. Scientific Capabiliti Production Equipment C. Manufacturing Plants D. Formal Reporting Structures 6. Can result in similar strengths and weaknesses and similar strategies being pursued. Pages 62. Hofer and Schendel (1978) suggest that a firm’s resource profile includes the following: financial, physical, managerial, human, organizational, and technological resources. Q 26. A supervisor assesses proposed objectives in … Term. Competencies. Formal reporting structures. We design and implement customized solutions—often focused on organizational design, strategic communications and stakeholder engagement, and talent management. Examples of tangible resources (in the resource-based view of the firm) include: A) financial resources, human resources, and firm competencies. B) financial resources, physical resources, and the capacity to combine intangible resources. Capabilities determine the way a company makes decisions to achieve farm objectives. B. Briefly describe the 5-forces model. Resource BasedView In every business there are many types of resources and assets. Filing for bankruptcy is generally considered to be costly and complicated; a rough remedy in every respect, and only to be considered as a last resort. BUS 1101 Principles of Business Management 2017 Quiz Unit 5 Question Answer A firm’s strategy includes which of the following: Captures how vision and mission will be achieved A firm’s tangible resource includes which of the following? The firm's reputation for quality is: a. an example of a tangible resource. Which of the following statements accurately describes a firm's resource stock? 1. Identify valuable, rare and costly to imitate resources. C) decreasing labor costs. They are critical in accounting as they help a company understand it's financial standing when entered on balance sheets and financial statements. After all, in the New Economy a firm's value is based much more on knowledge, know-how, and intellectual assets — not the traditional factors of production (i.e., labor and capital). It integrates two concepts: resource management and asset orchestration. The accrual-basis net equity in most firms can be considered the tangible value. Major proponents were Wernerfelt, B. d. 2. c. It consists of only primary activities and support activities. The fundamental purpose for the existence of any organization is described by its. Uploaded By heddman. According to the text, intellectual capital is the difference between the market value and the book value of a firm. ... Tangible resources are those that can be touched or quantified readily. In this sense, a firm's assets include physical resources such as office furniture and computer systems, of course, but also non-physical resources such as employee skills and a strong brand image. Above-average returns are: a. higher profits than the firm earned last year. NJ Sales Tax for Staffing Agencies New Jersey Sales Tax as it applies to the Temporary Staffing Industry. Q 5. The product or service offered constitutes the link between com­pany and consumer. 21. A. The stronger ratio reflects a numerical superiority of current assets over current liabilities. As a manager or entrepreneur, you will be challenged to understand fully the strategic value of your firm’s tangible and intangible resources. The three types of intangible resources are human, innovation, and reputational. A firm's resources and capabilities are the tangible and intangible assets used to choose and implement its strategies. 55. ... some services do entail some physical, or tangible, aspects. Ans. It will do the customer service call centre function itself. The resource-based view as a basis for a competitive advantage of a firm lies primarily in the application of the bundle of valuable intangible and tangible resources at the firm’s disposal. all the money, form whatever source, that firms … Second Meaning: Assets as "Valuable Resource" Many people use the term asset when they simply mean "valuable resource." question. opportunity costs: The overall cost of something missed; through deciding to do ‘A’, an individual or organization incurs the opportunity cost of doing ‘B’. tangible resources create sources of sustainable com- implications for using tangible resources to create petitive advantage for the case study firm, which, in turn, sources of sustainable competitive advantage for firms contribute to the firm’s consistent superior performance. The resource-based view as a basis for a competitive advantage of a firm lies primarily in the application of the bundle of valuable intangible and tangible resources at the firm’s disposal. There are two types of resources: tangible and intangible. Step 1. are resources that can be readily seen, touched, and quantified. To date, most of the project management literature has focused on the tangible assets and codified knowledge as shared through project management offices, methodologies, and tools and techniques (Kloppenborg & Opfer, 2002; Ulri & Ulri, 2000). ... – Scientific capabilities – Knowledge – Capacity for innovation – Organizational routine. Recognition in Tough Times Section 2 presents the the-oretical background of a model that connects OL, flexibility, competi-tive strategy, and performance, as shown in Fig. a resource is a productive input or competitive asset, while a capability is the capacity of the firm to perform some internal activity competently. And at U.S. Bank that had to start with job analysis. Resource is a productive input or competitive assets that is owned or controlled by the firm. a. a strategy for determining the firm's overall attitude toward growth and the way it will manage its businesses or product lines b. a strategy at the business-unit or product-line level that focuses on improving a firm's competitive position A) Resource stocks are a firm's level of resources that are common to competitors. Marketing Intangible Products and Product Intangibles. ANSWER: D 22. The resource-based view (RBV) is a managerial framework used to determine the strategic resources a firm can exploit to achieve sustainable competitive advantage.. Barney's 1991 article "Firm Resources and Sustained Competitive Advantage" is widely cited as a pivotal work in the emergence of the resource-based view. A. NPS surveys: Management tools that can be used to gauge the loyalty of a firm’s customer relationships. Unlock to view answer. Many staffing firms and their clients in New Jersey believe that temporary staffing services are not subject to New Jersey’s Sales Taxes. Knowledge B. b. Communicates to stakeholders the hierarchical corporate structure. The information in the separate-undetectable communication includes a Uniform Resource Locator (URL). True False. Which Of The Following Is Considered An Intangible Resource? B. Responsiveness. equipment, machinery, land, buildings and cash) and intangible (e.g. Thus the scope of internationalization strategies is influenced by a firm’s tangible and intangible resources (Tan, Plowman, & Hancock, 2007). The resource­based view differs from the institution­based view in that the resource­based view focuses on a firm’s _____. Firms with similar types and amounts of resources are likely to have similar strengths, similar weaknesses, and use similar strategies. School University of the People. VRIO Core Competencies (Long-Term Competitive Advantages) of Walmart. First mover advantage refers to the benefits a firm may achieve by entering a new market or developing a new product or service prior to rival firms. Give examples. b. d. Establoshes systems and processes used to implement the goals and objectives. To achieve this, organizations need to follow a strategic human resource management (SHRM) approach. Our solutions are based on the unique strategic objectives and environment of your organization, It follows, therefore that a firm's product market as well as the resource positions are both useful for strategy scholars as Peteraf and Barney (2003) claim that, Resource-Based Theory (RBT) is not a substitute for industry level analytic tools, such as five-forces analysis (Porter, 1980) and game theory. c. the key to competitive success is the structure of … HRM involves all managerial decisions, policies and practices that influence human resources directly. ( “The Resource-Based View of the Firm” ), Prahalad and Hamel ( “The Core Competence of The Corporation”) and Barney, J. JRogers Consulting LLC (JRC) is a woman-owned small business that tackles our clients’ most pressing challenges. The following types of content do not constitute statements or implications about prior success within the meaning and intent of this regulation: (1) Communications regarding fields of practice that conform to the requirements of SCR 3.130(7.40); (2) Factual information regarding a lawyer’s or law firm’s experience in The intangible value can be made up of the client list, workforce in place, brand name, and goodwill. A URL can provide the users identity, the web … This indicates that firms with stronger resource endowment have more strategic options and are thus more likely to pursue a born-global strategy. c. profits in excess of what an investor expects to earn from a historical pattern of performance of the firm. Capabilities determine the way a company makes decisions to achieve farm objectives. Companies make intangible investments in brand, called branded investments, via categories like talent, R&D, customer support, sales, advertising, and marketing. ( “The Resource-Based View of the Firm” ), Prahalad and Hamel ( “The Core Competence of The Corporation”) and Barney, J. a. create a good human relations climate in the organization. Each asset, whether or … Tangible resources are the easiest to identify and evaluate: financial resources and physical assets are identified and valued in the firm’s financial statements. In addition to the system, Delta launched a training program for all managers, an online Recognition Resource Center, a series of guidelines and tools, and a broad communications plan which included road shows, webinars, focus groups and internal marketing for the new system, programs and tools. the firm's chargeout rate/industry average chargeout rate. As a result, a generic resource is more valuable to a firm immediately after a natural disaster has damaged the firm’s resource stock than later. According to the resource based view, which of the following is a tangible resources or capability of the firm: A. Also resources can be broadly classified as tangible and intangible. Given the growing importance and increasing share of intangible capital in total company capital, adding measures of intangibles provides a more complete measure of firm capital. ( “Firm Resources and Sustained Competitive Advantage” ). B) attracting and retaining knowledgeable workers. The information in the separate-undetectable communication includes a Uniform Resource Locator (URL). This preview shows page 4 - 8 out of 62 pages. However, little empirical work has been undertaken to address this issue. Definition. The most basic marketing mix tool is the product, which stands for “the firm’s tangible offer to the market, including product quality, design, features, branding, and packaging”. In order to maintain leadership in its product offerings, which of the following make or buy decision (s) will a firm undertake? 54. ( “Firm Resources and Sustained Competitive Advantage” ). Q 5. It will carry out the brand management function itself. Cash in the bank. b. savings on operations costs. Captures how vision and mission will be achieved. Ans: T Page: 200. Chapter 4 - Question Bank. Chapter 1: The resource-based model of the firm argues that: a. all resources have the potential to be the basis of sustainable competitive advantage. : Strategic Management MCQ Questions and answers with easy and logical explanations. Using the tool. a. external threats and opportunities All the firm’s HR efforts had to support U.S. Bank’s new customer service strategy if that strategy was to succeed. A useful way to identify a company’s resources is to view them as: divided into two main categories, tangible and intangible. In addition to the system, Delta launched a training program for all managers, an online Recognition Resource Center, a series of guidelines and tools, and a broad communications plan which included road shows, webinars, focus groups and internal marketing for the new system, programs and tools. In this context, [2] states that “there are [few] em- Page-10 section-5 To date, most of the project management literature has focused on the tangible assets and codified knowledge as shared through project management offices, methodologies, and tools and techniques (Kloppenborg & Opfer, 2002; Ulri & Ulri, 2000). The intangible resource which is people dependent par excellence is human capital as it is inseparable from its bearer. Attempts to marry the network perspective with the resource-based perspective have been primarily motivated by the need to address a key limitation of the latter—namely, the focus only on a firm's internally held resources in explaining a firm's ability to generate rents (Lavie, 2006). The _____ dimension is an assessment of the firm’s consistency and dependability in service performance A. The concept of competitive advantage needs to be tested empirically to determine the competitive pri- orities which create a firm’s competitiveness. As Hall illustrated, the price of a firm’s stock is the reflection of the firm’s tangible (e.g., finances, facilities) and intangible resources (e.g., reputation). As a manager or entrepreneur, you will be challenged to understand fully the strategic value of your firm’s tangible and intangible resources. The physical assets that an organization possesses are called tangible resources. ALLIANCE RESOURCE PARTNERS, L.P. is a small-cap growth stock in the Coal industry. Once in bankruptcy, information is limited and primarily relates to the firm's tangible assets. Tangible resources include equipment’s, buildings, etc, whereas intangible resources include skills and knowledge about the product. Strategic Management MCQ: Multiple Choice Questions and Answers on Strategic Management. Distinguishing between companies according to whether they market services or goods has only limited utility. Some resources are clearly visible and tangible and others may not. b. The three types of intangible resources are human, innovation, and reputational. a. Furthermore, the recovery of a firm’s resource stock enables the firm to acquire generic resources more easily than before. The appearance of the firm’s physical facilities C. Course: International Strategic Marketing (MKT304) 1. out of 28. According to the resource-based view of a firm, which of the following assets of Smooth Fusion Free. Thus the scope of internationalization strategies is influenced by a firm’s tangible and intangible resources (Tan, Plowman, & Hancock, 2007). Attempts to marry the network perspective with the resource-based perspective have been primarily motivated by the need to address a key limitation of the latter—namely, the focus only on a firm's internally held resources in explaining a firm's ability to generate rents (Lavie, 2006). ... A firm’s____ are its tangible and intangible assets a firm uses to choose and implement its strategies. Q 26. Tangible and Intangible resources are important for the company as it provides the company with the opportunity that includes focus on future and gives meaning to a company (Deprez and Haak 2000). Definition. Subordinates submit proposals for objectives and means of measuring progress. Which of the following would not be considered a tangible clue? The more similar the types and amounts of resources the more direct the competition is between two firms. However, in the resource-based view, these non-core competencies cannot sustain such competitive advantages for long-term business growth and development. [ 11] In addition, the proposed guidance is designed to delineate the roles and responsibilities for individuals and functions related to … The four types of tangible resources are financial, organizational, physical, and technological. C) Resource stocks are a firm's current level of intangible resources. Within a firm, there are tangible strategic resources which are mainly human capital and physical capital, and intangible strategic resources which include the firm's organizational capital. Tangible Vs. Intangible Resources. Type. Tangible resources include equipment’s, buildings, etc, whereas intangible resources include skills and knowledge about the product. Tangible resources are physical items including cash, inventory, machinery, land or buildings. It concentrates on a firm's internal strengths and weaknesses.

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