BPL 5100 chapter 3 Chapter 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: 1 Learning Obj.: 3.2: Describe Four Types of Resources and Capabilities AACSB: Analytical Thinking 2) Resources in the resource based view are defined as the tangible and intangible assets that a firm controls, which it can use to conceive and implement its strategies. Answer: Diff: 1 Learning Obj.: 3.2: Describe Four Types of Resources and Capabilities AACSB: Analytical Thinking 3) Financial resources include only the profits a firm has made earlier in its history and that it has reinvested in itself. Answer: Diff: 2 Learning Obj.: 3.2: Describe Four Types of Resources and Capabilities AACSB: Analytical Thinking 4) Organizational resources include the training, experience, judgment, intelligence, relationships and insight of individual managers and workers in a firm, while human resources are an attribute of collections of individuals. Answer: Diff: 2 Learning Obj.: 3.2: Describe Four Types of Resources and Capabilities AACSB: Analytical Thinking 5) One of the key assumptions of the RBV is resource homogeneity. Answer: Diff: 2 Learning Obj.: 3.1: Describe the Critical Assumptions of the Resource-Based View AACSB: Analytical Thinking 6) The assumption of resource immobility holds that it may be very costly for firms without certain resources and capabilities to develop or acquire them. Answer: Diff: 2 Learning Obj.: 3.1: Describe the Critical Assumptions of the Resource-Based View AACSB: Analytical Thinking 7) Inputs whose quantity of supply is fixed and whose demand does not respond to price increases are said to be elastic in supply. Answer: Diff: 2 Learning Obj.: 3.1: Describe the Critical Assumptions of the Resource-Based View AACSB: Analytical Thinking 8) A firm’s plant and equipment, its geographic location and its access to raw materials are all examples of physical resources. Answer: Diff: 1 Learning Obj.: 3.2: Describe Four Types of Resources and Capabilities AACSB: Analytical Thinking 9) In the VRIO framework, the R represents resources. Answer: Diff: 2 Learning Obj.: 3.3: Apply the VRIO Framework to Identify the Competitive Implications of a Firm’s Resources and Capabilities AACSB: Analytical Thinking 10) Within the VRIO framework, valuable resources and capabilities are also known as strengths. Answer: Diff: 1 Learning Obj.: 3.3: Apply the VRIO Framework to Identify the Competitive Implications of a Firm’s Resources and Capabilities AACSB: Analytical Thinking 11) Within the VRIO framework, resources and capabilities that are not valuable are also known as weaknesses. Answer: Diff: 1 Learning Obj.: 3.3: Apply the VRIO Framework to Identify the Competitive Implications of a Firm’s Resources and Capabilities AACSB: Analytical Thinking 12) In general, firms that use their resources and capabilities to exploit opportunities or neutralize threats will see no increase in their net revenues nor a decrease in their net costs compared to the situation where they are not using these resources and capabilities to exploit opportunities or neutralize threats. Answer: Diff: 2 Learning Obj.: 3.3: Apply the VRIO Framework to Identify the Competitive Implications of a Firm’s Resources and Capabilities AACSB: Analytical Thinking 13) Many firms have resources and capabilities that are used to neutralize threats and the use of these resources enables the firms to increase their net revenues. Answer: Diff: 2 Learning Obj.: 3.3: Apply the VRIO Framework to Identify the Competitive Implications of a Firm’s Resources and Capabilities AACSB: Analytical Thinking 14) Studying a firm’s value chain forces us to think about firm resources in an aggregated way. Answer: Diff: 2 Learning Obj.: 3.4: Apply Value Chain Analysis to Identify a Firm’s Valuable Resources and Capabilities AACSB: Analyt…
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