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and strategic objectives and whether it is an above-average industry performer. Which one of the following is not a reliable measure of how well a companys current strategy is working? SWOT analysis Which market opportunities are most important for a company?Which market opportunities are most important for a company? Opportunities that offer the best growth and profitability. Which of the following is most likely to represent a company’s most potent resource or capability?Which of the following is most likely to represent a companys most potent resource or capability? A distinctive competence in performing a competitively important value chain activity. What is meant by the term best practices Why does it matter whether a company utilizes best practices in performing the activities comprising its value chain?Why does it matter whether a company utilizes best practices in performing the activities comprising its value chain? A best practice is a method of performing an activity that consistently delivers superior results compared to other approaches. Which one of the following is not reliable measure of how well a company’s current strategy is working?and strategic objectives and whether it is an above-average industry performer. Which one of the following is not a reliable measure of how well a companys current strategy is working? SWOT analysis What are the four tests that should be used to measure the competitive power of a company’s resource strengths?Gain proficiency in using four analytical tools to evaluate a firms ability to compete successfully: SWOT analysis, value chain analysis, benchmarking, and competitive strength assessment. Which of the following is not a component of evaluating a company’s competitive strength?Which of the following is not a component of evaluating a companys competitive strength and cost structure? Environmental scanning is not a component of evaluating a companys competitive strength and cost structure. You just studied 62 terms! Which is the best indicator of how well a company’s present strategy is working?The three best indicators of well your companys strategy is working are (1) whether your company is achieving its stated financial and strategic objectives, (2) whether your companys financial performance is above the industry average, and (3) whether it is gaining customers and increasing its market share. What business practice is the most important factor that allows a company to seize the moment when a golden marketing opportunity presents itself?What business practice is the most important factor that allows a company to seize the moment when a golden marketing opportunity presents itself? create new product demand. What strategies can companies use to gain competitive advantage?There are three strategies for establishing a competitive advantage: Cost Leadership, Differentiation, and Focus (Cost-focus and Differentiation-focus). Which of the following are things that management must do to maintain the value of the company’s resources and capabilities?What two elements must management address to maintain the value of the companys resources and capabilities? Continually modify existing assets. Maintain contact with the firms customer base. Watch for the chance to develop new capabilities. What is competitive advantage in economics?Competitive advantage refers to factors that allow a company to produce goods or services better or more cheaply than its rivals. What do company resources and capabilities represent?A companys resources and capabilities represent: the firms competitive assets, which are considered determinants of its competitiveness and ability to succeed in the marketplace. Which of the following involves an assessment that considers the resources capabilities and competencies of a business?SWOT analysis is a simple but powerful tool for: sizing up a companys resources and capabilities, strengths and deficiencies, its market opportunities, and the external threats to its future well-being. What are two of the three best indicators as to how well a company’s strategy is working?The three best indicators of how well a companys strategy is working are (1) whether the company is achieving its stated financial and strategic objectives, (2) whether its financial performance is above the industry average, and (3) whether it is gaining customers and increasing its market share. What is a resource capability bundle?xa7A resource/capability bundle is a group of resources and capabilities that, when linked and integrated into a functioning whole, has greater competitive value than the summed value of the individual resource/capability componentsin other words, combining individual resources and capabilities into an integrated bundle Why do a company’s core competencies matter in crafting strategy?Core competencies help an organization to distinguish its products from its rivals as well as to reduce its costs than its competitors and thereby attain a competitive advantage. It helps in creating customer value. Also, core competencies help in creating and developing new goods and services. What are the three best indicators of how well a company’s strategy is working?The three best indicators of well your companys strategy is working are (1) whether your company is achieving its stated financial and strategic objectives, (2) whether your companys financial performance is above the industry average, and (3) whether it is gaining customers and increasing its market share. Why is it important for managers to understand a company’s resources and capabilities?Understand why a companys resources and capabilities are centrally important in giving the company a competitive edge over rivals. A companys business model and strategy must be well matched to its collection of resources and capabilities. How can a company enhance differentiation at the forward end of the value chain system choose every correct answer?How can a company enhance differentiation at the forward end of the value chain system? Participate in cooperative advertising. Set standards and train channel partners to implement them. Offer incentives to downstream partners to enhance customer value. Is a way to measure whether a company’s value chain is longer or shorter than the chains of key rivals?The three best indicators of well your companys strategy is working are (1) whether your company is achieving its stated financial and strategic objectives, (2) whether your companys financial performance is above the industry average, and (3) whether it is gaining customers and increasing its market share. What are the four tests of the competitive power of a resource?Gain proficiency in using four analytical tools to evaluate a firms ability to compete successfully: SWOT analysis, value chain analysis, benchmarking, and competitive strength assessment. What are the four test questions that should be used to measure the competitive strength and power of a firm’s resource and capabilities?-Is the resource competitively valuable? -Is the resource rare? -Is the resource hard to copy(Inimitable)? -Is the resource invulnerable to the threat of substitutions from different types of resources and capabilities? Which of the following are the four VRIN tests used to determine the competitive power of a resource strength or capability?The competitive power of a resource or capability is measured by how many of four specific tests it can pass. 4 These tests are referred to as the VRIN tests for sustainable competitive advantageVRIN is a shorthand reminder standing for Valuable, Rare, Inimitable, and Nonsubstitutable What is a competitive power of a resource strength?Question: The competitive power of a resource strength or competitive capability hinges on such considerations as how hard it is for competitors to copy, whether many or most rivals have a very similar resource or capability, and whether the resource strength can be trumped by substitute resources and capabilities of What are the four tests of competitive power?The four tests that measure a resource's competitive power are the VRIN tests. VRIN is a shorthand reminder standing for Valuable, Rare, Inimitable, and Nonsubstitutable. The first two tests determine whether a resource or capability can support a competitive advantage.
What are the company's competitively important resources and capabilities?Q2: WHAT ARE THE FIRM'S COMPETITIVELY IMPORTANT RESOURCES AND CAPABILITIES? Competitive Assets: -Are the firm's resources and capabilities.
What is a first rate SWOT analysis?A first-rate SWOT analysis provides the basis for crafting a strategy that capitalizes on the company's strengths, aims squarely at capturing the company's best opportunities, and defends against the threats to its well-being.
Which of the following involves an assessment that considers the resources capabilities and competencies of a business?a SWOT analysis. SWOT analysis is a simple but powerful tool for: sizing up a company's resources and capabilities, strengths and deficiencies, its market opportunities, and the external threats to its future well-being.
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What are the four tests that should be used to measure the competitive power of a companys resource strengths?
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