Unique strengths embedded deep within a firm Show Core competencies are built through the interplay of: resources and capabilities Assets such as cash, buildings, or intellectual property that a company can draw on when crafting and executing a strategy The organizational and managerial skills necessary to orchestrate a diverse set of resources and to deploy them strategically Things that enable firms to add value by transforming inputs into goods and services Activities leverage _______ for competitive advantage. A model that sees resources as key to superior firm performance Competitive advantage is more likely to spring from ______ rather than ______ resources. 2 critical assumptions in the resource-based model 1. Resource heterogeneity 2. Resource immobility Assumption that a firm is a bundle of resources and capabilities that differ across firms Assumption that a firm has resources that tend to be "sticky" and that do not move easily from firm to firm For a resource to be the basis of a competitive advantage, it must be: valuable, rare, costly to imitate, and the firm must organize to capture the value of the resource VRIO Framework A firm can gain and sustain a competitive advantage only when it: has resources and capabilities that satisfy the VRIO criteria Valuable but not rare resource= valuable, rare, but not costly to imitate--> temporary competitive advantage valuable, rare, costly to imitate, but not organized to capture value--> temporary competitive advantage A resource is _____ if it allows the firm to take advantage of an external opportunity and/or neutralize an external threat. A resource is _____ if the number of firms that possess it is less than the number of firms it would require to reach a state of perfect competition. Competitive advantages can often be taken away as a result of: A resource is _______ if firms that do not possess the resource are unable to develop or buy the resource at a comparable cost. Describes the internal activities a firm engages in when transforming inputs into outputs The value chain is divided into: primary and support activities Firm activities that add value directly by transforming inputs into outputs as the firm moves a product or service horizontally along the internal value chain Firm activities that add value indirectly, but are necessary to sustain primary activities The conceptualization of a firm as a network of interconnected activities Strategic activity system The concept of the _____ demonstrates the difficulty of using imitation as a path to competitive advantage. strategic activity system A model that emphasizes a firm's ability to modify and leverage its resource base in a way that enables it to gain and sustain competitive advantage in a constantly changing environment Dynamic capabilities perspective Describe a firm's ability to create, deploy, modify, reconfigure, upgrade, or leverage its resources in its quest for competitive advantage Dynamic capabilities are an ______ resource. The firm's current level of intangible resources. The firm's level of investments to maintain or build a resource. 4 ways to protect a competitive advantage 1. Better expectations of future resource value 2. Path dependence 3. Causal ambiguity 4. Social complexity A situation in which the options one faces in the current situation are limited by decisions made in the past. Situation in which the cause and effect of a phenomenon are not readily apparent Situations in which different social and business systems interact with one another When resources are bundled together they form: If capabilities are valued by customers they may be: Management's failure to recognize the importance of changing external conditions because they are blinded by their shared, strongly held beliefs Former core competencies that sow the seeds of organizational inertia and prevent the firm from responding appropriately to changes in the environment What Criteria Make Core Competencies Costly to Imitate? Unique Historical Condition Causual Ambiguity Social Complexity General administration HR management Technological development Procurement Inbound logistics Operations Outbound logistics Marketing and sales Service Which of the following are intangible resources that can be protected as intellectual property?Goodwill, brand recognition and intellectual property, such as patents, trademarks, and copyrights, are all intangible assets.
Are the firms current level of intangible resources?resource stocks is the firm's current level of intangible resources.
What does the concept of resource heterogeneity imply?In other words, for Peteraf (1993), resource heterogeneity implies that some firms have re- sources that generate more value than others. Those that support more value creation will generate rents, due to the scarcity of such resources relative to demand for their services.
What does the concept of resource immobility imply quizlet?What does the concept of resource immobility imply? That resource differences between firms can last a long time. That it is difficult to reproduce the set of resources that a firm lacks in comparison to another firm. Which of the following is true according to the assumption of resource heterogeneity.
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______ has a greater chance of arising from intangible resources than from tangible resources.
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