Midterm Quiz # 8

• It includes firm structure, planning processes, information systems, patents, trademarks, copyrights, databases, and so on.

  Organizational Resources
• It is a management function that includes forecasting, establishing objectives, devising strategies, developing policies, and setting goals.

  Planning
• It includes all employees, training, experience, intelligence, knowledge, skills, and abilities of the organization.

  Human Resources
• It provides a basis for identifying and evaluating relationships among those areas.

  Internal Factor Evaluation Matrix
• It aims to identify where low-cost advantages or disadvantages exist anywhere along the value chain from raw material to customer service activities.

  Value Chain Analysis
• Creates high barriers to entry and creates larger market.

  Low-cost Provider
• Is an analytical tool used to determine whether a firm's value chain activities are competitive compared to rivals and thus conducive to winning in the marketplace.

  Benchmarking
• It includes values, beliefs, rites, rituals, ceremonies, myths, stories, legends, sagas, language, metaphors, symbols, heroes, and heroines.

  Cultural Products
• It becomes information only when they are evaluated, filtered, condensed, analyzed, and organized for a specific purpose, problem individual, or time.

  Data
• It refers to the three characteristics of resources enable a firm to implement strategies that improve its efficiency and effectiveness and lead to a sustainable competitive advantage.

  Empirical Indicators
• Enables a firm to take action to improve its competitiveness by identifying (and improving upon) value chain activities where rival firms have comparative advantages in cost, service, reputation, or operation.

  Benchmarking
• Requires more quality-assurance efforts and requires more expensive equipment.

  High-Quality Provider
• It captures the subtle, elusive, and largely unconscious forces that shape a workplace.

  Organizational Culture
• Refers to the process whereby a firm determines the costs associated with organizational activities from purchasing raw materials to manufacturing product(s) to marketing those products.

  Value Chain Analysis
• According to him a task force of managers from different units of the organization, supported by staff, should be charged with determining the 10 to 20 most important strengths and weaknesses that should influence the future of the organization.

  William King
• It is the fifth major area of internal operations that should be examined for specific strengths and weaknesses.

  Research and Development
• It is when a firm hires independent researchers or independent agencies to develop specific products.

  Contract R&D
• Entails measuring costs of value chain activities across an industry to determine "best practices" among competing firms for the purpose of duplicating or improving upon those best practices.

  Benchmarking
• A firm's strengths that cannot be easily matched or imitated by competitors are called.

  Distinctive Competence
• It is when an organization operates its own research department.

  Internal R&D
• It ties all business functions together and provides the basis for all managerial decisions.

  Information
• This strategy-formulation tool summarizes and evaluates the major strengths and weaknesses in the functional areas of a business.

  Internal Factor Evaluation Matrix
• A management function that consists of all those managerial activities related to preparing for the future.

  Planning
• These decisions function within the Operations that include choice of technology, facility layout, process flow analysis, facility location, line balancing, process control, and transportation analysis.

  Process
• It represents a major source of competitive management advantage or disadvantage.

  Information
• Activities in this department often represent the largest part of an organization's human and capital assets.

  Production/Operations
• Refers to all those managerial activities directed toward ensuring that actual results are consistent with planned results.

  Controlling
• It is when a core competence evolves into a major competitive advantage.

  Distinctive Competence
• Its purpose is to improve the performance of an enterprise by improving the quality of managerial decisions.

  Management Information System
• Weaknesses to Strengths to Distinctive Competencies to.

  Competitive Advantage