When a resource or capability is valuable rare inimitable and non substitutable firms may obtain?

8. When a resource or capability is valuable, rare, costly to imitate, and nonsubstitutable firms may obtain:a. a temporary competitive advantage.b. a complex competitive advantage.c. competitive parity.d. a sustainable competitive advantage.Answer: d. a sustainable competitive advantage.9. Costly­to­imitate capabilities can emerge for all of the following reasons EXCEPT:a. scientific transference.b. social complexityc. historical conditionsd. causal ambiguityAnswer: a. scientific transference.

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Contemporary Project Management

Kloppenborg

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An integrated and coordinated set of commitments and actions designed to exploit core competencies and gain acompetitive advantage in a specific product market is a definition of:a. business strategy.b. core competencies.c. sustained competitive advantage.d. strategic mission.Answer: a. business strategy.In evaluating its customers, which of the following is NOT a relevant question?a. How will core competencies meet the customer's needs?b. Who is the customer?c. What are the customers' needs?d. How will our top management team interact with the customer?Answer: d. How will our top management team interact with the customer?Customer needs are related to the:a. characteristics that can be used to subdivide a large market into segments.b. set of values exhibited by a group of customers.c. use of core competencies to implement a strategy.d. benefits and features of a good or service that customers want to purchase.Answer: d. benefits and features of a good or service that customers want to purchase.Business­level strategies are concerned specifically with:a. creating differences between the firm's position and its rivals.b. the industries in which the firm will compete.c. how functional areas will be organized within the firm.d. how a business with multiple physical locations will operate one of those locations.Answer: a. creating differences between the firm's position and its rivals.A company using a narrow scope in its business strategy is:a. following a cost leadership business strategy.b. focusing on a broad array of geographic markets.c. limiting the group of product segments served.d. likely to earn only average returns.Answer: c. limiting the group of product segments served. ()A cost leadership strategy provides goods or services with features that are:a. acceptable to customers.b. unique to the customer.c. highly valued by the customer.d. able to meet unique needs of the customerAnswer: a. acceptable to customers ()When the costs of supplies increase in an industry, the low­cost leader may:a. continue competing with rivals on the basis of product features.b. lose customers as a result of price increases.c. make it difficult for new entrants to the industry to achieve above­average returns.d. be the only firm able to pay the higher prices and continue to earn average or above­ average returns.Answer: d. be the only firm able to pay the higher prices and continue to earn average or above­ average returns.The risks of a cost leadership strategy include:a. becoming "stuck in the middle."b. production and distribution processes becoming obsoletec. the ability of competing firms to provide similar features in a product.d. customers deciding the product isn't worth what the firm must charge for it.Answer: b. production and distribution processes becoming obsolete

A firm successfully implementing a differentiation strategy would expect:a. customers to be sensitive to price increases.b. to charge premium prices.c. customers to perceive the product as standard.d. to automatically have high levels of power over suppliers.Answer: b. to charge premium prices.A differentiation strategy provides products that customers perceive as having:a. acceptable features.b. features of little value relative to the value provided by the low­cost leader's product.c. features for which the customer will pay a low price.d. features that are non­standardized for which they are willing to pay a premium.Answer: d. features that are non­standardized for which they are willing to pay a premium. ()The differentiation strategy can be effective in controlling the power of rivalry with existing competitors in an industrybecause:a. customers will seek out the lowest cost product.b. customers of non­differentiated products are sensitive to price increases.c. customers are loyal to brands that are differentiated in meaningful ways.d. the differentiation strategy benefits from rivalry.Answer: c. customers are loyal to brands that are differentiated in meaningful ways.When implementing a focus strategy, the firm seeks:a. to be the lowest cost producer in an industry.b. to offer products with unique features for which customers will pay a premium.c. to avoid being stuck in the middle.d. to serve the specialized needs of a market segment.Answer: d. to serve the specialized needs of a market segment.T or F? Firms operating in the same market, offering similar products and targeting similar customers are competitors.Answer: TT or F? Intensified rivalry within an industry results in decreased average profitability for the firms within itAnswer: TT or F? Competitive dynamics indicates that firms and their strategic actions are independentAnswer: FT or F? Extensive market commonality guarantees intense competition in an industryAnswer: FT or F? Two firms that have similar resources, but do not share markets would not be direct and mutuallyacknowledged competitors.Answer: TT or F? Wal­Mart has recently moved to Alsatia, Missouri. Several local small retailers have decided that choosing notto respond to Wal­Mart's competitive actions is a viable long­term option, because although the companies have highmarket commonality they have little resource similarity. These small retailers are correct in their decisionAnswer: FT or F? A competitive action is a strategic or tactical action taken by a firm to gain or defend a competitive advantage.Answer: TT or F? First movers can gain a sustained competitive advantage when they reduce their costs through reverseengineering.Answer: FT or F? Product quality is a universal theme and is a necessary, but not a sufficient, condition for competitive success.Answer: TT or F? The probability of a competitive response to a competitive action is based partly on the reputation of thecompetitorAnswer: T

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When a resource is valuable rare inimitable and non

When a resource or capability is valuable rare costly to imitate and Nonsubstitutable firms may obtain?

When a resource is valuable but not rare it is a case of?

What makes a resource inimitable?