... at best (Mata et al., 1995). D. intangible resources. competitive advantage can best be described as what sets an organization apart which of the following organization need to have competitive advantage to survive in the long term The two basic types of competitive advantage combined with the scope of activities for which a firm seeks to achieve them, lead to three generic strategies for achieving above average performance in an industry: cost leadership, differentiation, and focus. 4 types of generic strategies are; (1) cost leadership strategy, (2) differentiation strategy, (3) focus strategy, and (4) best cost strategy. Porter's Five Forces is a simple but powerful tool that you can use to identify the main sources of competition in your industry or sector. Competitive advantage is the capacity of a country (or on smaller scales, of a company) to offer higher levels of value to consumers than other countries, companies, etc. The key concepts within this view are therefore Firm Resources and Sustainable Competitive Advantage. D) government-focused theory based on economies of scale. Chapter 2 - The Context of Managing Strategically 1) Competitive advantage can best be described as A) increased efficiency. Drop all the files you want your writer to use in processing your order. Competitive advantage can best be described as A) increased efficiency. Answer: B However, they cannot sustain it by themselves II. Personal touch. However, holding comparative advantage doesn't always guarantee competitive advantage. B. what sets an organization apart. In contrast, are quite difficult to see, to touch, or to quantify. D. intangible resources. In 2016, it emerged that previous research into emissions from diesel engines was flawed and that they were much worse for the environment than other types of engines. Advantages of Competitive Marketing strategies. cost-based and differentiation-based. In economics, competition is a scenario where different economic firms are in contention to obtain goods that are limited by varying the elements of the marketing mix: price, product, promotion and place.In classical economic thought, competition causes commercial firms to develop new products, services and technologies, which would give consumers greater selection and better products. The qualities of these attributes mean the company that possesses them can enjoy a superior and long-term position in its market or industry. Internal resources can create a competitive advantage. Free Udemy coupon. Ans: T Page 8 20. A product that no-one else can offer (protected by IP law or patents, etc.) Question 1Competitive advantage can best be described as:A. increased efficiency. D) intangible resources. Some common examples of competitive advantage include: The team. Organization. Consumer Behaviour. A. Durability B. Imitability C. Quality Competitive advantage is defined as the ability to stay ahead of present or potential competition. D. intangible resources. Competitive Advantage can be described as something, that the competing firms are not able to do, or it is something owned by the firm that the rivals firms wish to have. Strength. The need for this shift in focus has become particularly urgent with respect to … This indicates that the best approach is to look into both external and internal factors and combine both views to achieve and sustain competitive advantage. Competitive analysis (CA) — sometimes called competitor analysis — is a vital process to help businesses stay on the cutting edge and anticipate market changes that they can use to their advantage. It is a truism that strategic management is all about gaining and maintaining competitive advantage. Question 1 Incorrect 0.00 points out of 1.00 FlaggedRemove flag Question text Competitive advantage can best be described as A) increased efficiency. Understand why competitive advantage gained from human resource management practices is likely to be sustained over time. However, I wanted … hyper-competitive markets help sustaining it III. In economics, competition is a scenario where different economic firms are in contention to obtain goods that are limited by varying the elements of the marketing mix: price, product, promotion and place.In classical economic thought, competition causes commercial firms to develop new products, services and technologies, which would give consumers greater selection and better products. Burger bomb is a new hamburger restaurant. C. a strength of the organization. B) what sets an organization apart. Companies have a variety of reasons for being attentive to CSR. It describes how the choice of competitive scope, or the range of a firm's activities, can play a powerful role in determining competitive advantage. C. a strength of the organization. Amazon’s generic corporate strategy can be described as concentric diversification. a concise overview of the firm’s strategic situation. According to Porter, various management tools like … Factors. C) a strength of the organization. C) hybrid of country-based and firm-based theories. Understand what competitive advantage is and how companies can achieve it. This essay focuses on how Firms can use Operations Management and Supply Chain Management to gain competitive advantage. This is typically done by evaluating strengths and weaknesses of competitors and seeing where you can fill in the gap or step up and improve. … B. what sets an organization apart. There are two basic types of competitive advantage: cost leadership and differentiation. A firm is described as having a competitive advantage when it successfully attracts more customers, earns more profit, or returns more value to its shareholders than rival firms do. Economics. A firm is described as having a competitive advantage when it successfully attracts more customers, earns more profit, or returns more value to its shareholders than rival firms do. AARP is the preeminent leader in advocacy for the 50+ age group. Cost Leadership. Question 2. Ans: F Page 9 22. A firm is described as having a competitive advantage when it successfully attracts more customers, earns more profit, or returns more value to its shareholders than rival firms do. D) intangible resources. Once higher U.S. worker productivity, the actual labor content of a product, logistics costs and other factors are fully accounted for, China’s cost advantage will be negligible, BCG predicts. This is why competitive analyses can often last for months or even years. C) a strength of the organization. Unique access to technology or production methods. A competitive advantage is the recognition that a company either delivers quality products at a lower cost than the competition or offers support and services at a greater value than the competition, according to the Quick MBA website. Establishing a competitive advantage takes planning and coordination among your departments. Knowledge which is difficult to define and codify is known as: a) Explicit. From ~30% to ~45% of superior organizational performance can be explained by firm effects (resource based view) and ~20% by industry effects (I/O view). 2. 13. 1. 1. This framework is summarized in the exhibit “The Four Elements of Competitive Context” and described in detail in Michael … It is also similar to comparative advantage, but not identical in nature. B) what sets an organization apart. Physical assets such as a firm’s property, plant, and equipment, as well as cash, are considered to be tangible resources. b) Tangible. Ability to produce and sell at a lower cost (known as cost leadership) Brand and reputation. What Sets An Organization Apart C. A Strength Of The Organization D. Intangible Resources - Ask Public. A firm's relative position within an industry is given by its choice of competitive advantage (cost leadership vs. differentiation) and its Instead, they claim a best cost strategy is preferred. Strategic assets Patents, trademarks, copy rights, domain names, and long term contracts would be examples of strategic assets that provide sustainable competitive advantages. Competitive advantage can best be described as: A. increased efficiency. are resources that can be readily seen, touched, and quantified. C. a strength of the organization. B) what sets an organization apart. … Competitive advantage is determined by the structure of the industry. Porter undertook intensive research of 100 industries in ten countries. Pioneering and aggressive competitors in exploiting new market/technology are most successful. Mgt 301 Connect Questions Chapter 1-3. By The Enterprise World. Since customer service can be an important source of competitive advantage, progressive managers A. work hard to establish and maintain high standards of customer service. Can gain an advantage when there is a high switching cost for consumers to switch to later entrants Benefits of Being a First Mover Professors Marvin Lieberman and David Montgomery, in their 1988 award-winning paper, First-Mover (Dis)Advantages: Retrospective and Link with Resource-Based View , list three main benefits of being a first mover: management. The legislation has begun the long process of shifting the focus of the U.S. health care system away from acute and specialty care. B. that can sustain long-term competitive advantages within defined market segments. The field of management that focuses on attaining competitive advantage by combining analysis, formulation, and implementation is known as _________. He is the Bishop William Lawrence University Professor at Harvard Business School, and he was one of the founders of the consulting firm The Monitor Group (now part of Deloitte) and FSG, a social impact consultancy. And what they can affect in the market It must offer real cost and cause interest. The two broad strategies for building a competitive advantage are the ____ strategies. A product that no-one else can offer (protected by IP law or patents, etc.) c. coinciding. all of the answer choices are correct. 3. C. a strength of the organization. Reset Selection. Unique access to technology or production methods. This temporary nature is attributed to the advantage. Competitive advantage can best be described as: A. increased efficiency. B. what sets an organization apart. Strategic Leadership. Newspaper companies in the United States provide a good example of how a company can sustain a competitive advantage over the long term. Michael Porter’s Big Ideas: Porter’s Five Forces Analysis. C) hybrid of country-based and firm-based theories. For firms associated with the production of diesel engines, this revelation is best described as an …. Firm resources can be defined as ‘all assets, capabilities, organizational processes, firm attributes, information and knowledge controlled by a firm that enables it to improve its efficiency and effectiveness’. Internal resources can create a competitive advantage. I. D. intangible resources. It describes the logic of why you will succeed, how you differ, or what you are doing better than the competition. C. a strength of the organization. Porter believed that a sophisticated home market is critical to ensuring ongoing innovation, thereby creating a sustainable competitive advantage. The Affordable Care Act of 2010 (ACA) will place many demands on health professionals and offer them many opportunities to create a system that is more patient centered. If you forget to attach the files when filling the order form, you can upload them by clicking on the “files” button on your personal order page. B) firm-based theory. need to be combined with complementary resources in the external environment IV. 31. B) firm-based theory. The purpose of this paper is to explore the impact of human resource (HR) management practices on achieving competitive advantage through studying the mediating role of employee satisfaction in the context of five-star hotels in Northern Cyprus.,To produce numeric data as well as to test the hypothesis, the researchers employed structural equation modeling and AMOS. In a family business, the interests of the family and the interests of the business are best described as a. overlapping. 4. In the last decade, in particular, empirical research has brought evidence of the measurable payoff of corporate social responsibility (CSR) initiatives to companies as well as their stakeholders. Operational Effectiveness Is Not Strategy. Competitive Advantage can be described as something, that the competing firms are not able to do, or it is something owned by the firm that the rivals firms wish to have. Human Resources. Which one of the following factors is considered to make an organization's resources unique? Increased Efficiency B. Successful global enterprises draw competitive advantages through their value chain of worldwide network. A business can be a low-cost operator in a market segment, a middle or high price tier, and still enjoy competitive benefits. 5 Best ways to create a killer competitive advantage ... a competitive advantage is anything which can help you to outmaneuver your competition. … In a cost leadership strategy, the objective is to become the lowest-cost producer. Coca-Cola (KO). Competitive advantage is said to exist where a firm can sustain above average profits when compare to its competitors. Either way, you're looking for data that can help your business grow over the long haul. Competitive advantage can best be described as A) increased efficiency. D. All of the above E. Once a firm acquires a competitive advantage, they are usually able to sustain the competitive advantage for an extended period of time. Competitors App » Blog » 5 Best ways to create a killer competitive advantage. In 1980, the American academic Michael Porter described how a company pursues competitive advantage across its chosen market scope in the so-called Porter’s generic strategies. I. Competitive Advantage in Technology Intensive Industries 203 In more abstract terms, one can say that a firm has a competitive advantage when it … Let’s take a look at the ins-and-outs of a procurement department and some best practices to follow when purchasing inventory. On the other extreme, Core competence is the distinct proficiency of the company, which cannot be imitated by its rivals. E) aggressive research and development. This temporary nature is attributed to the advantage. Before a competitive advantage can be established, it is important to know the: 1. Competitive advantage is a set of product or company qualities considered to be superior to others in the target market. Transient competitive advantage (TrCA) as a kind of advantage that can be built quickly and abandoned rapidly, would guide HSR firms winning awards and survival in … Competitive advantage can best be described as: A. increased efficiency. General Study 14,000+ Objective ... each section is described on a point-type basis, making the process of reading the book a lot easier and effective. B. what sets an organization apart. Answer: C. Competitive advantage occurs only when there is a situation of resource heterogeneity and resource immobility. Useful: A company must know what its product or service provides. Top executives ponder strategic objectives and … Companies can achieve a competitive advantage a number of ways. Value Chain Analysis can be utilised to identify tools and processes which are valuable to the organisation and its products, and which can be used to gain a competitive advantage. as a foundation for competitive advantage in the firm. However, they cannot sustain it by themselves II. A sustained or sustainable competitive advantage requires that: An integrated and coordinated set of commitments and actions designed to exploitcore competencies and gain a competitive advantage in a specific product market is a definition of: “Identifying and evaluating key social, political, economic, technological and competitive trends and events”. Generic strategies can be applied in any business organization irrespective of size and nature of products. This advantage derives from attribute(s) that allow an organization to outperform its competition, such as … A panel of experts share their views on how Lee Kuan Yew, Singapore's first prime minister, oversaw the economic transformation of the country after independence in 1965. C. that can reap excessive business profits in the absence of competition within defined market segments. factors that allow a company to produce goods or services better or more cheaply than its rivals. 31. Purchase management is critical to keeping an organization well-supplied. Download: http://solutionzip.com/downloads/competitive-advantage-can-best-be-described-as/ Part 1 of 1 – Question 1 of 20 5.0 Points Competitive advantage can best be described as: A. increased efficiency. Management experts have extensively researched HPWS and have identified common management practices that create competitive advantage and enhance organizational performance. cost-based and differentiation-based. C. a strength of the organization. How to evaluate a competitive advantage?- Evaluate Resources. The basis for a competitive advantage often lies in the resources and abilities that are already available, even though the resources may not initially be recognized.- Clarify Goals. Has a clear idea of what the business seeks to accomplish been established? ...- Define Customers. ...- Examine Competitors. ... A) country-based theory. Competitive advantage can best be described as: A. increased efficiency. D) government-focused theory based on economies of scale. D) intangible resources. E) aggressive research and development. B. provide every customer with goods and services that are high in quality and low in cost. ANS: F The values can serve as a foundation for competitive advantage in the firm. The best way to upload files is by using the “additional materials” box. On the other extreme, Core competence is the distinct proficiency of the company, which cannot be imitated by its rivals. Literature about flexibility in supply chain management describes several definitions about this concept. Porter's theory of national competitive advantage can best be described as a ________. competitive advantage. A superiority gained by an organization when it can provide the same value as its competitors but at a lower price, or can charge higher prices by providing greater value through differentiation. Competitive advantage results from matching core competencies to the opportunities. 5. B. what sets an organization apart. Competitive advantage occurs only when there is a situation of resource heterogeneity and resource immobility. When you understand the forces affecting your industry, you'll be able to adjust your strategy, boost your profitability, and stay ahead of the competition. Porter’s Five Forces Framework is a tool for analyzing the competition of a business. The relationship between culture and national competitive advantage can best be described as: the norms and values of a country influence costs of doing business in that country there is no relationship between culture and national competitive advantage culture drives government structure not competitive advantage norms … D. intangible resources. asked Apr 20, 2016 in Business by Kimberly. When the favourable competitive advantages last for many years, then they are known as sustainable competitive advantages. hyper-competitive markets help sustaining it III. In both of these cases, you would definitely be on the right path. A recent example is Wall Street traders who inject testosterone to obtain a competitive advantage. An oligopoly environment can be described as an environment A. with few players who do not directly compete against one another. A firm achieves a competitive advantage by adding value to its products and services or reducing its own costs more effectively than its rivals in the industry. need to be combined with complementary resources in the external environment IV. A firm achieves a competitive advantage by adding value to its products and services or reducing its own costs more effectively than its rivals in the industry. D. intangible resources. 40 years later, although with some slight modifications and new perspectives, they are still widely applicable to any size or form of business. Here are some of the many ways the HR team can help create and maintain a competitive advantage for the organization: HR can use data to analyze turnover rates and determine where problems may lie, thus allowing the company to more quickly find issues and get them resolved. Factors that can limit the threat of new entrants are known as barriers to entry. Part 1 of 1 – Question 1 of 20 5.0 Points Competitive advantage can best be described as: A. increased efficiency. Question 3 Intangible resources include, for example, the knowledge and skills of employees, a firm’s reputation, brand name, exclusive rights … Question 2 Which one of the following factors is considered to make an organization’s resources unique? You can report any suspected side effect to the UK Yellow Card safety scheme. A. Durability B. Imitability C. Quality Competitive advantage is an advantage established through a company's ability to diversify its products or business approach. There are three marketing ways you can sustain a competitive advantage with a focus strategy. ... New polls show growing GOP advantage. Ability to produce and sell at a lower cost (known as cost leadership) Brand and reputation. competitive advantage Something that places a company or a person above the competition. Local market demand conditions. Since customer service can be an important source of competitive advantage, progressive managers A. work hard to establish and maintain high standards of customer service. The term can be defined to mean “anything that a firm does especially well when compared with rival firms”. Strategic Management for Competitive Advantage. A company gains competitive advantage by providing a product or service in a way that customers gain more value than with a competitor. E) aggressive research and development. B) what sets an organization apart. A SWOT analysis can be described best as. a concise overview of the firm’s strategic situation. This involves providing the best value for a relatively low price. This point might look similar to the previous one, and it is. Competitive advantage relates closely to value creation, while economic rents take into account aspects of value appropriation, including what the firm has to pay in strategic factor markets (Barney, 1986a) to acquire resources. ... at best (Mata et al., 1995). C. Quality . This report documents some of the potential bottomline benefits: reducing cost and risk, gaining … Cost leadership refers to bringing consumers goods at a lower price. Focus is the easiest and least costly of the three strategies for most companies. The Original Porter’s Five Factors for competitor advantage and competitive advantage: Michael Porter’s Factor 1) Threat of New Entrants – The easier it is for new companies to enter the industry, the more cut-throat competition there will be. D) intangible resources. From purchase orders to inventory management, there needs to be a process to keep teams equipped with necessary supplies. I. Evaluation of Current Strategy. 2. Market Aim: Mark Michaels is the owner of Delectable Delights, a specialty store offering chocolates, candies, and fruit baskets. B. what sets an organization apart. A SWOT analysis can be described best as. The ways in which competitive advantage in operations management can be achieved are explained with special focus on game-changing trends in operations and supply chain management. Operational Effectiveness Is Not Strategy. A) country-based theory. This theory of five competitive forces analysis was given by Michael Porter, and is also often called as Porter’s Five Forces. In business theory, sustainable competitive advantage is associated with cost leadership, differentiation, or cost … B. Imitability . Understand how a fi rm’s human resource management practices can help it gain a competitive advantage. B. what sets an organization apart. We defined a nation’s industry as internationally successful if it possessed competitive advantage relative to the best worldwide competitors. Sustainable competitive advantage describes company assets, abilities, or attributes that are difficult to duplicate or exceed. The two broad strategies for building a competitive advantage are the ____ strategies. Question 2 of 20 Which one of the following factors is considered to make an organization’s resources unique? B. provide every customer with goods and services that are high in quality and low in cost. The impact of culture on business is hard to overstate: 82 percent of the respondents to our 2016 Global Human Capital Trends survey believe that culture is a potential competitive advantage. B. what sets an organization apart. c) Tacit. Democrats think their best chance to win Iowa Senate seat is to focus on issues against Republican's compelling personal story. FALSE Explanation: Since competitive advantage is defined as superior performance relative to other competitors in the same industry or the industry average, a firm's managers must be able to accurately assess the performance of their firm and compare and benchmark their firm's performance to other competitors in the same industry or against the industry average. D) intangible resources. A firm achieves a competitive advantage by adding value to its products and services or reducing its own costs more effectively than its rivals in the industry. Innovation is the pillion of gaining/sustaining competitive advantage. Guerrilla. Analyzing your competitive advantages is crucial in any business. Neither competitive advantage nor economic rents are defined as equal to profits or above-average returns. B) what sets an organization apart. Mark Michaels is the owner of Delectable Delights, a specialty store offering chocolates, candies, and fruit baskets. 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