Valuing Tangible Assets. The asset appraiser will assess the current condition of the assets, including the degree of obsolescence and level of wear and tear. Term. Definition. The resource-based view ( RBV) is a managerial framework used to determine the strategic resources a firm can exploit to achieve sustainable competitive advantage. Resource-based view. D) outlines medical security and privacy rules. T F. 1. Answer: b. A firm's reputation for its goods and services is: A. not an issue of principle concern for a firm B. an example of an intangible resource that can provide a . - Production equipment Gathering information. 26 Complete the following about the difference between tangible and intangible resources. These assets are also the most valuable when dealing with liquidation. Then, the appraiser will compare these values to . A person who has made a successful decision when no obviously correct model or rule is available or when relevant data are unreliable or incomplete has exercised judgment. . Definition. Physical resources are. Show Answer. The purpose of this article is to specify 1 . ("The Resource-Based View of the Firm"), Prahalad and Hamel ("The Core Competence of The Corporation"), Barney, J. 103 test answers question 1. Benchmarking is a strategy used in SWOT analysis for comparing the performance of one business firm with the other. Hardware Cost Savings. Tangible resources for a service-based business include buildings such as a doctor's office, bank, movie theater, amusement park, retail store, or restaurant, which are enterprises that include both products and services (Figure 14.3).Facilities and resources that the business needs to provide its services and run operations may include computers, office equipment, furniture, and . answer Firms can earn above-average returns even if they do not develop or sustain a competitive advantage. Internet business models: outline methods that online businesses use to create value. A characteristic of a firm's resources that is costly to imitate because a competitor cannot determine what the resource is and/or . Every business has various types of resources and assets, some of which are clearly visible and others of which are less obvious. b. a firm offers more reliable products than its competitors. Physical capital resources can refer to the physical technology a company uses, operating plants, factories, and equipment. Resource-based view. Definition. Determining firm's strategic direction, managing firm's resource portfolio, sustaining an effective organizational culture, emphasizing ethical practices and establishing balanced organizational control are the 5 major components of: a) effective corporate-level strategies. The second type of resources that firms posses include. Such competitive advantages are based upon A. physical uniqueness B. path dependency C. social complexity D. tangible resources B. Customers can affect the type of service desired C. Customers can affect the length of the service transaction. a SWOT analysis. Tangible resources are ____ constrained because they are _____ to leverage. Services marketing become difficult because of. A tangible assets examples list includes cash, inventory, plant, machinery, building, etc. Intangible resources include, for example, the knowledge and skills of employees, a firm's reputation, brand name, exclusive rights . In addition to the traditional four Ps, the services marketing mix includes people, physical evidence . It consists of manmade goods that assist in the production process, like machinery, office supplies . Tangible resources are assets that can be seen and quantified. c. outline specific actions a firm needs to take to be profitable. Physical assets such as a firm's property, plant, and equipment, as well as cash, are considered to be tangible resources. Intangible resources are largely invisible, but over time become more important to the firm than tangible assets because they can be a main source for a competitive advantage. An array of firm resources include interpersonal relations among managers in the firm, its culture, and its reputation with its customers and suppliers. throughout the following discussion.^ A firm's resources and capabilities include all of the financial, physical, human, and organizational assets used by a firm to develop, manufacture, and deliver products or services to its customers. Any business needs assets and resources to carry out operations. It judges the resources and ability of the firm in comparison to other business and industry. Represent inputs into a firm's production process, such as: •Capital equipment •Skills of employees •Brand names •Financial resources •Talented managers •Types of Resources Tangible resources •Financial resources •Physical resources Overall, valuable, rare, but imitable resources and capabilities may give firms some temporary competitive advantage. Which of the following is a true statement about capabilities? The resources of the organization are important for internal environment factors. Financial Resources. 51. Buildings, vehicles, factories, manufacturing equipment and land are tangible resources that have a clear and easily determined . RESOURCE-BASED THEORY OF COMPETITIVE ADVANTAGE. 8 . From an accounting point of view, physical assets refer to the things that may be liquidated when the entity wound up its interest. This preview shows page 12 - 15 out of 19 pages. These items can be easily liquidated and have a set value. Knowledge b. This collection is not easy to replicate, and the differences between the quantity, share and quality of . . Compared to tangible resources, intangible resources are a. of less strategic value to the firm. b. cannot be used by traditional businesses. Production equipment, manufacturing plants, and formal reporting structures are examples of tangible resources. a. Financial resources include debt, equity, retained earnings, and so forth. d. cannot be combined to create additional competitive advantages. Company Resources are all assets a company controls and can use to achieve its goals. assets that can be observed and quantified. This analysis is based on resources and capabilities of the firm. C. More complex market. A firm`s plant and equipment Geographic location Access to raw materials 7. The objectives of an information system include each of the following except a. support for the stewardship responsibilities of management b. furthering the financial interests of shareholders c. support for management decision making d. support for the firm's day-to-day operations ANS: B 40. The resource-based theory of competitive advantage argues that the long-term success of any business innovation (e.g., pharmacy service) is based upon the internal resources of the firm offering it, the firm's capabilities in using those resources to develop a competitive advantage over competing options, and the innovation's contribution to . c. Toothpaste. D. Customers can affect the cycle of demand ANSWER: A 15. A Firm's Tangible Resource Includes Which of the Following - April 21, 2022 Examples include property plant and equipment. . The non-physical assets include patents, trademarks, intellectual property, goodwill. Because they are embedded in unique patterns . Soap. Term. Firms with similar types and amounts of resources are likely to: Have similar strengths and weaknesses. Definition. c. a firm's products are introduced into the market faster than its competitors'. Term. Resources: A good starting point to identify company resources is to look at tangible, intangible and human resources. It is these tangible resources that are mainly utilized by businesses to produce . Internet business models: outline methods that online businesses use to create value. In addition to having a distinctive characteristic it should also be . REF: Intangible resources. -its power and influence in the organization. Internal Analysis By exploiting internal resources and capabilities and meeting the demanding standards of global competition, firms create value for customers. Intangible resources typically include assets that are rooted deeply in the firm's history and have accumulated over time. are a subset of a firm's resources and are defined as the tangible and intangible assets that enable a firm to take full advantage of the other resources it controls. Tangible resources are the easiest to identify and evaluate: financial resources and physical assets are identified and valued in the firm's financial statements. Selected Answer: a.Production equipment Answers: a.Production equipment b.Organizational routines c.Capacity for innovation 4 out of 4 points4 out of 4 points 4 out of 4 points 4 out of 4 points. C) supports both individual primary and support activities and the entire value chain. In contrast, intangible resources are quite difficult to see, to touch, or to quantify. b. Physical resources may encompass a wide . Core competencies are the business functions or operational activities that a company does best. a. a set of activities that will assure a temporary advantage and average returns for the firm. b. competitors be simultaneously implementing the strategy. d.Knowledge Question 10 For a differentiation strategy to be effective, the product . Include the physical technology used in a firm. Tangible Asset: A tangible asset is an asset that has a physical form. -its ultimate role in strategy implementation. Tangible resources are assets that can be seen and quantified. Scientific capabiliti Production equipment c. Manufacturing plants d. Formal reporting structures 6. The following are some key questions you might be asked on the Marketing Management service marketing MCQs: 1. A few examples of tangible resources include the company's property, factory, equipment, and even cash. firm's strategizing processes. A sustained or sustainable competitive advantage requires that: a. the value creating strategy be in a formulation stage. 23. RBV is therefore complementary to the Industrial Organization (I/O) perspectives that look more at external factors such as competitiveness in order to . The physical resources of a business include all the tangible resources owned and used by a company such as land, manufacturing equipment and office equipment. b. An array of firm resources include interpersonal relations among managers in the firm, its culture, and its reputation with its customers and suppliers. A firm's tangible resource includes which of the following? Tangible Vs. Intangible Resources. all the money, form whatever source, that firms use to conceive and implement strategies. B. no demand. a. Pdf In Tangible Resources As Antecedents Of A Company S Competitive Advantage And Performance Indicate whether the sentence or statement is true or false. Resources •Resources Are a firm's assets, including people and the value of its brand name. As customer contact increases, the efficiency of the firm decreases. use of the firm's resources 18 . Such as:-Physical Resources: Physical resources include land and buildings, warehouses, all kinds of materials, equipment, and machinery. Physical resources include the . Which of the following is NOT required for a firm to achieve strategic competitiveness and earn above-average returns from its core competencies? Practice Test for the Midterm MGMT 430 2015 d. a firm's reputation. Which of the following is considered an intangible resource? all the money, form whatever source, that firms use to conceive and implement strategies. Term. D. Difficult to enter the market. To help them develop an environment in which knowledge is widely spread across all employees , some organizations have created the new upper-level managerial position of _ _ _ _______________. The strategic management process is. Capacity for innovation Organizational routines d. Production equipment Question: 5. Physical Capital Resources Tangible Resources Organizational assets that are relatively easy to identify, including physical assets, financial resources, organizational resources and technological resources. Definition of Tangible Resources Tangible resources are physical items including cash, inventory, machinery, land or buildings. 1 . Threats posed by new entrants It can prove valuable for a firm and be critical to its long-term success or failure. A. Intangibility. Tangible assets usually have a market and ease of transferability which make them easier to value than intangible assets. Term. Tax preparation. In comparing the two types of resources, intangible resources are more likely to meet the criteria for strategic resources (i.e., valuable, rare, difficult to imitate, and nonsubstitutable) than are tangible resources. Intangible resources include things such as reputation, experience, credibility, and staff skills. Physical Capital. Human resources or human . It can also include an organization's geographic location as well as its access to specific raw materials. ("Firm resources and sustained competitive advantage . 1 cussion, firm resources (Wernerfelt, 1984 ). b. not the focus of strategic analysis. Such intangible resources include reputational assets (brands, image, etc.) They are also the resources and capabilities . c. outline specific actions a firm needs to take to be profitable. d. more likely to be reflected on the firm's balance sheet. Tangible resources are resources that can be seen, touched, and quantified. Human resource management consists of activities involved in the recruiting, hiring, training, development, and compensation of all types of personnel. 20. . Now clearly, not all firm resources are going to have a positive strategic impact on your business. Process throughout the following discussion.^ A firm's resources and capabilities include all of the financial, physical, human, and organizational assets used by a firm to develop, manufacture, and deliver products or services to its customers. Definition. Examples of such physical assets include land, buildings, machinery, plant, tools, equipment, vehicles, gold, silver, or any other form of tangible economic resource. Appraisal Method. A firms tangible resource includes which of the. Resources are bundled to create organisational capabilities. 8. Such competitive advantages are based upon: a. physical uniqueness b. path dependency . Definition. Learn More →. Term. Financial Resources. Practice Exam II. A stakeholder group composed of the CEO and members of the top management team is considered an important stakeholder group for all of the following reasons EXCEPT: -Its influence as either originator or steward of the organization's mission and vision. Determining firm's strategic direction, managing firm's resource portfolio, sustaining an effective organizational culture, emphasizing ethical practices and establishing balanced organizational control are the 5 major components of: a) effective corporate-level strategies. a. B) specifies best practices in information systems security and control. An organization's nonphysical resources ("soft factors") that add value to the organization. Tangible assets include both fixed assets, such as machinery, buildings and land, and current assets, such as inventory. The project could also migrate data from server scattered across to one single server. Some of these resources are intangible, like goodwill and entrepreneurship, but all other resources are tangible. A) requires financial institutions to ensure the security of customer data. Statement of Financial Position Vs. Balance Sheet. 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. Physical evidence b. To help them develop an environment in which knowledge is widely spread across all employees , some organizations have created the new upper-level managerial position of _ _ _ _______________. One reason executive judgment can be a particularly important source of competitive advantage is that judgment allows a firm to build a strong reputation. Production equipment The intensity of industry competition and an industry's profit potential are a function of which of the following forces of competition? Intangible assets include: a. the firm's reputation. 1. are a subset of a firm's resources and are defined as the tangible and intangible assets that enable a firm to take full advantage of the other resources it controls. The purpose of this paper is to investigate the relative contribution of tangible resource (TR) and intangible resource (IR), and capabilities on firm performance based on the measures of market share, sales turnover and profitability.,A cross-sectional survey research design was used in the study. Valuable capabilities are based almost entirely on tangible resources. Barney's 1991 article "Firm Resources and Sustained Competitive Advantage" is widely cited as a pivotal work in the emergence of the resource-based view. Intangible resources include, for example, the knowledge and skills of employees, a firm's reputation, and a firm's culture. 8 . Examples of pure tangible goods include all of the following EXCEPT: a. Tangible assets are items that a business owns that have a physical form. Resources are an organization's assets and are thus the basic building blocks of the organization. A. Some common examples of tangible assets include: Machinery. Financial resources include debt, equity, retained earnings, and so forth. - Scientific capabilities - Knowledge - Capacity for innovation - Organizational routine A firm's tangible resource includes which of the following? b) effective strategic leadership. The new hardware can require less maintenance which will result in cost savings. Goodwill In accounting, goodwill is an intangible asset that is . c. other companies not be able to duplicate the strategy. The core competencies definition is a resource or capability that gives a firm competitive advantage. In some cases, the hardware could be old and expensive. , it will speed the growth of other resources, so imagine the likely performance advantage for an organization with an edge in all such factors. Examples are office buildings, computers, furniture, fans, and air conditioners. T F. 2. Gathering information. Intangible resources: . Assessing resource similarity can be difficult if critical resources are intangible rather than . a. tangible resources b. intangible resources c. organisational capabilities d. reputational resources 29. An organization's resources which are critical in imparting it with competitive advantage are called distinctive capabilities. However, those attributes of a fum's physical, hu man, and organizational capital that do enable a firm to conceive of and implement strategies that improve its efficiency and effectiveness are, for purposes of this dis-! [1] Value is measured by a product's performance characteristics and by its attributes for which customers are willing to pay. and both assets are recorded in a firm's . Barney's 1991 article "Firm Resources and Sustained Competitive Advantage" is widely cited as a pivotal work in the emergence of the resource-based view. A company's core competencies are what differentiate it from the other competitors in its industry. Concepts of resources. Physical resources include the . Some of a firm's resources are tangible and intangible. Some IT Projects replace the existing hardware with new hardware which can be less expensive. 1 . Information technology and its attendant equipment, computers, networks, servers and others, are included in the category of physical resources. Intangible resources include assets that typically are rooted deeply in the firm's history and have accumulated over time. 52. b) effective strategic leadership. They include tangible assets, such as its plant, equipment, finances, and location, human assets, in terms of the number of employees, their skills, and motivation, and intangible assets, such as its technology (patents and copyrights), culture, and reputation. Suppliers and buyers with little bargaining power A firm's tangible resource includes which of the following? a. a firm produces its product with less raw material waste than its competitors. Definition. _ _____ is the environment in which the service is delivered and where the firm and customer interact and any tangible components that facilitates performance or communication of the service. [2] Those particular bundles of resources and capabilities that provide unique advantages to the firm are . C) imposes responsibility on companies and management to safeguard the accuracy of financial information. 26. RBV is an approach to achieving competitive advantage that emerged in 1980s and 1990s, after the major works published by Wernerfelt, B. b. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment. How comparable the firm's tangible and intangible resources are to a competitor's in terms of both types and amounts. b. cannot be used by traditional businesses.
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