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Ch. 3 Internal Analysis: Resources and Competitive Advantage
MGT 499 International Business Test 1
21
Management
Undergraduate 4
02/11/2019

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Cards

Term
Distinctive Competencies
Definition

Firm specific strengths that allow a company to differentiate its products and/or achieve substantially lower costs to achieve a competitive advantage.

Term
Resources
Definition

Assets of a company

Term
Process Knowledge
Definition

Knowledge of the internal rules, routines, and procedures of an organization that managers can leverage to achieve organizational objectives.

Term
Socially Complex
Definition

Something that is characterized by, or is the outcome of the interaction of multiple individuals

Term
Tacit
Definition

A characteristic of knowledge or such such that they cannot be documented or codified but may be understood through experience or intuition.

Term
Organizational Architecture
Definition

The combination of the organizational structure of a company, its control systems, its incentive systems, its organizational culture, and its human-capital strategy.

Term
Intellectual Property
Definition

Knowledge, research, and information that is owned by an individual or organization.

Term
Basic Factors of Production
Definition

Resources such as land, labor, managements plants, and equipment.

Term
Advanced Factors of Production
Definition

Resources such as process knowledge, organizational architecture, and intellectual property that contribute to a company's competitive advantage.

Term
VRIO Framework
Definition

A framework managers use to determine the quality of a company's resources. Where V is value, R is rarity, I is inimitably, and O is for organization.

Term
Barriers to Imitation
Definition

Factors or characteristics that make it difficult for another individual or company to replicate something.

Term
Casual Ambiguity
Definition

When the way that one thing, A, leads to an outcome (or "causes"), B, is not clearly understood.

Term
Value Chain
Definition

The concept that a company exists as a chain of activities that transform inputs into outputs.

Term
Primary Activities
Definition

Activities related to the design, creation, and delivery of the product, its marketing, its support and after-sales service.

Term
Support Activities
Definition

Activities of the value chain that provide inputs that allow the primary activities to take place.

Term
Benchmarking
Definition

Measuring how well a company is doing bu comparing it to another company, or to itself, over time.

Term
Employee Productivity
Definition

The output produced per employee

Term
Capital Productivity
Definition

The sales produced by a dollar of capital invested in the business

Term
Product Innovation
Definition

Development of products that are new to the world or have superior attributes to existing products.

Term
Process Innovation
Definition

Development of a new process for producing and delivering products to customers.

Term
Customer Response Time
Definition

Time that it takes for a good to be delivered or a service to be performed.

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