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MGT 460 Midterm

Chapter 3

TermDefinition
Global Mindset the ability to analyze, understand, and manage an internal organization in ways that are not dependent on the assumptions of a single country, culture, or context
Judgment the capability of making successful decisions when no obviously correct model or rule is available or when relevant data are unreliable or incomplete
Tangible resources assets that can be observed and quantified. Ex. production equipment, manufacturing facilities, distribution centers, formal reporting structures etc.
Intangible resources assets that are rooted deeply in the firm's history, accumulate over time, and are relatively difficult for competitors to analyze and imitate
4 tangible resources Financial: capacity to borrow, firm's ability to generate funds through internal operations Organizational: formal reporting structures Physical: location, distribution facilities, product inventory Technological: copyrights, patents, trade secrets
3 intangible resources Human: knowledge, trust, skills, abilities to collaborate with others Innovative: ideas, scientific capabilities, capacity to innovate Repetitional: brand name, perceptions of quality, positive reputation
Valuable Capabilities allow the firm to exploit opportunities or neutralize threats in its external environment
Rare Capabilities capabilities that few, if any, competitors posses
Costly-to-imitate Capabilities History: creating a unique organizational culture Ambiguous: Other firms not understanding HOW the capabilities are being used Social Complexity: the capabilities are the product of complex social phenomena (relationships, trust, friendships etc.
Non-substitutable Capabilities No strategic equivalent
Value chain activities activities or tasks the firm complete in order to produce products and then sell, distribute, and service those products in ways that create value for customers Ex. SCM, operations, distribution, marketing, sales, followup service
Support functions activities or tasks the firm completes in order to support the work being done to produce, sell, distribute, and service the products the firm is producing. EX. finance, HR, management information systems
Social Capital is obtained with firms have strong relationships with their suppliers nad customers
Value Chain Shows how a product moves from the raw-material stage to the final customer.
Outsourcing the purchase of a value-creating activity or a support function activity from an external supplier
Core Rigidities former core competencies that now generate inactivity and stifle innovation
Created by: jennshaw92