Chapter 4 Review - Chapter 4 1 distinctive competencies(p...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 4 1. distinctive competencies 独家优势 (p. 91) A firm’s strengths that cannot be easily matched or imitated by competitors are called distinctive competencies. 2. internal audit 内部审计 (p. 92) The internal audit requires gathering and assimilating information about the firm’s management, marketing, finance and accounting, production and operations, R&D, and MIS operations. Key factors should be prioritized so that the firm’s most important strengths and weaknesses can be determined collectively. 3. communication 交流 (p. 92) The process of performing an internal audit provides more opportunity for participants to understand how their jobs, departments, and divisions fit into the whole organization. This is a great benefit because managers and employees perform better when they understand how their work affects other areas and activities of the firm. Performing an internal audit thus is an excellent vehicle or forum for improving the process of communication in the organization. Communication may be the most important word in management. 4. financial ratio analysis 财务比率分析 (p. 93) Financial ratio analysis exemplifies the complexity of relationships among the functional areas of business. The effectiveness of strategy formulation, implementation, and evaluation activities hinges on a clear understanding of how major business functions affect one another. 5. resource-based view (rbv) 基础资源观点 (p. 93) The resource-based view (RBV) approach to competitive advantage contends that internal resources are more important for a firm than external factors in achieving and sustaining competitive advantage. The proponents of the RBV view contend that organizational performance will primarily be determined by internal resources that can be grouped into three all-encompassing categories: physical resources, human resources, and organizational resources. 6. empirical indicators 实证指标 (p. 94) For a resource to be valuable, it must be either (a) rare, (b) hard to imitate, or (c) not easily substitutable . Often called empirical indicators, these three characteristics of resources enable a firm to implement strategies that improve its efficiency and effectiveness and lead to a sustainable competitive advantage. The more a resource(s) is rare, non-imitable, and non-substitutable, the stronger a firm’s competitive advantage will be and the longer it will last. 7. cultural products 文化产品 (p. 94) Cultural products include values, beliefs, rites, rituals, ceremonies, myths, stories, legends,
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
sagas, language, metaphors, symbols, heroes, and heroines. These products or dimensions are levers that strategists can use to influence and direct strategy formulation, implementation, and evaluation activities. 8. organizational culture (p. 94) Organizational culture can be defined as “a pattern of behavior that has been developed by an organization as it learns to cope with its problem of external adaptation and internal integration, and that has worked well enough to be considered valid and to be taught to new members as the correct way to perceive, think, and feel.” This definition emphasizes the
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern