A competitive advantage is based on the possession of

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Cornerstones of Cost Management
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Chapter 15 / Exercise 15.20
Cornerstones of Cost Management
Hansen/Mowen
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14. A competitive advantage is based on the possession of distinctive competencies. By definition, these are: a. resources that are available to all firms operating in a given industry that are easily shared and copied by rivals. b. differences between companies in how they structure their companies and compensate their employees. c. characteristics, skills or knowledge that cannot be written down and must be understood through experience or intuition. d. firm-specific strengths that allow a company to differentiate its products from rivals or achieve lower costs than rivals.
15. A grocery store chain makes a decision to limit its size and scope to offering what they consider to be only the best product in each food category, reducing the options available to its customers. It employs and recruits a highly-paid team of tasters who travel the world evaluating foods to introduce on its shelves. It has attracted a team with an excellent track record of identifying top sellers and earned a reputation for delivering high quality goods. This is an example of:
16. Sasha is a manager for an ice cream company. The company recently developed a delicious low-calorie version of its product. At current volumes, the per gallon cost is the same to produce this new line as to produce its traditional ice cream and it is produced on the same equipment. The company could improve profitability by:
17. A company's rare and valuable process knowledge elements can be hard to copy because they are often unwritten, spread among many team members and kept secret within the firm. This is an example of:
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Cornerstones of Cost Management
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Chapter 15 / Exercise 15.20
Cornerstones of Cost Management
Hansen/Mowen
Expert Verified
18. Compare the resources for each of the following four companies. Which resource represents an advanced factor of production, specifically a competency in process knowledge? a. Starbucks' locations in downtown areas b. Toyota's lean manufacturing systems c. Kellogg's food processing equipment d. General Motor's union workforce

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