53. Luke creates many award-winning hair designs at competitive hair and fashion shows, and this enableshis salon to succeed with constant innovation. This is an example of a(an)a) opportunity. b) strength.c) distinctive competency.d) core competency.e) threat.
54. A competitive strategy seeks to provide ______________, and a sustained competitive advantage is onethat ___________.a) value for customers; values customers. b) a profit; cannot be bought.c) value for customers; cannot be copied.d) accountability; is created by top management.e) a military perspective; is created by top management
55. In order to sustain a competitive advantage, the internal resources should bea) valuable, rare, inimitable, and non-substitutable. b) determined by the parent firm.c) allocated by the CEO and his or her team.d) achieving economies of scale.e) core competencies.
56. The term "core competency" refers toa) a strength that is central to an organization in achieving its goals. b) opportunities for competing in growth industries.c) strengths that are superior to those of an organization's competitors.d) strengths that play a key role in achieving organizational goals.e) the use of strengths to take advantage of opportunities.
57. In order for an organization to achieve a sustainable competitive advantage, resources must meet four criteria; specifically, they must bea) valuable, inimitable, non-substitutable, and core. b) valuable, rare, inimitable, and non-substitutable.c) distinctive, inimitable, non-substitutable, and core.d) distinctive, valuable, rare, and core.e) core, secret, internal, and valuable.
58. An inimitable resource is an organizational asset thata) must exist in any organization for that organization to compete in its industry. b) is a distinctive competency.c) is a distinctive strength used to achieve a competitive advantage.d) can be easily duplicated by organizations outside the firm.e) cannot be re-created, or can be created only at a very high cost, by competitors.
59. From the Multistream perspective, rare resources area) not protected by patents. b) open-source goods in the marketplace.c) an opportunity to establish a monopoly.d) an incentive to act responsibly.