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Resources and Capabilities Strategy MCQ

The VRIN characteristics stand for:

Valuable, Real, Imitable, Non-substitutable

Valuable, Rare, Industrial, Non-substitutable

Valuable, Real, Independent, Non-substitutable

Valuable, Rare, Imperfectly imitable, Non-substitutable

Answer

Correct Answer: Valuable, Rare, Imperfectly imitable, Non-substitutable

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According to Barney, a firm orientated to a product market strategy is unlikely to generate economic rent for which reason:

If there are clear substitutes, then the buyers may choose one of them

Other firms in the market cannot buy the same resources and eliminate any rent-making possibilities

The market for such resources will value the assets to account for the future earnings potential, making the assets very expensive and eliminating the possibility of earning economic rent

Competition is less important than resources and capabilities

Answer

Correct Answer: The market for such resources will value the assets to account for the future earnings potential, making the assets very expensive and eliminating the possibility of earning economic rent

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Which of the following statements is correct?

It is more difficult to assess tangible resources than intangible ones

It is more difficult to assess intangible resources than tangible ones

Tangible resources cannot be assessed

Intangible resources cannot be assessed

Answer

Correct Answer: It is more difficult to assess intangible resources than tangible ones

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Examples of capabilities could be the following:

A good track record in research and development

A reputation for using only high-quality inputs

A reputation for good customer service

All of the above

Answer

Correct Answer: All of the above

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Basic types of resources are:

Financial

Physical

Human

All of the above

Answer

Correct Answer: All of the above

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According to the RBV:

Resources provide the building blocks for constructing a firm’s strategy

Capabilities provide the building blocks for constructing a firm’s strategy

Resources and capabilities provide the building blocks for constructing a firm’s strategy

Human resources provide the building blocks for constructing a firm’s strategy

Answer

Correct Answer: Resources and capabilities provide the building blocks for constructing a firm’s strategy

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Which of the following are isolating mechanisms identified by Penrose?

Path dependencies in resource development

Firm-specific knowledge possessed by managers

Entrepreneurial vision of managers

All of the above

Answer

Correct Answer: All of the above

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The RBV focuses on internal factors because:

An organization has control over its external factors only

An organization has control over its internal factors only

An organization has control over both internal and external factors

An organization has no control over either internal or external factors

Answer

Correct Answer: An organization has control over its internal factors only

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The acronym RBV stands for:

Resource Based View

Resource Based Value

Resources, Brands and Values

Real Brand Values

Answer

Correct Answer: Resource Based View

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Whereas Porter concentrates attention externally on markets, advocates of the RBV focus attention:

Externally on macro-external forces

Externally on strategic groups

Internally on organizational capabilities

Internally on organizational structure

Answer

Correct Answer: Internally on organizational capabilities

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