An analytical tool for determining a firm’s Strengths, Weaknesses, Opportunities, and Threats.

Resources (Capabilities)

The tangible and intangible assets a firm uses to choose and implement its strategies.

Tangible Resources and Capabilities

Assets that are observable and easily quantified.

Intangible Resources and Capabilities

Assets that are hard to observe and difficult (if not impossible) to quantify.

A series of activities used in the production of goods and services that make a product or service more valuable.

Examining whether a firm has resources and capabilities to perform a particular activity in a manner superior to competitors.

A process of market competition through which unique products that command high prices and high margins gradually lose their ability to do so, thus becoming commodities.

Turning over an organizational activity to an outside supplier that will perform it on behalf of the focal firm.

Outsourcing to an international or foreign firm.

Onshoring (or Inshoring)

Outsourcing to a domestic firm.

Setting up subsidiaries abroad so that the work done is in-house but the location is foreign. Also known as foreign direct investment (FDI).

The resource-based framework that focuses on the Value, Rarity, Imitability, and Organizational aspects of resources and capabilities.

Business Process Outsourcing (BPO)

The outsourcing of business processes such as loan origination, credit card processing, and call center operations.

The difficulty of identifying the actual cause of a firm’s successful performance.

The combination of numerous resources and assets that enable a firm to gain a competitive advantage.

The socially intricate and interdependent ways that firms are typically organized.

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INB 300 ch.4

Term	Definition
SWOT Analysis	An analytical tool for determining a firm’s Strengths, Weaknesses, Opportunities, and Threats.
Resources (Capabilities)	The tangible and intangible assets a firm uses to choose and implement its strategies.
Tangible Resources and Capabilities	Assets that are observable and easily quantified.
Intangible Resources and Capabilities	Assets that are hard to observe and difficult (if not impossible) to quantify.
Value Chain	A series of activities used in the production of goods and services that make a product or service more valuable.
Benchmarking	Examining whether a firm has resources and capabilities to perform a particular activity in a manner superior to competitors.
Commoditization	A process of market competition through which unique products that command high prices and high margins gradually lose their ability to do so, thus becoming commodities.
Outsourcing	Turning over an organizational activity to an outside supplier that will perform it on behalf of the focal firm.
Offshoring	Outsourcing to an international or foreign firm.
Onshoring (or Inshoring)	Outsourcing to a domestic firm.
Captive Sourcing	Setting up subsidiaries abroad so that the work done is in-house but the location is foreign. Also known as foreign direct investment (FDI).
VIRO Framework	The resource-based framework that focuses on the Value, Rarity, Imitability, and Organizational aspects of resources and capabilities.
Business Process Outsourcing (BPO)	The outsourcing of business processes such as loan origination, credit card processing, and call center operations.
Causal Ambiguity	The difficulty of identifying the actual cause of a firm’s successful performance.
Complementary Assets	The combination of numerous resources and assets that enable a firm to gain a competitive advantage.
Social Complexity	The socially intricate and interdependent ways that firms are typically organized.

Created by: tad9921

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