answered:Question 1 In your own words, explain the difference between

 Question 1 True or False? A competency is an integrated bundle of resources where the elements create more value by operating together than if they stood alone. As an integrated bundle competencies are potentially far more difficult for others to copy.  True  False Question 2 Fill in the missing word: The competencies – integrated bundles of resources – possessed by the organisation create the Strategic ______________ of the organisation – the reason why customers choose to buy from this organisation. This Strategic  ____________ enables the firm to operate across multiple product/service markets. Question 3 In a VRIO test a competency is found to be valuable and inimitable, and the organisation benefits from the competency. However it is  not rare in the industry where the firm competes. Does the competency provided competitive advantage? a. No it provides parity with its competitors. b. Yes sustainable competitive advantage – it will enjoy an advantage for the foreseeable future c. Yes but only temporary competitive advantage – at some stage competitors will copy the competency and so the firm will lose its advantage d. No the cost of holding that competency put the firm at a disadvantage to its competiotrs Question 4 While a highly useful analysis tool the RBV theory is criticised for its static view of competitive advantage. Critics argue that in today’s turbulent markets it is unrealistic to believe that a resource advantage will provide sustainable competitive advantage.  True  False Question 5 To determine whether an organisation gains competitive advantage from its competencies its needs to test them using Barney’s VRIO test (Valuable, Rare, Inimitable and Organisation). Which of the following is the correct way to apply the VRIO test. a. Look across the competencies and see if there is one that passes the valuable test. Then move to the rare element and determine if there is a competency that is rare. Conduct a similar approach with inimitable and organisation.  Back up your assessment with evidence from the organisation or case study. b. Test each competency in turn using the the full VRIO test. So is that competency valuable, is it rare, is it inimitable and does the organisation gain the value from that competency. Ensure evidence is provided from  the organisation to support your assessment of each element of the test. Question 6 CEMEX’s relationships with owners of the stores that are members of the Construrama network suggest as a competency it may be difficult to copy due to… a. Causal ambiguity b. Social complexity c. The cost of setting it up d. Historic circumstances   Question 7 Which of the following are mechanisms and formal routines that firms employ to reconfigure/transform their competency and resource portfolio? a. Strategic Alliances b. Cultural change c. M&A (mergers and acquisitions) to acquire new competencies and single resources d. Succession Planning and Senior Leadership Changes Question 8 True or False? Dynamic capabilities create a firm’s consistent ability to integrate, build and reconfigure competencies to address rapidly changing environment.  True  False Question 9 The managing/seizing dynamic capabilities that IBM put in place included which of the following? a.The $500 million corporate investment fund b. The integration and values team c. Strategic leadership forums (SLFs) d. The emerging opportunities portfolio of processes e. None of these Question 10 Which of the following are formal mechanisms delivering CEMEX’s dynamic capabilities a. Its formal PMI process (post merger integration process) b. Construrama c. Its social media system ‘Shift’ d. Its CEMEXnet satellite system e. Its global networks