Essay on Lancer Gallery

735 Words Mar 5th, 2016 3 Pages
Jialei Wang
Dr. Alan Smith
March 9, 2016
Chapter 6 Homework 1) Describe SWOT analysis as a way to guide internal analysis. How does this approach reflect the basic strategic management process?
It is a widely used technique where managers create a quick overview of a company’s strategic situation. The basic premise behind SWOT analysis is that an effective strategy derives from a sound “fit” between a firm’s internal strengths and weaknesses and its external situation. The idea is to leverage the company’s strengths in light of the opportunities and minimize its weaknesses and threats. SWOT analysis is an integral part of the strategic management process because strategy is derived after a sound analysis of the firm’s
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What is a support activity in one firm may be a primary activity in another, depending on the product or industry. 4) How is VCA different from SWOT analysis?
SWOT analysis is a technique for assessing the fit of a business within its operational environment. Its history dates back to a strategy model put together. VCA analysis is a method used to identify where value can be created or improved. So the purposes of these two methods are so different. VCA can be developed either for an individual competitor or for the entire industry. 5) What is the resource-based view? Give examples of three different types of resources?
The resource-based view (RBV) of the firm in which the basic premise is that firms differ in fundamental ways because each firm possesses a unique “bundle” of resources, which are used to develop competencies. These competencies provide a competitive advantage to the firm when certain conditions are met.
An example of a tangible asset: cars owned by Ford and other company.
An example of a intangible asset: Pepsi brand name. 6) What are three ways resources become more valuable? Provide different types of resources. 1. Competitive superiority – example, Southwest Airlines’ low cost structure 2.

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