
Long questions with answers for this topic
Resources are the assets/inputs a firm has or can access (physical, financial, human, technological, intangible) to run its business.
Capabilities are the firm’s ability to use resources effectively through skills, routines, and processes.
Internal environment refers to the factors within the organization (resources, systems, culture, etc.) that influence its decisions and performance.
Core competence is a unique, valuable capability/strength that gives a firm competitive advantage and is difficult for competitors to copy.
VRIO = Valuable, Rare, Inimitable, Organized.
Value chain analysis studies a firm’s activities to see where it can reduce cost or increase customer value (differentiation).
Any three types of resources:
(Write any three with brief explanation and one example.)
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