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WPC 480 Chapter 4 Exam With Complete Solutions

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  • WPC 480

WPC 480 Chapter 4 Exam With Complete Solutions Core competencies Unique strength, embedded deep within a firm, that are critical to gaining and sustaining competitive advantage. Resources Any assets that a firm can draw on when formulating and implementing a strategy. Capabilities Org...

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  • May 27, 2024
  • 3
  • 2023/2024
  • Exam (elaborations)
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  • wpc 480 chapter 4 exam with complete solutions cor

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WPC 480 Chapter 4 Exam With Complete
Solutions
Core competencies
Unique strength, embedded deep within a firm, that are critical to gaining and sustaining competitive
advantage.


Resources
Any assets that a firm can draw on when formulating and implementing a strategy.


Capabilities
Organizational and managerial skills necessary to orchestrate a diverse set of resources and deploy
them strategically.


Activities
Distinct and fine-grained business processes that enable firms to add incremental value by
transforming inputs into goods and services.


Resource based view
A model that sees certain types of resources as key to superior firm performances.


Tangible resources
Resources that have physical attributes and thus are visible.


Intangible resources
Resources that do not have physical attributes and thus are invisible.


Resource heterogeneity
Assumption in the resource-based view that a firm is a bundle of resources and capabilities that differ
across firms.


Resource immobility
Assumption in the resource-based view that a firm has resource that tent to be "sticky" and that do
not move easily from firm to firm.


Two critical assumptions
1. Resource heterogeneity
2. Resource immobility


VRIO Framework
A theoretical framework that explains and predicts firm-level competitive advantage.


VRIO
1. Valuable
2. Rare
3. Icostly to Imitate

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