BUSINESS ADMINISTRATION
PRINCIPLES AND PRACTICE OF MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Strategic Fit
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The Best Fit Approach
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Strategic Flexibility
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The Resource Based View (RVB)
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Detailed explanation-1: -Competitive advantage can be gained from adoption of advance technology, excellent service, low cost production, or selling of unique products.
Detailed explanation-2: -Resource-based theory of competitive advantage argues that innovations achieve sustainable competitive advantage by accumulating and using resources to serve consumer interests in ways that are hard to substitute for or imitate. It states that successful innovations are determined not just by the innovation.
Detailed explanation-3: -Physical resources such as the plant, machinery, equipment, production technology and capacity have contributed positively towards organizational competitive advantage and eventually result in superior firm’s performance (Morgan et al., 2004; Ainuddin et al., 2007).
Detailed explanation-4: -The resource-based view of the firm (RBV) represents a paradigm shift in SHRM thinking by focusing on the internal resources of the organisation, rather than analyzing performance in terms of the external context.