BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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macro and micro environment
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industry environment
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internal environment
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external environment
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Detailed explanation-1: -The Resource-Based View (RBV) is a group of theories proposing that companies are able to establish competitive advantage through internal resources of the firm that are valuable, rare, not imitable, and organized for value capture.
Detailed explanation-2: -The RBV model explains that it is significant to accept and fulfill external or new opportunities using existing resources innovatively by acquiring new niche skills. As a result, the internal analysis of resources should be empowered to achieve higher organization prowess in the RBV framework.
Detailed explanation-3: -Resource-based theory contends that the possession of strategic resources provides an organization with a golden opportunity to develop competitive advantages over its rivals (Table 4.1). These competitive advantages in turn can help the organization enjoy strong profits (Barney, 1991; Wernerfelt, 1981).
Detailed explanation-4: -Resource-based theory suggests that resources that are valuable, rare, difficult to imitate, and nonsubstitutable best position a firm for long-term success. These strategic resources can provide the foundation to develop firm capabilities that can lead to superior performance over time.