BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Valuable, embedded, rare, ability to exploit
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Valuable, rare, difficult to imitate, ability to exploit
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Valuable, rare, patented, ability to exploit
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Valuable, tacit, difficult to imitate, ability to exploit
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Detailed explanation-1: -To lead to a sustainable competitive advantage, a resource or capability should be valuable, rare, inimitable (there are no substitutes), and possessed by the organization despite it being costly to imitate in terms of time or money or both. This VRIO framework is the foundation for internal analysis.
Detailed explanation-2: -Sustainable competitive advantage occurs when a company consistently outperforms its competitors in the same industry or field. Most often, companies with this type of advantage create a value for their customers that’s superior when compared to other businesses.
Detailed explanation-3: -The idea here is that if a firm is to maintain sustainable competitive advantage, it must control a set of exploitable resources that have four critical characteristics. These resources must be (1) valuable, (2) rare, (3) imperfectly imitable (tough to imitate), and (4) nonsubstitutable.
Detailed explanation-4: -BusinessEconomicsA capability that is easy to imitate may provide a sustained competitive advantage if: Group of answer choices 1.It can easily be put to use in a variety of settings 2. It can easily be increased in scale 3. It is more valuable in conjunction with rare complementary assets held by the firm 4.
Detailed explanation-5: -What are the Sources of Sustainable Competitive Advantage? The sustainable competitive advantage sources for any company include Brand Loyalty, Innovation, Proprietary Information Scale, Intellectual Property, Innovation, Network-effect.