BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Valuable, Resources, Capabilities, sustainability
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Vision, Resources, Costly to imitate, sustainability
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Valuable, Rare, Capabilities, Substitutable NonSubstitutable
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Valuable, Rare, Costly to Imitate, NonSubstitutable
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Detailed explanation-1: -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-2: -The four primary methods of gaining a competitive advantage are cost leadership, differentiation, defensive strategies and strategic alliances.
Detailed explanation-3: -A resource or capability is a core competency if it is valuable, rare, costly to imitate, and non-substitutable. A capability or resource is valuable when it allows the company to capitalize on opportunities or defend against external threats.
Detailed explanation-4: -Variables of the Four Core Competencies The model focuses on a combination of specific, collaborative, integrated and applied knowledge, skills and attitude.