BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Detailed explanation-1: -Similar to VRIO, the Value Chain Analysis is a great tool to identify and help establish a competitive advantage for your organization. The Value Chain framework achieves this by examining the range of activities in the business to understand the value each brings to the final product or service.
Detailed explanation-2: -Core competencies are resources and capabilities that serve as a source of a firm’s competitive advantage over rivals. Core competencies distinguish a company competitively and reflect its personality.
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: -A capability is a combination of behaviours, skills, processes and knowledge that affects an outcome. Competency is the measure of how a person performs a capability. Both can be developed, but only one has strategic impacts. Competence is best used to support employee development.