BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The outside-in approach
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The value chain approach
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The positioning approach
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The inside-out approach
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Detailed explanation-1: -The Resource Based View (RBV) takes an ‘inside-out’ view or firm-specific perspective on why organizations succeed or fail in the market place. According to RBV, firm’s abilities also allow some firms to add value in customer value chain, develop new products or expand in new marketplace.
Detailed explanation-2: -During the 1990s, the resource-based view (also known as the resource-advantage theory) of the firm became the dominant paradigm in strategic planning.
Detailed explanation-3: -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-4: -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-5: -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.