BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -c) both business opportunity and unique firm resources should be the starting point for developing successful strategies.

Detailed explanation-2: -What the Resource-Based View of the Firm? 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-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: -The resource-based view (RBV) argues that a firm’s sustained competitive advantage is based on its valuable, rare, inimitable, and nonsubstitutable resources (Barney, 1991). The capability of firms to create or acquire these resources affects their performance and competitiveness over their competitors.

Detailed explanation-5: -It aims to elaborate on imperfectly imitable firm resources that could potentially become the source of sustained competitive advantage (Barney, 1991).