BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a firm’s technical resources
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a firm’s resources and external opportunities
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a firm’s core competencies
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the organizational structure of multinational firms
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Detailed explanation-1: -The four main factors it focuses on are Value, Rarity, Imitability, and Organization. These categories are all important to understand when analyzing your business for markers of success and are the core of the VRIO framework.
Detailed explanation-2: -The VRIO Framework is used to evaluate an organization’s resources and capabilities. The VRIO framework looks at value, rarity, imitability, and organization.
Detailed explanation-3: -The VRIO approach facilitates a systematic analysis of tangible and intangible resources and capabilities along the organisations’ value chain. It helps to identify existing competencies to formulate strategies. Likewise, this framework reveals the competencies the organisation should be keep, protect, or enhance.
Detailed explanation-4: -An effective way of analyzing a company’s core competencies is through a SWOT analysis.