Identify 3 factors determine the relative value of a resource to firms, and therefore competitive advantage. 

Identify these 3 factors and provide a specific, real-world example of each in the auto racing industry.  

1.  
2.  Resource Picking: forecasting of a scarce resource's value Complementarities between the existing resources of the firm and the resource being acquired (e.g., Retail Location & Products) Network effects that accrue when more people use it 
3.  
4. Identify the 3 basic types of isolating mechanisms and provide a specific, real-world example of each in the auto racing industry.
5.  
6. In class I argued that a resource or capability needs to have 4 characteristics in order to provide a firm with sustainable competitive advantage. 
7. Identify each of these characteristics and provide a specific, real-world example of each, from the auto racing industry.
8.