Question $1$ Question $1$

Some companies have things that they are really, really good at $-$ the skills and

knowledge that set them apart from everyone else. In the business world, it is called

of a company.

Core Competencies

Activities

Resources

Capabilities

Question $2$

In this theory, a firm is a unique bundle of resources, capabilities, and competencies.

The key tenet of this theory is that in order for a company to achieve a competitive

advantage, its internal resources, capabilities, and competencies should meet VRIO

standards.

Behavioral theory of the firm

Transaction cost theory

Resource$-$based view

Resource dependence theory

Question $3(3$ points$)$

Although VRIO resources, capabilities, and competencies can lay the foundation of

competitive advantage, no competitive advantage can be sustained indefinitely.

Several conditions can potentially protect a firm by making it more difficult for

competitors to imitate the resources, capabilities, and competencies that underlie its

competitive advantage. We call these conditions

SWOT

Dynamic Capabilities

Core Rigidity

Isolating Mechanisms

Question $4$

describes a process in which the options a firm faces in the current

situation are limited by decisions made in the past.

SWOT

Social complexity

Path dependence

Causal ambiguity

Question $5$

A core competency can turn into a

if a firm relies too long on the

competency without honing, refining, and upgrading as the environment changes.

For example, Kodak ruled with its high$-$quality film$-$making capability. However, whe

digital cameras emerged, Kodak hesitated to shift gears, clinging to traditional film.

dynamic capability

core activity

core rigidity

strength

Some companies have things that they are really, really good at $$ the skills and knowledge that set them apart from everyone else. In the business world, it is called $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ of a company.

Question $1$ options:

Core Competencies

Activities

Resources

Capabilities

Question $2$

In this theory, a firm is a unique bundle of resources, capabilities, and competencies. The key tenet of this theory is that in order for a company to achieve a competitive advantage, its internal resources, capabilities, and competencies should meet VRIO standards.

Question $2$ options:

Behavioral theory of the firm

Transaction cost theory

Resource$-$based view

Resource dependence theory

Question $3$

Although VRIO resources, capabilities, and competencies can lay the foundation of competitive advantage, no competitive advantage can be sustained indefinitely. Several conditions can potentially protect a firm by making it more difficult for competitors to imitate the resources, capabilities, and competencies that underlie its competitive advantage. We call these conditions $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_.$

Question $3$ options:

SWOT

Dynamic Capabilities

Core Rigidity

Isolating Mechanisms

Question $4$

$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ describes a process in which the options a firm faces in the current situation are limited by decisions made in the past.

Question $4$ options:

SWOT

Social complexity

Path dependence

Causal ambiguity

Question $5$

A core competency can turn into a $\_\_\_\_\_\_\_\_\_\_\_\_$ if a firm relies too long on the competency without honing, refining, and upgrading as the environment changes. For example, Kodak ruled with its high$-$quality film$-$making capability. However, when digital cameras emerged, Kodak hesitated to shift gears, clinging to traditional film.

Question $5$ options:

dynamic capability

core activity

core rigidity

strength