$1.$ Resource$-$based view helps managers identify the resources$/$capabilities that are strategically important to the firm. Which of the following is not a condition for organizational resources to be a core competency of the firm?

Question $1$Answer

a$.$

the capability is valuable.

b$.$

the capability is not substitutable.

c$.$

the capability is standardized.

d$.$

the capability is costly to imitate.

$2.$ After Michael Porter developed the five forces model focusing on industry circumstances, subsequent researchers focused on how some firms can achieve superior positioning by building and leveraging distinct capabilities or competencies. The resources or capabilities that confer advantage need to be valuable, rare, inimitable, and non$-$substitutable. Thus, competitive advantage can be based on superior resources. As an instructor, I assume that you understand what each component $($i$.$e$.,$ valuable, rare, inimitable, and non$-$substitutable$)$ implies. If you don't, go back $"4\mathrm{.}3$ resource$-$based view" of Chapter $4$: evaluating the internal environment. Which of the following statement is NOT correct about the resource$-$based view?

Question $7$Answer

a$.$

The characteristic of being "non$-$substitutable" makes the firm having non$-$substitutable resources vulnerable to highly uncertain $($e$.$g$.,$ unpredictable and malleable$)$ environments.

b$.$

The implications of resource based view are best embraced by the firms in the adaptive environment among the four BCG$-$proposed environments: adaptive, classical, shaping, & visionary.

c$.$

A business model is a good example of a firm's intangible resource. The "inimitable" business model can be created when firms achieve strategic fit. $*$Click the link if you do not understand what strategic fit means.

d$.$

Being "valuable" indicates the characteristic of a resource to enable a firms to either take advantage of new opportunities or neutralize threats.