----- A VRIO analysis takes a closer look at a firm's strengths and weaknesses. Formal institutions -----resources and capabilities are assets that are readily observable and quantifiable. External ---__resources and capabilities are assets are not readily observable or easily quantifiable. Power distance is considered an upstream activity in the value chain. External is considered an downstream activity in the value chain. Temporary Temporary According to the VRIO framework, valuable, rare, and hard- to-imitate resources and capabilities will lead to competitive advantage. Tangible According to the VRIO framework, valuable, rare, and imitatable resources and capabilities will lead to competitive advantage. culture is an example of human resources and capabilities. Resource [Choose ] Uncertainty avoidance Sustained Intangible Organizational Internal Social stratification Resource Formal institutions Power distance Design Marketing Temporary External Code of Conduct Collectivist [Choose] Uncertainty avoidance Sustained Intangible Organizational Internal Social stratification Resource Formal institutions Power distance Design Marketing Temporary External Code of Conduct Collectivist Tangible Informal institutions Foreign Corrupt Practices Act (FCPA) Ethics Individualist