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QUESTION $4$

According to the VRIO framework, a firm can gain a competitive advantage if it has resources that are and captured by an organized firm

valuable, rare, costly to imitate

varied, refined, costly to introduce

valuable, refined, costly to introduce

varied, rare, costly to imitate

QUESTION $5$

Even though many valuable, rare, and inimitable resources were generated at Xerox's Palo Alto Research Center $($PARC$),$ the management a Xerox's headquarters failed to gain a competitive advantage by exploiting the breakthroughs in computing software and hardware. What is the most likely implication of this example?

A firm must be effectively organized to capture value

It is better to build competitive advantage on tangible assets rather than intangible assets.

It is advisable to outsource research and development functions.

Competitive advantage cannot be gained through unrelated diversification.

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