Question: Explain how do firms build core competencies and create competitive advantages. Why is this important from a strategic mgmt angle? What should companies do to

Explain how do firms build core competencies and create competitive advantages. Why is this important from a strategic mgmt angle?
What should companies do to increase flexibility, mitigate risks, and reduce capital investments? Why do modern-day firms need these?
Can outsourcing create value in either a value chain or support activity? Give examples of firms that have failed to do so.

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