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Discussion post

Why is it important to study the internal resources, capabilities, and activities of firms? What insights can be gained?

Initial Discussion Post

Assessing a company's internal resources, including its capabilities, activities, and resources, aids in developing core competencies for the industry, claims Rothaermel $(2023).$Three factors define the link between resources and core competencies:

$1.$ A company may preserve crucial strengths by using resources that support them. For instance, employing highly qualified engineers may strengthen a business's fundamental strength in creative product creation.$$

$2.$ Capabilities coordinate fundamental capabilities and allow the application of essential talents in real$-$world scenarios. For instance, a company may build a strong CRM system to leverage its core competency in customer care.$$

$3.$ Core competencies work together to foster synergy and improve overall performance via corporate operations. A design business may use this information, for example, in marketing campaigns and product creation.

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By better understanding the internal operations. firms may improve their operational strengths and weaknesses and support long$-$term strategic planning and sustainability. Based on insight gained through the current situation and the market's health, this information enables organizations to set reasonable goals for the future.In conclusion, examining a company's internal assets, competencies, and operations yields insight necessary for making strategic decisions, preparing for long$-$term success, and gaining and maintaining a competitive advantage.