Question $1(3$ points$)$

Some companies have things that they are really, really good at $$ the skills and knowledge that set them apart from everyone else. In the business world, it is called $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ of a company.

Question $1$ options:

Core Competencies

Activities

Resources

Capabilities

Question $2(3$ points$)$

In this theory, a firm is a unique bundle of resources, capabilities, and competencies. The key tenet of this theory is that in order for a company to achieve a competitive advantage, its internal resources, capabilities, and competencies should meet VRIO standards.

Question $2$ options:

Behavioral theory of the firm

Transaction cost theory

Resource$-$based view

Resource dependence theory

Question $3(3$ points$)$

Although VRIO resources, capabilities, and competencies can lay the foundation of competitive advantage, no competitive advantage can be sustained indefinitely. Several conditions can potentially protect a firm by making it more difficult for competitors to imitate the resources, capabilities, and competencies that underlie its competitive advantage. We call these conditions $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_.$

Question $3$ options:

SWOT

Dynamic Capabilities

Core Rigidity

Isolating Mechanisms

Question $4(3$ points$)$

$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ describes a process in which the options a firm faces in the current situation are limited by decisions made in the past.

Question $4$ options:

SWOT

Social complexity

Path dependence

Causal ambiguity

Question $5(3$ points$)$

A core competency can turn into a $\_\_\_\_\_\_\_\_\_\_\_\_$ if a firm relies too long on the competency without honing, refining, and upgrading as the environment changes. For example, Kodak ruled with its high$-$quality film$-$making capability. However, when digital cameras emerged, Kodak hesitated to shift gears, clinging to traditional film.

Question $5$ options:

dynamic capability

core activity

core rigidity

strength

$0$ of $5$ questions saved