Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What is the difference between tangible and intangible resources in terms of competitive advantage?
What is the difference between tangible and intangible resources in terms of competitive advantage?
- Intangible resources are used to produce goods and services while tangible resources are not
- Tangible resources are easier for competitors to analyze and imitate than intangible resources
- Tangible resources are more valuable than intangible resources
- Intangible resources are deeply rooted in the firm's history and difficult for competitors to analyze and imitate while tangible resources can be seen and qualified (correct)
What are the four criteria for sustainable competitive advantage?
What are the four criteria for sustainable competitive advantage?
- Valuable, unique, costly to imitate, substitutable
- Valuable, rare, costly to imitate, nonsubstitutable (correct)
- Valuable, rare, easy to imitate, nonsubstitutable
- Valuable, common, costly to imitate, nonsubstitutable
What is the purpose of outsourcing for a firm?
What is the purpose of outsourcing for a firm?
- To focus on areas in which it lacks competence (correct)
- To reduce all costs associated with value-creating activities
- To eliminate all non-core competencies
- To expand its resources and capabilities
What is the main focus of open innovation?
What is the main focus of open innovation?
Signup and view all the answers
What is the main challenge of open innovation?
What is the main challenge of open innovation?
Signup and view all the answers
What is the purpose of acquisitions in open innovation?
What is the purpose of acquisitions in open innovation?
Signup and view all the answers
What are the three dimensions along which a firm can establish a competitive advantage in a specific product market?
What are the three dimensions along which a firm can establish a competitive advantage in a specific product market?
Signup and view all the answers
Which of the following is NOT one of the types of business-level strategies?
Which of the following is NOT one of the types of business-level strategies?
Signup and view all the answers
What is the purpose of a business-level strategy?
What is the purpose of a business-level strategy?
Signup and view all the answers
