The resource bases view of the firm
13 important questions on The resource bases view of the firm
What model will be used in this chapter to analyze the internal environment?
- Focus on strengths and weaknesses of a firm
- Comparison with competitors
How does economic value creation differ between perfect and imperfect competition according to the diagrams?
- Imperfect Competition: Economic value shown as shaded area due to pricing above marginal cost.
- Perfect Competition: Price equals marginal cost, no economic value created.
What strategies should firms use to exploit competitive advantages according to the RBV model?
- Focus on identifying unique resources and capabilities.
- Develop strategies that leverage these for sustained competitive advantage.
- Continuously assess and adapt strategies for resource utilization.
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Thanks to StudySmart, I passed all my exams, and with better grades than before! On top of that, I have mastered a very good study method now, which I am confident will help me earn my degree.
For my 1st exam I got a C. Then, I started looking for ways to learn better and I came across Study Smart. Since then I have scored a A+, A, A- and another A. I highly recommend it to everyone who wants to hear it. I am so happy with it!!
I was struggling to finish all my first-year subjects for 3 years. Then I discovered Study Smart, which helped me to finish all of them within 3 months.
Because of StudySmart, things are going well in many ways. Before, I always had study stress and no time for anything. Now I feel calm and confident (because of the program). I used to score a B, now I usually score an A or A+.
Hey Chris, I really want to thank you very much for developing the platform, I usually got around C for my exams, now I scored an A+, an A and a A- !!
Since using Study Smart, my average has increased significantly. I even completed a statistics course with a A+ while I'm bad at statistics. I took on extra courses this year, because of Study Smart. Thanks so much!
Ever since I started studying with StudySmart I passed all my exams !!! No more re-sits!! At first, I was happy with a pass and now I only get good grades. Many thanks!
I aced all the courses I studied with Study Smart. For law, I first scored a D, and now an A! I’m 100% sure that I’ll pass all the courses I study with Study Smart.
I always thought I studied well. My grades were fine. I could never have imagined that applying these study skills would have such a huge and direct impact on my grades, my speed and the pleasure I have in learning.
For the first time, I finally feel totally confident about the way I learn. I have the perfect overview and make great progress in terms of speed and the grades I get. Thanks, Chris!
I immediately started to enjoy learning again, and my grades soared. All of a sudden, everything went better. I highly recommend Study Smart to all students..
Being able to create my materials online made the process of studying so much smoother and quicker. I no longer have to spend a huge amount of my time on creating my summaries.
At first, my notes were a mess. Now I use Study Smart to take my notes in a perfectly structured way. It helps me to save a lot of time and do other things I enjoy.
Students that study with Study Smart get better grades. The system applies all the learning methods in such a way that both well-performing students and students who struggle perform much better.
Hi Chris, I would like to thank you very much. Last year I scored C on a course, and this year I got an A+ thanks to your method! Thank you very much!
The largest effect is that my child is more enthusiastic about school! Every parent wants their children to be happy at school, Study Smart made it happen.
In high school, I failed several exams, and that has really changed now. I actually needed this tool very much back then. Since I started studying with StudySmart, I haven't had any D's. My average score is now an A and those are results I would have never had in the past
With my old method, I passed only 3 out of 8 courses. Since I started taking my notes digitally in Study Smart, I have passed all my courses on the first try. For me, StudySmart takes away the stress of wondering if I will pass or not.
Thanks to StudySmart, I passed all my exams, and with better grades than before! On top of that, I have mastered a very good study method now, which I am confident will help me earn my degree.
For my 1st exam I got a C. Then, I started looking for ways to learn better and I came across Study Smart. Since then I have scored a A+, A, A- and another A. I highly recommend it to everyone who wants to hear it. I am so happy with it!!
I was struggling to finish all my first-year subjects for 3 years. Then I discovered Study Smart, which helped me to finish all of them within 3 months.
Because of StudySmart, things are going well in many ways. Before, I always had study stress and no time for anything. Now I feel calm and confident (because of the program). I used to score a B, now I usually score an A or A+.
Hey Chris, I really want to thank you very much for developing the platform, I usually got around C for my exams, now I scored an A+, an A and a A- !!
Since using Study Smart, my average has increased significantly. I even completed a statistics course with a A+ while I'm bad at statistics. I took on extra courses this year, because of Study Smart. Thanks so much!
Ever since I started studying with StudySmart I passed all my exams !!! No more re-sits!! At first, I was happy with a pass and now I only get good grades. Many thanks!
I aced all the courses I studied with Study Smart. For law, I first scored a D, and now an A! I’m 100% sure that I’ll pass all the courses I study with Study Smart.
I always thought I studied well. My grades were fine. I could never have imagined that applying these study skills would have such a huge and direct impact on my grades, my speed and the pleasure I have in learning.
For the first time, I finally feel totally confident about the way I learn. I have the perfect overview and make great progress in terms of speed and the grades I get. Thanks, Chris!
What characterizes the market on the right side in terms of competition?
- No competition
- Demand is equal to the quantity produced
What is stated about competitive advantage in this context?
- No competitive advantage exists
- The market conditions do not support competition
What is competitive advantage in economics?
- Competitive advantage: Difference in a firm’s economic value versus rivals.
- Typified by high profits.
- Mostly temporary due to changing products and costs.
- Profits attract competition.
- Competition often limits advantage duration.
What is a significant characteristic of competitive advantage according to the information provided?
- Competitors can imitate advantages
- They may offer superior alternatives
- Constant market evolution impacts sustainability
What question does the Resource-Based View aim to address in relation to firms?
- Unique firm-specific resources
- Their role in competitive advantage
- Economic performance indicators
What is the essence of the resource-based theory regarding economic performance?
- Resources are core to competitive advantage
- Economic performance is driven by resource uniqueness
- Sustainable advantages come from firm-specific resources
In a perfectly competitive market, how is economic value created?
- Products are identical across companies
- Example scenario:
- - Value = 40
- - Consumer Surplus = €40 - €30
- - Price = 30
- - Cost = 15
What are some economic measures that are typically not included in accounting measures?
- The cost of debt
- The cost of equity
- Weighted average cost of capital (WACC)
- WACC ROA Industry Avg. ROA
What does it indicate when WACC is less than ROA for a firm?
- Indicates profitability
- Potential for value creation
- Provides a positive financial outlook
What does it suggest when ROA is less than the Industry Avg. ROA for a firm?
- Indicates underperformance
- Suggests need for improvement
- Short-term situation may differ, but long-term avoidance is crucial
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