Dynamic Capabilities
Are capabilities and dynamic capabilities the same. True or false.
False
in the VRINE model, what does the N stand for?
Non-substitutable
What is a competitive advantage?
Lowering costs, improving efficiency, and creating more customer value
2 types of assets
Tangible/ Intangible
Which streaming service has shown dynamic capabilities through the years?
Netflix
A resource is considered ______ if very few or no other competitors possess it.
Rare
What are transportation and assembly?
IKEA shifts these two activities to its customers, helping reduce certain operating costs
A firm's capability is...
what a firm can do with its resources
Once a company has sensed their opportunities and threats, a company must do what?
Seize them
Why is having a competitive advantage important for a company?
Helps business outperform rivals and stay profitable over time
What is operate/create and deliver value?
Innovation doesn't always mean creating a new product. It can also mean finding a better way to do this.
A solid brand reputation can take...... to develop
decade years
Maintaining competitiveness
What is the main objective of using the VRINE model?
Evalute a company's resources to see if they provide a competitive advantage
What is flat-pack packaging?
IKEA uses this type of packaging to make furniture easier and more efficient to store and transport.
Toyota is the leading car manufacturer in the world
False