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Question 1
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Technology has made it more difficult for companies to find ways to develop competitive advantages.

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Question 2
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Firms should seek to continually develop new core competencies because all core competencies guarantee above-average profit.

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Question 3
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In today's global economy, some resources that were traditionally critical to firms' efforts to sell goods are now less likely to be a source of competitive advantage.?

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Question 4
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Firms achieve strategic competitiveness and earn above-average returns by acquiring, bundling, and leveraging their resources for the purpose of taking advantage of opportunities in the external environment in ways that create value for customers.

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Question 5
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Analyzing the internal environment enables a firm to determine what it might do by identifying what opportunities and threats exist.

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Question 6
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Analyzing the internal environment enables a firm to determine what it can do by identifying resources, capabilities, and core competencies in the internal organization.

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Question 7
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Understanding how to leverage the firm's unique bundle of resources and capabilities is a key outcome decision makers seek when analyzing the internal organization.

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Question 8
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Resources are the source of capabilities, some of which lead to the development of core competencies.  In turn, some core competencies may lead to competitive advantage.

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Question 9
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Value is measured by the variable and fixed costs associated with the production and marketing of a particular product compared with the revenue and profits the product generates.

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Question 10
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Creating customer value is the source of the firm's potential to earn above-average returns.

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Question 11
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Walmart uses core competencies, such as information technology and distribution channels, to create value for its customers through its "everyday low prices."

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Question 12
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The need to meet quarterly earnings results causes managers to accurately examine the firm's internal organization.

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Question 13
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The learning generated by making and correcting mistakes is generally unimportant to efforts to create new capabilities and core competencies.

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Question 14
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By themselves, resources can allow firms to create value for customers as the foundation for earning above-average returns.

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Question 15
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Resources must be combined to form capabilities, as illustrated by Chipotle, which linked fresh ingredients with several other resources, including the marketing and training of employees, as the foundation for customer service as a capability.

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Question 16
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The value of tangible assets, such as the firm's borrowing capacity and its physical plant, is high because these assets can be easily leveraged to derive additional value.

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Question 17
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Although an organization's good reputation is a valuable resource that takes years of superior marketplace competence to achieve, it is not a good basis for building a competitive advantage because it can be destroyed almost instantly by bad publicity.

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Question 18
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Compared to tangible resources, intangible resources are an inferior source of core competencies.

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Question 19
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The foundation of many capabilities lies in the unique skills and knowledge of a firm's employees.

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Question 20
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Capabilities of an organization emerge spontaneously through the interaction of tangible and intangible resources.

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