RBV and VRIO

What is the main focus of the Resource-based view (RBV) theory in strategic management?

• Internal capabilities and resources

• External market trends

• Political factors

• Technological advancements

Which of the following is NOT a characteristic of a valuable resource according to the VRIO framework

• Rare

• Inimitable

• Organizational

• Exploited

In the VRIO framework, what does the "R" stand for?

• Robust

• Rare

• Reactive

• Responsible

Which of the following is a key aspect of the VRIO framework for assessing resources?

• Resourcefulness

• Rarity

• Resilience

• Responsiveness

How does the VRIO framework help companies gain a competitive advantage?

• By acquiring all resources

• By selling their resource

• By investing solely in technology

• By identifying key resources that give them a competitive edge

What does the "I" in VRIO framework refer to?

• Internal

• Incomplete

• Identifiable

• Internalization

Which of the following is a criterion for a resource to be considered "Valuable" in the VRIO framework?

• Common

• Costly to imitate

• Temporary

• Tainted

It is important for resources to be "Inimitable" to_____

Which of the following is an implication of the VRIO framework for business strategy?

• Resources are not important

• Focus only on external factors

• Sustainable competitive advantage

• Ignore internal capabilities

How can a company sustain a competitive advantage based on the Resource-based view (RBV) theory?

• By neglecting internal resources

• By not analyzing their resources

• by having resources that are valuable, rare, inimitable, and organized

• By ignoring market trends