MGMT 4P90 Lecture Notes - Lecture 4: Swot Analysis, Human Resource Management, Core Competency

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If a company achieves all four qualities then they have competitive advantage . Competitive advantage: one that will endure over time and help the firm stay successful over time . Tangible resources: resources that can be seen, touched, or quantified. Physical assets are considered to be tangible, even cash . Intangible resources are difficult to see, touch, or quantify. These are like knowledge and skills of an employee . Resources refer to what an organization owns . Capabilities refer to what the organization can do . Capabilities: another key concept of resource-based theory: they arise over time when firms have a strategic plan . A dynamic capability happens when a firm is skilled and will update its capabilities to be at pace with the changes in its environment . Distinctive competence: a set of activities that an organization performs well. Something that they stand out in comparison to competitors .

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