Chapter 3 Notes

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Published on 30 Dec 2011
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cc
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Document Summary

Chapter 3 examining the internal environment resources, capabilities, and. If so, the company is able to compete in an industry, but value by itself does not convey an advantage. Valuable resources that are also rare contribute to a competitive advantage, but that advantage may only be temporary. Valuable and rare resources and capabilities that are also difficult to imitate or substitute can contribute to sustained competitive advantage. If the resource or capability satisfied any or all of the. Resources and capabilities that satisfy the first four vrine. Valuable resources and capabilities have the potential to contribute to normal profits (profits that cover the cost of all inputs, including capital). A temporary competitive advantage can contribute to above-normal profits, at least until the advantage is nullified by other firms. A sustained competitive advantage can contribute to above-normal profits for extended periods of time (until competitors find ways to imitate or substitute or environmental changes nullify the advantage).

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