A Firm's Core Competencies, Integrated with an Understanding of the Results

question 85

Multiple Choice

A firm's core competencies, integrated with an understanding of the results of studying the conditions in the external environment, should:

• A) guarantee profits.
• B) lead to a first-mover advantage.
• C) drive the selection of strategies.
• D) increase the firm's market share.

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Definitions:

Trade

The exchange of goods, services, or both within and between countries.

Specialize

To focus on a particular area of production or work, allowing for increased efficiency and expertise in that area.

Scarcity of Resources

The fundamental economic problem of having seemingly unlimited human wants in a world with limited resources.

Necessity of Choice

An economic principle stating that due to scarce resources, individuals and societies must make decisions on how to best allocate those resources.