The I/O Approach to Competitive Advantage Advocates That Internal Factors

question 93

True/False

The I/O approach to competitive advantage advocates that internal factors are more important than external factors in a firm achieving competitive advantage.

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Definitions:

Customized Goods

Products that are specifically made to the order and specifications of a customer.

Oral Contract

An agreement between parties spoken aloud and not recorded in written form, yet legally binding under certain circumstances.

Memorandum

A memorandum is a written message used in business or diplomacy to communicate formal information, policies, or instructions.

Oral Contract

An agreement between parties spoken and agreed to aloud rather than written, yet is legally binding.