When a Company Has Become Proficient in Modifying, Upgrading, or Deepening

question 9

Multiple Choice

When a company has become proficient in modifying, upgrading, or deepening the company's resources and capabilities in response to its changing environment and market opportunities, it is called

• A) a dynamic capability.
• B) a core competence.
• C) a distinct competence.
• D) a strategic assessment.
• E) a benchmarking exercise.

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Definitions:

Market System

An economic system whereby decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.

Invisible Hand

A term coined by Adam Smith to describe the self-regulating nature of the marketplace, where individuals working for their own gain unintentionally benefit society.

Wealth of Nations

A seminal book by Adam Smith that examines how nations achieve wealth and economic growth.

Adam Smith

An 18th-century Scottish economist and philosopher, best known for his book "The Wealth of Nations," which lays the foundation for classical economics.