Explain the Four Attributes That a Resource Must Have to Provide

question 71

Essay

Explain the four attributes that a resource must have to provide a firm with a sustainable competitive advantage.

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Definitions:

Market-Product Focus

A strategic approach focusing on specific markets and product lines to meet customer needs effectively.

Perceptual Maps

A visual tool used in marketing to display the perceptions of customers or potential customers regarding products, brands, or companies on various dimensions.

Cannibalization Effects

The reduction in sales volume, revenue, or market share of one product as a result of the introduction of a new product by the same company.

Strategic Marketing Process

A systematic approach to planning, executing, and managing marketing strategies to achieve business objectives.