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:

Monopolistic Competition

refers to a market structure where many firms sell products that are similar but not identical, each having some control over its price.

Product Differentiation

The process of distinguishing a product or service from others, to make it more attractive to a particular target market.

Barriers to Entry

Factors that make it difficult for new firms to enter an industry, such as high startup costs or strict regulations.

Monopolistically Competitive

Describes a market structure where many firms sell products that are similar but not identical.