When an Industry Is Subject to Externally Generated Changes,the Firms

question 33

Multiple Choice

When an industry is subject to externally generated changes,the firms which are most likely to establish a competitive advantage are:

• A)Those with the highest market share
• B)Those that that respond most quickly to the change and have the resources and capabilities that are most closely aligned to the emerging success factors
• C)Those with the greatest agility and capacity for innovation
• D)A combination of (a), (b),and (c).

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Definitions:

Misconception

A view or opinion that is incorrect based on a misunderstanding or faulty thinking.

Culture

The shared values, traditions, norms, customs, arts, history, folklore, and institutions of a group of people that are passed down from generation to generation.

Cognitive Processes

Refers to the mental actions or operations involved in acquiring, understanding, and utilizing knowledge, such as perception, memory, and reasoning.

Vygotsky

A Russian psychologist known for his work on cognitive development, particularly the socio-cultural theory that children learn through interactions with their surrounding culture and people.