A firm can develop its competitive advantage through its resources. Resources include:

a. both the physical elements of production, such as machines and workforce, and the knowledge and expertise of how to make and sell a product or service.

b. only inputs that are bought and sold on the open market at fair and reasonable prices.

c. the competitors within an industry who seek to serve the same group of customers and serve the same customers' needs.

d. the customers who choose to buy products or services from a company.

Question

Adriana Dickerson

Business

21 October, 05:46

A firm can develop its competitive advantage through its resources. Resources include:

a. both the physical elements of production, such as machines and workforce, and the knowledge and expertise of how to make and sell a product or service.

b. only inputs that are bought and sold on the open market at fair and reasonable prices.

c. the competitors within an industry who seek to serve the same group of customers and serve the same customers' needs.

d. the customers who choose to buy products or services from a company.

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Answers (1)

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Zion Golden · Answer 1

a. both the physical elements of production, such as machines and workforce, and the knowledge and expertise of how to make and sell a product or service.

Explanation:

Resources are the company's assets that are a source of competitive advantage when they are better than the ones the competitors have in a way that they can't replicate them. This resources can be equipment, patents, know how, reputation, among others.