Strategic Management
4th Edition
ISBN: 9781259927621
Author: Frank T. Rothaermel The Nancy and Russell McDonough Chair; Professor of Strategy and Sloan Industry Studies Fellow
Publisher: McGraw-Hill Education
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Question
Chapter 4, Problem 1DQ
Summary Introduction
To explain: Why it is important to study the internal resources, activities, and capabilities of the firm and the insights that can be gained.
Expert Solution & Answer
Explanation of Solution
It is important to know the resources, capabilities, and the activities that are present in a firm. The firm can formulate a strategy only after it knows everything about its own in detail. The firm can utilize the current condition of the firm and look to update the strategy so that it addresses the external issues that are hindering the growth of the firm.
A firm cannot do this without actually knowing the features of the firm that are currently present. Hence, it is vital to learn the internal resources, activities, and capabilities of the firm as it provides the valuable insights for formulating the future strategy for the firm.
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