What is the first step of strategy development if a firm follows a resource-based view?
A) targeting profitable market segments
B) analyzing the firm's strengths and weaknesses
C) assessing the company's external environment
D) identifying sustainable competitive advantages

Question

Quizplus · Accepted Answer

The first step in strategy development if a firm follows a resource-based view is to analyze the firm's strengths and weaknesses. This involves taking an inventory of the firm's resources, capabilities, and core competencies and determining which ones can be leveraged to create a sustainable competitive advantage. Once these strengths and weaknesses are identified, the firm can then develop a strategy that capitalizes on its strengths and addresses its weaknesses.

What Is the First Step of Strategy Development If a Firm