BUSI 4940 EXAM 2 2025/2026 QUESTIONS
AND ANSWERS 100% PASS
VRIS Framework - What does the acronym stand for? - ANS Valuable
Rare
Imitability
Substitute
How is "value" defined in the VRIS framework? - ANS Investors' expected return is met or
exceeded
Who wrote the VRIS model? - ANS Jay Barney, father of resource-based theory
What happens if your product isn't rare? - ANS It leads to competitive parity
What happens if it isn't difficult to imitate your product? - ANS It leads to a short-term
competitive advantage
What happens if there is no substitute for your product? - ANS You have a sustainable
competitive advantage
Resources -> Capabilities -> Competencies - ANS Resource based model
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, resources - ANS physical, human, and organizational capital (tangible and intangible)
capabilities - ANS an integrated set of resources; transformation of resources into useable
skills
competencies - ANS a potential source of competitive advantage
Tangible Resources - ANS assets that can be observed and quantified
intangible resources - ANS assets that are rooted deeply in the firm's history, accumulate
over time, usually tied to its people, and are relatively difficult for competitors to analyze and
imitate
Which is harder to imitate: intangible or tangible resources? - ANS Intangible
competency - ANS the ability to combine resources, tangible/intangible, to create something
that is valuable to the organization
(doesn't mean you're great at it yet tho, aka competent)
4 Main Types of Competencies - ANS Incompetencies
Deficiencies
Core competencies
Distinctive competencies
Incompetent performance outcomes - ANS rapid failure
deficient performance outcomes - ANS competitive disadvantage
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
AND ANSWERS 100% PASS
VRIS Framework - What does the acronym stand for? - ANS Valuable
Rare
Imitability
Substitute
How is "value" defined in the VRIS framework? - ANS Investors' expected return is met or
exceeded
Who wrote the VRIS model? - ANS Jay Barney, father of resource-based theory
What happens if your product isn't rare? - ANS It leads to competitive parity
What happens if it isn't difficult to imitate your product? - ANS It leads to a short-term
competitive advantage
What happens if there is no substitute for your product? - ANS You have a sustainable
competitive advantage
Resources -> Capabilities -> Competencies - ANS Resource based model
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, resources - ANS physical, human, and organizational capital (tangible and intangible)
capabilities - ANS an integrated set of resources; transformation of resources into useable
skills
competencies - ANS a potential source of competitive advantage
Tangible Resources - ANS assets that can be observed and quantified
intangible resources - ANS assets that are rooted deeply in the firm's history, accumulate
over time, usually tied to its people, and are relatively difficult for competitors to analyze and
imitate
Which is harder to imitate: intangible or tangible resources? - ANS Intangible
competency - ANS the ability to combine resources, tangible/intangible, to create something
that is valuable to the organization
(doesn't mean you're great at it yet tho, aka competent)
4 Main Types of Competencies - ANS Incompetencies
Deficiencies
Core competencies
Distinctive competencies
Incompetent performance outcomes - ANS rapid failure
deficient performance outcomes - ANS competitive disadvantage
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
