BUSI 4940 Exam 2 Exam Questions with Correct Answers 100% Verified by Experts|
2025/2026 Latest Update
VRIS Framework - What does the acronym stand for? Valuable
Rare
Imitability
Substitute
How is "value" defined in the VRIS framework? Investors' expected return is met or
exceeded
Who wrote the VRIS model? Jay Barney, father of resource-based theory
What happens if your product isn't rare? It leads to competitive parity
What happens if it isn't difficult to imitate your product? It leads to a short-term competitive
advantage
What happens if there is no substitute for your product? You have a sustainable competitive
advantage
Resources -> Capabilities -> Competencies Resource based model
resources physical, human, and organizational capital (tangible and intangible)
capabilities an integrated set of resources; transformation of resources into useable skills
competencies a potential source of competitive advantage
, Tangible Resources assets that can be observed and quantified
intangible resources 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? Intangible
competency 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 Incompetencies
Deficiencies
Core competencies
Distinctive competencies
Incompetent performance outcomes rapid failure
deficient performance outcomes competitive disadvantage
distinctive competency performance outcomes competitive advantage
core competency performance outcomes competitive parity
5 Generic Business Level Strategies 1. cost leadership
2. differentiation
2025/2026 Latest Update
VRIS Framework - What does the acronym stand for? Valuable
Rare
Imitability
Substitute
How is "value" defined in the VRIS framework? Investors' expected return is met or
exceeded
Who wrote the VRIS model? Jay Barney, father of resource-based theory
What happens if your product isn't rare? It leads to competitive parity
What happens if it isn't difficult to imitate your product? It leads to a short-term competitive
advantage
What happens if there is no substitute for your product? You have a sustainable competitive
advantage
Resources -> Capabilities -> Competencies Resource based model
resources physical, human, and organizational capital (tangible and intangible)
capabilities an integrated set of resources; transformation of resources into useable skills
competencies a potential source of competitive advantage
, Tangible Resources assets that can be observed and quantified
intangible resources 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? Intangible
competency 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 Incompetencies
Deficiencies
Core competencies
Distinctive competencies
Incompetent performance outcomes rapid failure
deficient performance outcomes competitive disadvantage
distinctive competency performance outcomes competitive advantage
core competency performance outcomes competitive parity
5 Generic Business Level Strategies 1. cost leadership
2. differentiation
