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What is the difference between resources and capabilities and why do you need both?

A firms resources identifies its capabilities. Resources are the productive assets owned by the firm and capabilities speak to what the firm can do with those resources. Why the firm needs them? Without resources the the firms capabilities are limited.


What is the definition of vendor development?

Vendor development is one of the popular techniques of strategic sourcing, which improves the value we receive from suppliers. Vendor Development can be defined as any activity that a Buying Firm undertakes to improve a Supplier's performance and capabilities to meet the Buying Firms' supply needs.


The Best Top Workday Consulting Firms?

Top Workday consulting firms offer comprehensive solutions in human capital management, financial management, and analytics using Workday software. Renowned for their expertise, they optimize businesses' Workday implementations, ensuring efficiency and maximizing the platform's capabilities to drive organizational success.... See More.


How many firms are traded on the FTSE?

There are approximately 1700 firms traded on the FTSE. The number of firms traded changes daily. New firms are added as some firms drop off the exchange.


What is Manufacturing capabilities?

manufacturing capabilities


Are profitable firms necessarily efficient firms?

yes


What is Equity strategic alliance?

Strategic Alliance: Is an alliance(a business strategy) in which two or more firms own different percentages of the company they have formed, by combining some of their capabilities and resources for creating a competitive advantage in the market. For Example: In Pakistan (Karachi), "own % of RBS,Barclays and CitiBank" when combine together their resources & capabilities they form a competitive advantage now named as "FAYSAL BANK".


What Is the Assessment of the internal capabilities of the firm centres around the appraisal of performance in different functional are?

The assessment of a firm's internal capabilities involves evaluating its performance across various functional areas such as marketing, operations, finance, and human resources. This appraisal helps identify strengths and weaknesses, enabling the firm to leverage its core competencies while addressing gaps. By analyzing these functions, firms can align strategies with their capabilities, optimize resource allocation, and improve overall efficiency and effectiveness in achieving business objectives.


Why big accounting firms carry out superior audits than small and medium accounting firms?

accounting firms carry out superior audits than small accounting firms


Why big accounting firms carry out superior audits than medium and small accounting firms?

accounting firms carry out superior audits than small accounting firms


How firms compete with each other and how they attain and sustain competitive advantage is the essance of what type of management?

The essence of how firms compete and achieve sustainable competitive advantage falls under strategic management. This field focuses on the formulation and implementation of major goals and initiatives, taking into account resources and the external environment. By analyzing competitors, market trends, and internal capabilities, firms can develop strategies that differentiate them and create value. Ultimately, effective strategic management enables organizations to adapt and maintain their competitive edge over time.


What is the part of speech for Capabilities?

Capabilities is a noun.