1. Explain the difference between a resource, a capability, and a core competence. Which is more important for developing competitive advantage?When you talk about resources, they are stocks of assets that are controlled by the firm, and these assets can be tangible or intangible. The term capabilities represent the processes by which resources are utilized that firms can use to differentiate itself from its rivals. Core competencies are combinations of resources that are linked bythe capabilities that serve as a source of competitive advantage over rivals.
The firm uses these resources and capabilities to generate core competencies. Core competencies emerge over time to add value to their stock resources and develop innovative ways of using their resources. 2. Explain how a firm of your choosing can meet all of the criteria for obtaining competitive advantage.I think the best example to use would be Disneyâ€™s theme parks. This company as a whole represents a competivtive advantage, the theme park is valuable because it is important to kids and their family.
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Disney provides an experience like no other, all of the attractions that they have to offer, that allows them to tie in with the actual network, is what keeps them ahead.They not only have a theme park, but with each generation that comes along it stays in tune with new. The culture is rare because of the disney characters such as mickey mouse and minie. Most competitors can not duplicate withwhat Disney world has done because itâ€™s a once in a life time experience makes you feel as if you are apart of the disney family and even turns a lot of adults back into kids while they are there.
No one can try to compete on the same level because of the many attractions that they specialize in such as Epcot.