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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Assignments Week3

Assignments Week3

Q Question 1 What is the “resource-based” view of competitive advantage and what are the characteristics of resources that may yield sustainable competitive advantage? Explain. Question 2 2.1 Explain, in your own words, the following three terms: a) price discrimination; b) price transparency; c) information asymmetry. 2.2 How does the Internet relate to these three concepts and what are the relationships among them? Question 3: Analyze the music industry in terms of Porter’s five forces. Consider the music retailers as the center (established firms) and then define the other players (for example, who are the suppliers, the buyers, etc.). Then explain how the Internet can affect the power of those players. Rubric SQA rubric

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Question 1 What is the “resource-based” view of competitive advantage and what are the characteristics of resources that may yield sustainable competitive advantage? Explain. The resource based view of competitive advantage states that the resources here should have 4 major features which are- value , rarity, not easily replicable, and non substitutable. The competitive advantage can only be achieved if the resources satisfy the needs of the consumers and they are not easily imitable and replicable. The innovations should be such that they create resources for gaining sustainable advantage for the consumers. These resources are inputs which are used by various tools and mechanisms to develop sustainable competitive advantage. These are important to organizations because firms and organizations need to be unique and special in today’s highly competitive environment, where there are thousands of companies selling the same products.