Answer 1
True
Resource based view is management model under which the potential of internal resources of firms is analysed that contribute towards firms growth or success
There are 2 approaches to strategic management namely industrial organization model and resources based view. Both the model caters towards the success of organisation the industrial organization model looks into the external factors in industry that are responsible for the profitablity of industry and resources based view is also known as insidr-out view which includes the internal resources analysis that contribute to success of firm
So the argument is correct
Answer 2.
True
Porter’s five forces model is the most effective tool used for analysing the competition in business firms. It explains the ability of different industries to achieve and sustain the different level of profitablity.
The forces mentioned are correct as the model is made up these forces namely
Threat of new entrance
Threat of substitutes
Bargaining power of customers
Bargaining power of suppliers
Industry rivalry
Answer 3
True
The resources are not always available in abundance to the firm and it becomes difficult for the employees to manage the resources so the stratergies should be effectively formed
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