Question

Briefly describe each of the following key terms

Competitive Advantage

Resources

Core Competency:

External Environment:

Strategy

Answer 1

Answer:

Competitive Advantage: It is an advantage which a company takes, over its other competitors in the market. This is done by providing discounts, better quality products, etc.

Resources: It is a source out of which any useful thing can be produced, which has some utility.

Core Competency: Core competencies are defined as different capabilities like skills, technology, strategies etc. that a business possesses.

External Environment: It is the combination of all the ouside influences or factors that can effect the company's performance.

Strategy: It is a kind of plan that we make to achieve our long term goals.