Resource-Based View (RBV) Quiz

Who is credited with popularizing the Resource-Based View (RBV) in strategic management?

• Michael Porter

• Peter Drucker

• Jay Barney

• Henry Mintzberg

What does the VRIN framework stand for in the context of RBV?

• Valuable, Rare, Inimitable, Non-substitutable

• Valuable, Reliable, Innovative, Non-substitutable

• Valuable, Rare, Innovative, Non-substitutable

• Valuable, Reliable, Inimitable, Non-substitutable

Which of the following is NOT a component of the VRIN framework?

• Valuable

• Rare

• Innovative

• Inimitable

Why is a resource considered 'rare' in the VRIN framework?

• It is expensive to produce

• It is patented

• It is technologically advanced

• It is uncommon within the industry

What is the first step in applying the RBV framework in a business?

• Develop a strategy

• Identify key resources

• Sustain and enhance resources

• Assess resources using VRIN

How can a company ensure its resources remain a source of competitive advantage over time?

• By reducing costs

• By securing patents and training employees

• By expanding into new markets

• By increasing marketing efforts

Which company is known for leveraging its advanced battery technology and vertical integration as part of its RBV strategy?

• BYD

• Ford

• Tesla

• General Motors

Nike's competitive advantage is largely derived from which two internal resources?

• Brand and cost leadership

• Brand and supply chain management

• Brand and product innovation

• Product innovation and cost leadership

What is a key benefit of the Resource-Based View (RBV) for businesses?

• Increased advertising reach

• Sustainable competitive advantage

• Focus on external market trends

• Short-term market gains

How does RBV encourage companies to achieve long-term profitability?

• By focusing on external market trends

• By nurturing valuable and rare resources

• By expanding into new markets

• By reducing operational costs