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Essay Details:
Essay text:
(Hunger & Wheelen, 2006)
As stated in the Hunger & Wheelen (2006, 107) text, Grant had proposed a five-step, resource-based approach to strategy analysis:
1) Identify and classify the firm's resources in terms of strengths and weaknesses.
2) Combine the firm's strengths into specific capabilities and core competencies.
3) Appraise the profit potential of these capabilities and competencies in terms of their potential for sustainable competitive advantage and the ability to harvest the profits resulting from their use.
4) Select the strategy that best exploits the firm's capabilities and competencies relative to external opportunities...
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