How might a firm's resources limit its search for opportunities? Cite two specific examples for two specific resources.
TEXT BOOK:Perreault, W. D., Cannon, J. P., & McCarthy, E. J. (2010). Essentials of marketing (12th ed.). New York, NY: McGraw-Hill/Irwin.© BrainMass Inc. brainmass.com October 25, 2018, 6:49 am ad1c9bdddf
1. How might a firm's resources limit its search for opportunities? Cite two specific examples for two specific resources.
A firm's resources may limit its search for opportunity. Commonly, the resources a firm has or acquires are natural resources similar to high quality raw material or cheap utilities, or has highly qualified and skilled persons. The availability of new technologies is also a resource.
A business searches for opportunities in its environment. It limits its search to opportunities that it can avail of with its current resources. For example, a conventional land-line ...
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Foundations of Microeconomics: Consumers and Firms and Opportunity Cost
We make choices as consumers every day. Opportunity cost is defined as a person's "next best alternative" or "the cost of what you give up when you make a choice."
Think of a recent decision you made regarding your career. What was your opportunity cost for making that choice? What was your "next best alternative"?View Full Posting Details