Problem: COLLAPSE
Grant proposed a five-stage approach to resource-based analysis:
(1) identify the firm's resources as strengths or weaknesses;
(2) combine the firm's strengths into competencies;
(3) appraise the profit potential of said competencies;
(4) select a strategy that best exploits the resources; and
(5) identify resource gaps and weaknesses.
This approach helps identify resources and how well a firm is developing and taking advantage of the resources. Can you think of any industry examples?