When a company has become proficient in modifying, upgrading, or deepening the company's resources and capabilities in response to its changing environment and market opportunities, it is called
A) a dynamic capability.
B) a core competence.
C) a distinct competence.
D) a strategic assessment.
E) a benchmarking exercise.

Question

Quizplus · Accepted Answer

A dynamic capability refers to a company's ability to modify and improve its resources and capabilities in response to changes in the market environment and opportunities. This allows the company to stay ahead of the competition and adapt to shifting consumer preferences and technological advancements. A core competence is a company's unique strengths and capabilities that give it a competitive advantage in the market, but it may not necessarily involve the ability to adapt and change. A distinct competence is not a commonly used term in strategic management. Strategic assessment and benchmarking exercises are tools used in analyzing a company's strengths, weaknesses, opportunities, and threats, but they do not necessarily reflect a company's ability to adapt and evolve.

When a Company Has Become Proficient in Modifying, Upgrading, or Deepening