Final answer:
Identifying a firm's business model in broad terms is typically straightforward, yet it gets more nuanced as one delves into details. Knowledge of core competencies helps in general understanding, but the intricacies of business operations, revenues, costs, and profits require more in-depth analysis.
Step-by-step explanation:
The statement 'identifying a firm's business model is rarely difficult in general terms, but can become more complex when intricate details are considered' can be considered true. A business model outlines how a company creates value and earns revenue. In general, it might be simple to determine whether a firm concentrates on one or a few products—its core competency. Firms focused on core competencies often find more success than those with a wide range of products.
However, understanding a company's business operations in depth can be more complicated. As a firm grows and details such as its products, revenues, costs, and profits become widely available, the importance of knowing the managers and their plans personally decreases. This is because investors like bondholders and shareholders can rely on this public information when deciding to provide financial capital to the firm.