Mjf7 Strategy concepts overview (2): Resource based view of the firm Limitation of the I/O based strategy theory
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The source of sustainable competitive advantage lies in the unique firm resources, but not in the external environment.
Institutional leaders (Selznick)
Tangible and intangible resources
4-2. The question of “Value”
Firm resources that make it difficult for a firm to do the above are weaknesses of the firm.
Valuable, but common resources will be sources of only competitive parity.
Duplication cost 4-4. “Inimitability” (continued)
Causal ambiguity Social complexity
Different resources with the same effect
MJF7 Strategy concepts overview (2): Resource
based view of the firm
1. Limitation of the I/O based strategy theory
Monopoly rent vs. efficiency rent
Strategic
group concept
2. Firm specific resources
The source of sustainable competitive advantage lies in the unique firm resources, but not in the external environment.
3. Historical view of theories
of distinctive competence
General managers (Harvard school)
Decision makes and administrator
Institutional leaders (Selznick)
Visionary and structure builder
Ricardian
economics
The economic consequences of owning land.
4. Endogenous environment analysis: VRIIO framework
Tangible and intangible resources
Capability =
a combination of resources
Value chain: a means to identify capabilities
4-1. Resource analysis criteria:VRIIO
Criteria to evaluate firm resources
Valuable
Rare
Inimitable
Imperfectly substitutable
Organizational arrangement
to execute strategies
4-2. The question of “Value”
“Do a firm’s resources and capabilities enable the firm to respond to environmental threats and opportunities?”
Neutralizing threats and exploiting opportunities.
Increasing revenues or decreasing costs.
Firm resources that make it difficult for a firm to do the above are weaknesses of the firm.
The value of the same set of resources change.
4-3. “Rareness”
“How many competing firms already possess particular valuable resources and capabilities?”
Valuable, but common resources will be sources of only competitive parity.
4-4. “Inimitability”
“Do firms without a resource or capability face a cost disadvantage in duplicating it compared to firms that already posses it?”
Duplication cost
4-4. “Inimitability” (continued)
Unique historical conditions
time compression diseconomies
first mover’s
advantage
path dependence
Causal ambiguity
Social
complexity
Patents
4-5. “Imperfect substitutability”
“ Do firms without a resource or capability face a cost disadvantage in creating a substitute compared to the firm that already possess it?”
Different resources with the same effect
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