How can a firm gain and sustain a competitive advantage through the use of a resource based view?
RESOURCE BASED VIEW OR RBV
The above system or model represents resources as the entity
which a company can use in a way which provides them a competitive
advantage in their industry. The considerations that are made here
require the understanding of 2 rivals within the same market,
competing for the same product type and being exposed to the same
external forces and the factors that differentiate them from each
other. We view RBV as an understanding of the specific internal
resources the company can make use of to compete in their industry.
The factors that need to be present are based on tangibility and
being heterogeneous and immobile so that no other firm can easily
replicate it.
For organization, their skills, presence of core competency,
capabilities and therefore all the other resources as well add
value to their competitive factors which in turn enable them to
differentiate their functionality, consider the example of Apple
and Samsung competing in the smartphone and tablet market.
The present system is based on the understanding of the adoption
of the VRIO framework, wherein the assets or resources of the
company should be valuable, rare, having a high cost of imitation
and organization to capture value, providing long term sustainable
advantage in the industry and therefore, resource-based view
provides a viable framework for companies to build their
competitive advantage from and it is therefore considered in terms
of gaining and sustaining this for their industry.
How can a firm gain and sustain a competitive advantage through the use of a resource...
3. _______________ refers to top management’s plans to develop and sustain competitive advantage so that the organization’s mission is fulfilled. a. Vision c. Strategy b. Mission d. Competitive advantage 4. The strategic management process can be summarized in all of the following steps EXCEPT a. Internal analysis c. Strategy Evaluation b. Strategy Formulation d. External Analysis e. Strategic Philosophy f. Strategic Control f. N/A, all of these are steps in the process...
describe Chick-fil-a's most applicable "generic strategy" to gain/sustain a competitive advantage, and decide which strategic framework is best for this comany, and explain why.
Discuss the resource-based view of competitive advantage. Why is it important to understand organizational differences to use this approach?
How can diversity create a competitive advantage for a firm? Use an organization which you know or researched as an example in your answer.
Which one of the following is a MISCONCEPTION of the Resource-Based View (RBV)? Firm performance is driven entirely by internal factors. All companies must leverage their information technology. Most companies can gain competitive advantage from internal factors. Firm performance is partially driven by internal factors. All companies are part of the information technology landscape
Reflect upon the family as a resource. Consider the resource based theory of the firm , and the derived Familiness perspective and describe how the family that owns a business provide valuable, rare, inimitable, and non-substitutable resources for the firm. How can these resources help creating a competitive advantage?
To sustain a competitive advantage, an organization must have resources with what characteristic.
1.The resource based view locates the source of advantage at the a. Individual firm level b. Industry level c. Both a and b d. None of the above 2.To keep employees from shirking, you can invest in greater monitoring a. when employees fail to respond to incentive contracts b. even though monitoring is expensive c. especially when monitoring is not very efficient d. when incentives solve both moral hazard and adverse selection problems with employees. 3. How does Ebay differ...
Discuss how technology and innovation focused firms gain competitive advantage.
Use the resource-based view as described in this chapter to describe how information technology might be used to provide and sustain a winning position for each of these businesses: 1. A global advertising agency 2. A local restaurant 3. A mobile applications provider 4. An insurance company 5. A web-based audio book service Some claim that no sustainable competitive advantages are gained from IT other than the capability of the IT organization itself. Do you agree or disagree? Defend your...