• Study Resource
  • Explore
    • Arts & Humanities
    • Business
    • Engineering & Technology
    • Foreign Language
    • History
    • Math
    • Science
    • Social Science

    Top subcategories

    • Advanced Math
    • Algebra
    • Basic Math
    • Calculus
    • Geometry
    • Linear Algebra
    • Pre-Algebra
    • Pre-Calculus
    • Statistics And Probability
    • Trigonometry
    • other →

    Top subcategories

    • Astronomy
    • Astrophysics
    • Biology
    • Chemistry
    • Earth Science
    • Environmental Science
    • Health Science
    • Physics
    • other →

    Top subcategories

    • Anthropology
    • Law
    • Political Science
    • Psychology
    • Sociology
    • other →

    Top subcategories

    • Accounting
    • Economics
    • Finance
    • Management
    • other →

    Top subcategories

    • Aerospace Engineering
    • Bioengineering
    • Chemical Engineering
    • Civil Engineering
    • Computer Science
    • Electrical Engineering
    • Industrial Engineering
    • Mechanical Engineering
    • Web Design
    • other →

    Top subcategories

    • Architecture
    • Communications
    • English
    • Gender Studies
    • Music
    • Performing Arts
    • Philosophy
    • Religious Studies
    • Writing
    • other →

    Top subcategories

    • Ancient History
    • European History
    • US History
    • World History
    • other →

    Top subcategories

    • Croatian
    • Czech
    • Finnish
    • Greek
    • Hindi
    • Japanese
    • Korean
    • Persian
    • Swedish
    • Turkish
    • other →
 
Profile Documents Logout
Upload
Today`s Marketers Need to be DIVERSE
Today`s Marketers Need to be DIVERSE

... • How firm’s can prepare a simple, one-page strategic plan for building business for their firm • Why marketing professionals are your firm’s biggest competitive advantage and your best ally for driving business • How extracting key elements from your firm’s strategic plan and aligning them with mar ...
Revenue Maximisation and Elasticity Revenue
Revenue Maximisation and Elasticity Revenue

... Managers  in  charge  may  pursue  other  objectives.   Legal  Barriers.  A  key  patent  may  prevent  other  firms  developing  a  strong   brand  name.  Alternatively  some  industries  may  be  a  legal  monopoly  like   Royal  Mail ...
walt-disney-case-study
walt-disney-case-study

... usually for everybody to see and experience (although they are mainly for children) and before Eisner, there were not a very important cost reduction policy. Product quality was always on top and Disney tried to always have the best. Many forms of competitive advantage cannot be sustained indefinite ...
Managerial Economics
Managerial Economics

... behavior & structure of firms & industries • Provides foundation for understanding strategic decisions through application of game theory ...
Evaluating a Firm`s Internal Capabilities
Evaluating a Firm`s Internal Capabilities

... • how do these strengths & weaknesses compare to competitors? ...
Unit 4, Lesson 10 Competition
Unit 4, Lesson 10 Competition

... take a piece of the pie Competition lowers the price until it just covers the costs (opportunity cost of capital included) ...
Lecture(Rev)
Lecture(Rev)

... Marketing Strategies and Definitions ...
Lecture 1 Practice Question Answers
Lecture 1 Practice Question Answers

... 5. In the diagram below, dark lines indicate the starting position. The lighter lines (with prime symbols next to them) indicate the final position. Notice that in the final position, the price line goes through the very lowest point on the ATC curve, which means the firm is making zero profits. ...
defence economic trends in the pacific
defence economic trends in the pacific

... resources (eg, unique core competencies or superior dynamic capabilities)  It stresses that differences in firms’ resource endowments cause differences in economic performance and that sustainable competitive advantage (as demonstrated by the stream of economic rents) results from the possession of ...
Perfect Competition Script
Perfect Competition Script

... business there is a perfect substitute ready to take your place and if you raise your prices than people would just shop elsewhere. ...
Motorcycle for the would-be Ferrari driver : Italian, fast and, of course
Motorcycle for the would-be Ferrari driver : Italian, fast and, of course

... Museum, events, stores, racing, advertising and Ducati owners club ...
Managerial Economics
Managerial Economics

... behavior & structure of firms & industries • Provides foundation for understanding strategic decisions through application of game theory ...
Strategy - BYU Marriott School
Strategy - BYU Marriott School

... II. Operational planning-- looking at current decisions. marketing mix decisions after start up of product. ...
Selecting a Marketing Strategy
Selecting a Marketing Strategy

... There is no perfect marketing strategy. The key is that the firm develops its strengths and tries to eliminate its weaknesses (whilst still taking account of opportunities and threats which may arise). In short, the marketing strategy should match a firm’s internal strengths and external market oppo ...
Recl 3p40 Lecture 9
Recl 3p40 Lecture 9

... -not everyone is the same, and they do not all want the same thing -Health care, in theory but doesn’t really work -single-segmented segmentation selecting a single segment to target -if the segment is small, this may be considered a “niche” strategy -small businesses , don’t have money for mixed ma ...
Competitive Advantage Management Level
Competitive Advantage Management Level

... collaboration among staff, customers and suppliers. Basically it builds upon the relationship architecture of the firm ...
03 - CANVAS- Environmental factors
03 - CANVAS- Environmental factors

... The external forces that directly or indirectly influence a firm’s acquisition and allocation of resources and its creation of products ...
download
download

... needs and wants:  Government, social change, economic shifts, technology etc. • These factors are often noncontrollable but can have a major impact on purchasing decisions ...
Strategic Marketing Planning
Strategic Marketing Planning

... Developing Marketing strategies Planning Marketing Programs Managing the Marketing Effort ...
Strategic Marketing Planning
Strategic Marketing Planning

... Strategic Marketing Planning ...
Business Strategy
Business Strategy

... Explain the nature and value of a market focus strategy Illustrate how a firm can pursue both low-cost and differentiation strategies Identify requirements for business success at different stages of industry evolution Determine good business strategies in fragmented and global industries Decide whe ...
Sample pages 2 PDF
Sample pages 2 PDF

... care centers and palliative medicine. Similarly, the Technological advances have an impactful role on the growth and profitability of healthcare providers. In the healthcare industry at large and in hospital settings in particular, technological growth is key in providing medical care. Hospitals that ...
download soal
download soal

... a. Data captured by legacy systems produces primarily information describing what happened in the past. b. Data captured by legacy systems is still valuable. c. Legacy data cannot be converted to new technologies. d. Some legacy data may only exist as paper printouts. 12. The standard bit mapped ima ...
Economics
Economics

... Human Resources Affect on Business How do employers deal with a shortage of workers for a certain job or profession? ...
Chapter 14: Monopolistic Competition and Oligopoly
Chapter 14: Monopolistic Competition and Oligopoly

... • Since in long-run, the monopolistically competitive firm produces on the downward sloping portion of ATC, MC is below ATC. Since P=ATC in long-run, MC < ATC = P and thus MC < P. Monopolistic competition and the welfare of society Is monopolistic competition desirable from the standpoint of society ...
< 1 ... 21 22 23 24 25 26 >

Resource-based view

The resource-based view (RBV) as a basis for the competitive advantage of a firm lies primarily in the application of a bundle of valuable tangible or intangible resources at the firm's disposal (Mwailu & Mercer, 1983 p142, Wernerfelt, 1984, p172; Rumelt, 1984, p557-558; Penrose, 1959). To transform a short-run competitive advantage into a sustained competitive advantage requires that these resources are heterogeneous in nature and not perfectly mobile (: p105-106; Peteraf, 1993, p180). Effectively, this translates into valuable resources that are neither perfectly imitable nor substitutable without great effort (Barney, 1991;: p117). If these conditions hold, the bundle of resources can sustain the firm's above average returns. The VRIO and VRIN (see below) model also constitutes a part of RBV. There is strong evidence that supports the RBV (Crook, Ketchen, Combs, and Todd, 2008). RBV has been extensively applied in management and marketing (Kozlenkova, Samaha, and Palmatier). Identify the firm’s potential key resources. Evaluate whether these resources fulfill the following criteria (referred to as VRIN): Valuable – A resource must enable a firm to employ a value-creating strategy, by either outperforming its competitors or reduce its own weaknesses (: p99;: p36). Relevant in this perspective is that the transaction costs associated with the investment in the resource cannot be higher than the discounted future rents that flow out of the value-creating strategy (Mahoney and Pandian, 1992, p370; Conner, 1992, p131). Rare – To be of value, a resource must be rare by definition. In a perfectly competitive strategic factor market for a resource, the price of the resource will be a reflection of the expected discounted future above-average returns (Barney, 1986a, p1232-1233; Dierickx and Cool, 1989, p1504;: p100). In-imitable – If a valuable resource is controlled by only one firm it could be a source of a competitive advantage (: p107). This advantage could be sustainable if competitors are not able to duplicate this strategic asset perfectly (Peteraf, 1993, p183; Barney, 1986b, p658). The term isolating mechanism was introduced by Rumelt (1984, p567) to explain why firms might not be able to imitate a resource to the degree that they are able to compete with the firm having the valuable resource (Peteraf, 1993, p182-183; Mahoney and Pandian, 1992, p371). An important underlying factor of inimitability is causal ambiguity, which occurs if the source from which a firm’s competitive advantage stems is unknown (Peteraf, 1993, p182; Lippman and Rumelt, 1982, p420). If the resource in question is knowledge-based or socially complex, causal ambiguity is more likely to occur as these types of resources are more likely to be idiosyncratic to the firm in which it resides (Peteraf, 1993, p183; Mahoney and Pandian, 1992, p365;: p110). Conner and Prahalad go so far as to say knowledge-based resources are “…the essence of the resource-based perspective” (1996, p477). Non-substitutable – Even if a resource is rare, potentially value-creating and imperfectly imitable, an equally important aspect is lack of substitutability (Dierickx and Cool, 1989, p1509;: p111). If competitors are able to counter the firm’s value-creating strategy with a substitute, prices are driven down to the point that the price equals the discounted future rents (Barney, 1986a, p1233; Sheikh, 1991, p137), resulting in zero economic profits. Care for and protect resources that possess these evaluations, because doing so can improve organizational performance (Crook et al., 2008).The VRIN characteristics mentioned are individually necessary, but not sufficient conditions for a sustained competitive advantage (Dierickx and Cool, 1989, p1506; Priem and Butler, 2001a, p25). Within the framework of the resource-based view, the chain is as strong as its weakest link and therefore requires the resource to display each of the four characteristics to be a possible source of a sustainable competitive advantage (: 105-107).
  • studyres.com © 2025
  • DMCA
  • Privacy
  • Terms
  • Report