The Resource Based View In Strategic Resources - Free Essay Example

Sample details Pages: 6 Words: 1691 Downloads: 1 Date added: 2017/06/26 Category Business Essay Type Analytical essay Did you like this example? Resource-based view (RBV) is a tool to determine strategic resources and how it affects the performance of the firm based solely on reviewing its internal environment while the external environment remains fixed. Firms using RBV competes in terms of their resources and capabilities. The aim of this paper is to study the factors that influence firms performance. The RBV emphasizes on the firms resources as the essential elements of competitive advantage and performance. It assumes two assumptions in examining sources of competitive advantage which are that the firms are heterogeneous in terms of the resources they control and that resource heterogeneity can continue over a period as the resources used to implement their strategies are not easily portable across firms (Bridoux, F, n.d).. The RBV method of analyzing firms performance is focused that other vital factors tend to be disregarded. Resources are not valuable of themselves; instead they are valuable beca use they allow firms to perform activities that in return create advantages for them. The competitive value of resources can be enhanced or eliminated by changes in technology, competitor behavior, or buyer needs which an inward focus on resources will overlook (Sheehan, N Foss, N, 2007). Resource uniqueness is essential as this differentiates between the firms. However, resource uniqueness is not sufficient to achieve sustainable competitive advantage and thus the resources must also be valuable, rare, imperfectly imitable and non-substitutable. RBV suggests that business processes that exploit valuable but common resources can only be a source of competitive equality; business processes that exploit valuable and rare resources can be a source of temporary competitive advantage; and business processes that exploit valuable, rare, and costly-to-imitate resources can be a source of sustained competitive advantage (Bridoux, F, n.d). The merits and demerits of RBV as the best strat egy route One of the important contributions of RBV is the ability of it to measure and identify the internal environment of the firm. The importance of using RBV as a strategy route is to be able to work the inside-out approach. This means that companies using RBV focus on their internal strengths more as it is the root of their competitiveness. Furthermore, RBV recommends that effective management of operations can create uniqueness in the firms resources. Louis Vuitton is one firm in a competitive industry which has the edge over their competitors because of their product uniqueness. Louis Vuittons expertises are their design skills and manufacturing efficiency (R. Duane Ireland, Robert E. Hoskisson, Michael A. Hitt, 2008). While they may not be able to control the external environment, Louis Vuitton can use the RBV model and analyze their position and work on their strategies. Many organizations have been faced with dilemmas on how to use their resources strategically. Or ganizations that fail to efficiently convert their resources and capabilities into business processes cannot expect to recognize the potential competitive advantage of these resources. The RBV has little contribution in terms of predicting firm performance because of its nature of being tautological (Truijens, O. (n.d) and its focus is too narrow. Also, as a measure which only focuses on the internal environment, the RBV cannot be taken as the best strategy route. Many firms which focus mainly on the internal environment encounter competitive disadvantages to their business. For example, when IBM, a successful company achieved its success many of their competitors entered into the market. IBMs competitors included other big names such as Hewlett Packard (HP), Dell and Compaq (McNeilly, 2000). IBM did not pay close attention to their competitors because they were focused greatly on their internal strengths and not those of their competitors. Some other firms which have experienced fa ilures from the strategies are Marlborough. Marlborough took the price cut strategy too far as they did not consider their competitors possible moves. The CEO of Marlborough started a price war by reducing their prices to attract consumers and gain more market share. However, their competitors also followed in reducing their prices which resulted in Marlborough facing losses. (McNeillly, 2000). RBV is not the only factor which determines performance of the firm. In industries such as the airline industry, other external factors such as timing and marketing are also essential. Entering into the industry requires good timing and this can be influenced by the economic position and consumer choice of quality and lower price. For example, Southwest airlines which are one of the well-known low cost carriers in the United States used the niche market strategy to maintain competitive advantage from its rivals. They avoided large airports, focused mainly on short flights which are ideal f or families and business people, as well as excluded seating requirement and on flight meals to reduce their cost (Anonymous, 2010). Porter also mentions the common strategy of lowering cost, and product differentiation allows firms to access its strengths. Firms achieve superior positions based on being a cost leader or earning price premiums at the activity level (Anonymous, 2010). In the cost leader method of achieving sustainable competitive advantage, the firm would sell its products either at the average price to earn profits or below the average price to gain market share. The broader market usually adopts cost leadership. Wal-Mart is a cost leader. Their strategy was to form a close relationship with their suppliers which allowed them to reduce cost when purchasing in bulk (Walden University, 2010). Differentiation is another strategy mentioned by Porter. Firms produce products that vary from others and have unique features to compete against their competitors. This uniqu eness of the product also allows firms to charge higher prices for their product. However, there are a few different types of differentiation strategies. The few common ones include differentiation based on additional features, packaging, and design and positioning (Scribd, 2011). Louis Vuitton is an example of a firm that applies differentiation through design and positioning. Exploring processes, capabilities and the ability to appropriate rent and Porters industrial analysis Porters framework discusses the role of firms in formulating appropriate competitive strategy to achieve superior economic performance, and competitive approach. Also, the source of profits is not to be found in the firm but rather in the structure of the industry, especially the nature and balance of its competitive forces (Bridoux, F, n.d). However, the assumption of any relationship between firm performance and rent generation may be inaccurate. The RBV states that performance consists of rent genera tion and rent appropriation and we cannot predict firm performance from rent generation only. One such example is IBM. IBM assembled the strategic capabilities that built most of the modem for the personal computer industry. Yet Intel and Microsoft were ultimately able to appropriate a lot more of the related rent (Russell W. Coff, 1999). The factors that allow resources to generate rents should be valuable, rare, imperfectly imitable and non-substitutable. This issue was addressed by identifying the conditions under which a firms resources become valuable by bringing the external environment into the resource-based view. Through nurturing the internal competencies and applying them to an appropriate external environment, a firm can develop a viable strategy. Thus, for a firms resource to become valuable, it must allow the firm to exploit opportunities or neutralize threats in the firms environment (Russo, M Fouts, P, 1986). Resources as an option or real options refer to resour ces which are bought in present time and are either used or kept to be used in a later period. For example, land can be bought and used right away or it can be kept for use later. Real options create strategic flexibility for firms and when used effectively they can retain or increase in value. These types of resources are very useful in industries that have high competitiveness and use high technology. The pharmaceutical industry is one industry where there is high competitiveness. Firms such as Johnson Johnson, and Pfizer invest hugely in research and development in order to develop large numbers of drugs which can used to treat different illnesses although most of the time these drugs fail. Due to the uncertain nature of the products, these firms have to focus widely (R. Duane Ireland, Robert E. Hoskisson, Michael A. Hitt, 2008). However, firms resources on their own accord do not contribute to competitive advantage. Thus, these resources must be combined to form capabilitie s which in turn develop into core competencies and are used by firms to create value. Capabilities result from combining resources. Honda uses its capabilities in product design, engineering and manufacturing. Moreover, they place a great deal of emphasis on their workforce. Honda encourages their engineers to dream. This allows their employees to discover new things which add to their knowledge. This knowledge in turn will simplify their daily work. Core competencies are the capabilities which the firm pursuits and performs well. Core competencies have a competitive edge when the firms add value and outperform their competitors. The factors of core competencies which lead to a competitive advantage are valuable, rare, imperfectly imitable and non-substitutable (R. Duane Ireland, Robert E. Hoskisson, Michael A. Hitt 2008). Conclusion In conclusion, the RBV cannot be accepted as the best strategy route due its nature of being narrowly scoped and ignorant of the external enviro nment. This measure does not provide accurate information on the firms performance. However, in a stable industry the RBV can be considered as one of the best strategy route. A firms performance should undertake many other factors which include timing, marketing, and advancement of technology, competitor behavior as well as the needs of consumers. I disagree that RBV is the best route as external factors are also very crucial in determining the performance and rent generation of firms as other external factors must also be considered. Porters external environment analysis focuses on the external factors that affect a firms performance. Dynamic industries focus more on the external environment thus preferring to use Porters theory In order for the RBV method to be more effective and efficient; it has to be studied along together with the external environment. That way, firms are aware of their resources and capabilities and can nurture the internal competencies to apply them with app ropriate external environment, which will allow the firm to develop practical approaches. Don’t waste time! 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Essay on Labpaq Exp 6 - 720 Words

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Oedipus, the King and Allegory of the Cave - Comparative...

In Sophocles play, Oedipus, the King, there are various instances where Oedipus tries to escape his destinyÂâ€"enlightenmentÂâ€"only to discover the truth that he cannot. Similarly, in Platos Allegory of the Cave the prisoner travails to understand and adjust to his newly visited environment. In both works, the men first had to realize their ignorance before they could begin to acquire knowledge and true understanding of the complexities of the human condition. Specifically, in Oedipus, the King, it was Oedipus illusion of himself as a man unequaled in leadership whereas in Allegory of the Cave it was the prisoners initial refutations of enlightenment being shown him until he realizes its intellectual, spiritual, and social significance.†¦show more content†¦There, however, he grows ac-customed to the new sights and sounds and realizes that what he knew to be his reality were only those things that he saw through a mediumÂâ€"a silhouette. In that place, as Plato put it, i t would first be easiest for him to make out the shadows, and then the images of men and things reflected in water, and later on the things themselves. Then, easier to watch the heavenly bodies and the sky itself by night, looking at the light of the moon and stars rather than the Sun and the Suns light in the day-time. Next, after realizing those things, that he had a responsibility to return to his old darkness, but this time to tell of the things he knew and to struggle towards new ends: as Plato said to Glaucon, to watch over and care for the other citizens. Moreover, and more importantly, to lead his inferiors in the knowledge of truth to-wards his position. br brOedipus, in Oedipus, the King, and the prisoner, in Allegory of the Cave, both fight internal battles to arrive at enlightenmentÂâ€"truth. However, their commonality not only lies in this. It is also within their similarity in thinking, particularly in their initial refusal to acknowledge that there is only one truth and that they have allowed themselves to become infected with the thought patterns of their public. And consequently, have voluntarily revoked their right to think and make decisions on their own, until those beings

North American Free Trade Agreement (Nafta) - 2362 Words

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Final take home assignment - 1967 Words

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Ipratropium Bromide Is An Bronchodilator †Myassignmenthelp.Com

Question: Discuss About The Ipratropium Bromide Is An Bronchodilator? Answer: Introducation Ipratropium bromide is an antimuscarinic bronchodilator. However, injection of this medicine increases the heart rate3. The medicine blocks the muscarinic receptors thus acetylcholine will decrease. When the level of acetylcholine decreases, the action of pacemaker increases by decreasing potassium and increasing economics of sodium and calcium hence increasing heart rate4. Neostigmine can reverse the non-depolarizing effects of vecuronium because vecuronium is not a deep neuromuscular block. Neostigmine competitively blocks the binding of vacuronium to its binding site2. In other cases, neostigmine may directly block the activities of vecuronium. By doing so, the effects of vecuronium are therefore reversed. Neostigmine can enhance the effects of decamethonium. Neostigmine enhances the effects of decamethonium as it raises the concentration of acetylcholine at the myoneural junction hence inability to stimulate muscle fiber, hence enhancing effects of decamethonium. The crop duster inhaled the organophosphates which inhibited cholinesterase enzyme in the body that is found in the nervous system whose function is to breakdown acetylcholine1. Upon the inactivation of cholinesterase, there is increase of acetylcholine in the nerves thus becoming overactive hence unable to breathe leading to death1. References Bentham Science Publisher, BenthamS. "Organophosphate Toxicity Relating to Exposure Route and Type of Agent."Chemical-Induced Seizures: management,Consequences and Treatment,2012, pp.39-48. Sasaki, Nobuo, et al. "Effects of Neostigmine Reversal of Nondepolarizing Neuromuscular Blocking Agents on Postoperative Respiratory Outcomes."Survey of Anesthesiology, vol.59, no.2,2015, pp.90-91. Singh, Sonal, et al. "Pro-arrhythmic and pro-ischaemic effects of inhaled anticholinergic medications." financial, vol.68, no.1,2012, pp.114-116. Singh, Sonal. "Republished: Pro-arrhythmic and pro-ischaemic effects of inhaled anticholinergic medications."Postgraduate Medical Journal, vol.90, no.1062,2014, pp.205-207.

Climate Change Mitigation free essay sample

Climate change mitigation is the action to reduce the intensity of radiative forcing in order to reduce the effects of global warming (IPCC, 2006). Climate change mitigation can be done through several means such as developing alternative energy which includes renewable and nuclear energy, decreasing the carbon intensity of fossil fuel through carbon capture and sequestering, reforestation and also simply by conserving energy. Based on the cost-benefit analysis of each methods, I believe that the effectiveness and practically of each methods can be ranked, in decreasing order, as such – (1) Reducing energy use by conservation (2) Developing renewable energy (3) Carbon capture and sequestering (4) Building more nuclear power plant and lastly (5) Reforestation. The most cost effective and practical way to mitigate climate change is through conservation of energy. Energy conservation encompasses using less energy, for example through behavioural change and using energy efficient innovations and designs. Energy conservation focuses on reducing our dependence on fossil fuels thus lowering the amount of carbon emissions generated by human activities. Unlike the other mitigation methods, energy conservation usually does not require huge investment cost and in the long run can also bring about cost savings to both the individuals and organisations. For instance, by switching from using CFLs to LED lights, one can experience a 100% annual cost savings as the annual operating cost of CFLs is twice that of the annual operating cost of LED lights (Design Recycle Inc, 2011). Energy conservation is also the most practical way for us to fight against climate change because it enables us to reduce our resource inputs to the economy, thus, it ensures that the non-renewable resources available will be able to support human activities for a longer period of time. Despite being the most cost-effective and practical way for climate change mitigation, it is definitely not an easy task to effect energy conservation programs. Strict government regulations will have to be enforced to ensure that every organisation comply with ‘green standards’. Educational programs and price signals (high electricity cost) will have to be in place to bring about a behavioural change amongst every individual for successful energy conservation. Developing renewable energy ranks next after energy conservation in terms of its effectiveness and practicality. In 2006, about 19% of the global electricity is generated from renewable sources such as hydropower, wind and solar-generated energy (REN21, 2006). This indicates the effectiveness in developing renewable energy as it is able to contribute a reasonable amount of electricity to supplement human activities. Furthermore, the development of renewable energy as an alternative form of energy can help to reduce our dependence on fossil fuel, hence, reducing carbon emissions in the long run. However, developing renewable energy pales in terms practically as it often requires huge investment cost yet the amount of energy that can be generated is often variable and less efficient as compared to combusting fossil fuels. For instance, installation of a highly efficient solar cell can cost more than $1000, and some households may need more than one solar cell. This makes the initial installation of solar panels very costly and solar panels are only able to generate electricity during daylight hours. This means for around half of each day, solar panels are not producing energy for your home (Clean Energy Ideas, 2007). Hence, it may not be very practical to focus on developing renewable energy so as to mitigate climate change. However, it is definitely important to continue developing and finding new ways to improve on the current renewable energy technology so that renewable energy can be more affordable and reliable in the near future. Although carbon capture and sequestering (CCS) do not help to reduce our dependence on fossil fuel, it is however still effective in reducing climate change. It is estimated that CCS could contribute between 10% and 55% of the cumulative worldwide carbon-mitigation effort over the next 90 years (Robinson, 2010). Though it requires up to 40% more energy to run a CCS coal power plant than a regular coal plant, CCS could potentially capture about 90% of all the carbon emitted by the plant. As of late 2011, the total Carbon Dioxide storage capacity of all 14 projects in operation or under construction is broadly equivalent to preventing the emissions from more than six million cars from entering the atmosphere each year (Global CCS Institute, 2011). This indicates the effectiveness of CCS in reducing the impact of human activities on the environment as large amounts of our outputs can be captured and stored safely to prevent emission back to the atmosphere. However, unlike the first two options of energy conservation and developing renewable energy, CCS may not be effective in the long run as it does not reduce our dependence on burning fossil fuel. Due to the huge investment costs involved in building CCS operations, less developed countries may not be able to afford such technologies. Therefore, it will be a more practical option for developed countries to adopt so as to reduce their carbon emissions contributed by industrial activities. Despite the effectiveness of nuclear power plants in generating energy for human activities, it is not a very practical option to build more nuclear power plants due to safety concerns. The fact that nuclear power plants currently supply around 15% of the world’s electricity illustrates the effectiveness of the project. In countries like France where 75% of their electricity is derived from nuclear power plants (World Nuclear Association, 2013), constant development and improvement of nuclear power plants is inevitable. However, developing more nuclear power plants may not a practical way to help mitigate climate change despite its ability to help reduce our dependence on burning fossil fuels. First, developing nuclear power plants requires high investment which includes the construction cost, operation cost, and also the cost of plant decommissioning and nuclear waste storage cost. Second, nuclear power plants are susceptible to natural disasters, military attacks and operational error. For example, the tsunami in Fukushima Japan has led to the meltdown of the reactors which caused chemical explosions to occur, releasing radioactive materials into the environment (CBS News, 2011). Nuclear power plants have also become a potential target for military attacks as illustrated by the frequent bombings of nuclear power plants in the Middle East region (Sovacool, 2011). Such nuclear accidents can have a long term effect on the organisms living in vicinity of the nuclear power plants. As such, taking into account the probability of occurrence of such accidents, it is not practical for countries to develop more nuclear power plants. Reforestation ranks last in terms of effectiveness and practically. Although reforestation facilitates biosequestration of atmospheric carbon dioxide and rebuilds habitat for organisms at the same time, it is however, impractical for reforestation to be carried out in large scale. First, as many countries move towards urbanization, it is unlikely that sufficient space will be available for reforestation to be conducted at a scale that can bring about a tangible reduction in atmospheric carbon dioxide. Second, reforestation requires long term investment as it takes time for the plants and trees to grow. At the rate at which human activities generates carbon emissions, reforestation will be ineffective in capturing carbon dioxide at a comparable rate that can decrease the level of atmospheric carbon dioxide. Instead of reforestation, avoiding deforestation will be a more feasible way and effective way to mitigate climate change. In conclusion, to effectively mitigate climate change, proposals need to look at either reducing our carbon emissions by decreasing our dependence on burning fossil fuel or clearing up the carbon emissions which we have emitted to the atmosphere. In the long run, proposals that can reduce our dependence on burning fossil fuel will be a more effective method as it reduces the amount of carbon emissions to the atmosphere, hence, energy conservation and developing renewable energy is ranked as the top two means to mitigate climate changes. Although carbon capture does not reduce our dependence on fossil fuel, it nevertheless is an effective way in the short run, for us to store carbon emissions before we can develop cheaper ways to harness renewable energy and before we can successful implement energy conservation programs. Due to the safety concerns related to developing nuclear power plants, such developments need to be exercise with caution. Countries should also look at imposing laws to avoid deforestation rather than carrying out reforestation projects that may not be as effective and practical in mitigating climate changes.