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The RBV looks at the internal environment, in terms of resources and skills the firm has at its disposal, to create a competitive edge, whereas the five forces looks at the external environment .
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What is the difference between the resource-based view and the functional analysis?
The resource-based view (RBV) is a method of analyzing a business that involves considering it as a collection of resources. The functional analysis of a business seeks to weigh its advantages against disadvantages.
Which countries celebrate Dia de la Candelaria?
mexico! -from nani paredes the RBV Club boss go to rbvclub.yolasite.com!
What is RBV in a Macintosh?
RAM Based Video on the Macintosh II computer allowed Apple to save money in manufacturing by emulating a VIA graphics card with processor memory.
What factors affect the performance of multi-national companies?
There are various factors affected company performance, particularly for multi national company. One classical answer is the company competitive forces as explained by Prof. Michael Porter Ph.D. The competitive forces includes the threat of new entrants, threat of substitution, bargaining power of suppliers and customers, as well as the intra industry competitiveness. This theory basically determines the market and industry environment setting in which the firm operates. The more recent literatures suggests that intra industry performance variations are due to recourse heterogeneity within the firms, which is also known as resource based view. Some resources uniqueness such as valuable, rare, imperfect immitability, and non substituteable gives competitive edge of the company. When the environment become more unpredictable, the company's ability to adapt determines the sustainability of company performance. Dynamic capability, that is the ability of company to learn and adapt to any situation, becomes key factors. Performance of multinational company are basically affected by both type of perspective: market and its own resources. Global industry environment will likely be the most important aspect for any MNC. The ability for MNC to stay global and yet be competitive locally will be the differentiating factor that makes the MNC to sustain in hard competition. Competitiveness locally, will be much determined by its resource specificity following the RBV. The MNC's ability to adapt is crucial. MNC headquater may become the driver for the dynamic capability, but also can be the source of rigidity. Headquarter, which normally thousands of miles away, most of the time forget that local environment has more significant impact to the business than the global one, as viewed by the headquarter.
What factors affect the performance of multi national companies?
There are various factors affected company performance, particularly for multi national company. One classical answer is the company competitive forces as explained by Prof. Michael Porter Ph.D. The competitive forces includes the threat of new entrants, threat of substitution, bargaining power of suppliers and customers, as well as the intra industry competitiveness. This theory basically determines the market and industry environment setting in which the firm operates. The more recent literatures suggests that intra industry performance variations are due to recourse heterogeneity within the firms, which is also known as resource based view. Some resources uniqueness such as valuable, rare, imperfect immitability, and non substituteable gives competitive edge of the company. When the environment become more unpredictable, the company's ability to adapt determines the sustainability of company performance. Dynamic capability, that is the ability of company to learn and adapt to any situation, becomes key factors. Performance of multinational company are basically affected by both type of perspective: market and its own resources. Global industry environment will likely be the most important aspect for any MNC. The ability for MNC to stay global and yet be competitive locally will be the differentiating factor that makes the MNC to sustain in hard competition. Competitiveness locally, will be much determined by its resource specificity following the RBV. The MNC's ability to adapt is crucial. MNC headquater may become the driver for the dynamic capability, but also can be the source of rigidity. Headquarter, which normally thousands of miles away, most of the time forget that local environment has more significant impact to the business than the global one, as viewed by the headquarter.
Explain the resource-based view of the firm creating market strategy?
Anand) ) Basic principles of the RBV model o RBV of the firm provides a rigorous model for analysing firm's strengths and weaknesses o Basic assumptions of RBV : § Resource and/or capability heterogeneity : different firms possess bundles of different resources and capabilities § Resource and/or capability immobility : Some of these resources and capabilities are inelastic in supply or costly to copy o RBV posits that the sources of value creation are resources and capabilities § Value = Consumer surplus + Producer profit § To outperform industry norm, a company must create more value than its competitors Starting point for a unifying strategic framework : THE RBV of the firm · The RBV of the firm is grounded in economics · RBV sees companies as different collections of physical and intangible assets and capabilities, which determine how efficiently, how effectively a company performs its functional activities · Attributes competitive advantage to ownership of valuable resources and capabilities that enable a company to perform activities better or more cheaply than competitors · Combines internal analysis with external analysis Resources · Are defined as stocks of firm-specific assets · Cannot be easily duplicated · Cannot be easily acquired in well-functioning markets Examples : Patents and trademarks Brand-name reputation Installed base Organizational culture Workers With specific expertise or knowledge · Contribute either directly (e.g., reputation) or indirectly (e.g., through serving as the basis of capabilities) to value creation · Are converted into final products or services using bonding mechanisms such as IT, incentive systems, trust, etc. · Sometimes non-specific resources (like buildings, raw materials, unskilled labor, etc.) are included in the definition of "resources" · Resource categories : § Financial capital § Physical capital § Human capital § Organizational Capital Capabilities · Are defined as cluster activities that a firm does especially well in comparison with other firms o May reside within business functions (e.g., AA yield management)o May be linked to technologies, product design (e.g., Honda engines)o May reside in firm's ability to manage linkages between elements of value chain, i.e., coordination skills (e.g., Ford product development)o Refer to a firm's capacity to deploy resources, usually in combination, using organizational processes to effect desired ends · Information-based, firm-specific processes which are created over time through complex interactions between resources · Key characteristics : o Valuable across multiple products and marketso Embedded in organizational routines (well-honed patterns of performing activities)o Tacit (i.e., difficult to reduce to algorithms, procedure guides) Resources and capabilities are distinct from key success factors Key success factors (KSF) · Refer to the skills and assets a firm must have to achieve profitability in a particular market · Market-level rather than individual characteristics · Necessary, not sufficient for achieving competitive advantage (e.g., KSF in athletic footwear are development of new designs, management of a network of suppliers and distributors, creation of marketing campaigns) · Predictors of firm profitability (like resources and capabilities) A FRAMEWORK FOR ANALYSIS : VRIO Resource-based analysis of the firm determines which resources and capabilities result in which strengths or weaknesses . Strategies are to be implemented which exploit (or build) strengths and avoid (or eliminate) weaknesses . What constitutes a strength or weakness is partially a function of the external environment . Framework for analysis: VRIO - resources and capabilities should be o Valuableo Rareo Inimitableo Organization can effectively exploit them VALUE of resources and capabilities * A VALUABLE resource or capability (or a combination thereof) must * Contribute to fulfillment of customer's needs * At a price the consumer is willing to pay, which is determined by Customer preferences * Available alternatives (including substitute products) Supply of related or supplementary goods .Thus, value is partially a function of external environment (product market, demand forces) .Changes in consumer tastes, industry structure, technology, etc. can result in changed value . Resources of different firms can be valuable in different ways (e.g., Timex versus Rolex) Value = Lowered costs or increased revenues or both SCARCITY of resources and capabilities Resources and capabilities must be in short supply to create competitive advantage (and go beyond competitive parity) What would happen if this were not the case? An analysis of the firm's resources and capabilities must include critical assessment whether they are unusual when compared to those of competitors How rare does a resource have to be in order to have potential for generating a competitive advantage? Example of a rare resource: Wal-Mart's point-of-purchase inventory control system .To be a source of sustained competitive advantage the rarity of the resource must persist over time . INIMITABILITY of resources dans capabilities * Requirement for sustained competitive advantage * Ease of imitation depends on Cost asymmetries ("Do firms without a resource or capability face a cost disadvantage in obtaining it compared to firms that already possess it?") * Capabilities of competitors * Sources of cost asymmetries / cost disadvantages fall into two categories : * Impediments to imitation : Impede rivals from duplicating critical resources and capabilities * Early-mover advantages : Set in motion a dynamic that increases the magnitude of that advantage relative to other firms over time
How many miles is it from Tampa to Manchester England?
It is about a 13 hour flight from Tampa to Manchester, England. Distance from Manchester to Tampa is approximately 7063.52 kilometers. Flight time 12hrs. 42 minutes Standard route (Virgin and BA) KTPA SID DUNKN J75 CAE J51 TUBAS J52 RDU J55 ZITTO J52 RIC J14 PXT J191 RBV J222 LAURN J42 BOS J575 TUSKY N261A JOOPY NATU BEXET DCT LIFFY UL975 LYNAS STAR EGCC - 49 Waypoint fixes, = 3814 nm (7063.52KM)
How do you proceed in Pokemon Emerald after the gyms?
as simple as ABC, go to pacifidlog town and use SURF at the left side. use Surf until you reached the evergrande city, at the right, there is a cave, enter to victory road and at the end of that cave , you will reach the hoenn league then you will battle the elite4.then after that youre next route is in BattleFatory.West Ginoa Region is near in hoenn region but you cant reached that region in pokemon emerald.their Gym leaders are:Clutch and Lara bug type landalure cityMaey normal type erangene cityBrawldark type strikebolt citymisty water type cerulean cityor Simon water type heavensore cityMelbor ghost type oldsync townLyrafire type magmallaire cityGeorge electric type hettshark cityAries various type moonbale cityand the Elite4 are:Nitaciafire typeFreeze Ice typeShean Dark typeAnamarie Flying typeIn YSV Champion simon water typeIn BIV champion paul various typeIn RBV Champio Bryan/Liscy various type.
A summary on chapter 5 in Beka Lamb?
It may be true to an extent, that Beka lamb is 'boring' to quote a few previous answers...but one must take the text-a literature text book, in context. It is a metaphor for Ms.Edgell. And yes, as some of my students attest, it is a book to put them to sleep. But it is about a Caribbean experience. In chapter 7, Beka does not lie to the grocer, Mr. Gordillo, if she has passed exams.The book is written in a series of flashbacks that makes it difficult to understand at first. Beka remembers her maternal grandfather. Beka learns that her maternal grandfather was living in the bush with a Mayan woman and he dreams of going to England because he is half English. This gives insight into the background of Beka Lamb, her cultural upbringing. Her grandfather questions her father about his patriotism. Granny Ivy and beka's mother also discuss the bouganvillea (recurring symbol)being cut down. This was Beka's first successful plant and that is symbolic for Granny Ivy.
What is the difference between Best fit and Best practice?
Best-practice theory The 'best-practice' theory is based on the assumption that HR practices observed in high-performing firms can be transformed to other companies with the same results.10 Pfeffer's list of seven HR practices for competitive advantage through people is one of the best known set of best-practices.11 1. Employment security 2. Selective hiring 3. Self-managed teams or team working 4. High pay contingent on company performance 5. Extensive training 6. Reduction of status differences 7. Sharing information In essence, recruiting and retaining talented, team-oriented, highly motivated people is seen to lay a basis for superior business performance or competitive advantage. But this theory, like several other universal models, has been criticised for a variety of reasons: • Disconnection from company's goals and context • Disregard of national differences such as management practices and culture12 • Inconsistency between the RBV's emphasis on in-imitability and best-practice universalism13 Although best-practices are too general, some researchers have found empirical evidence showing a correlation between the application of best-practice theories and company's performance. The reason can be seen in the validity of the underpinning "AMO" (ability, motivation, opportunity) framework. Best-fit theory The contingency or "best-fit" approach questions the universality assumption of the best-practice perspective. Instead it emphasises the fit between HR activities and the organisation's stage of development ("external-fit"). According to the "best-fit" theory, a firm that follows a cost-leadership strategy designs narrow jobs and provides little job-security, whereas a company pursuing a differentiation strategy emphasises training and development. This approach is a counterpart to the "one strategy fits all" seen in Pfeffer's seven best practices. The 'best-fit' school, therefore, argues that all SHRM activities must be consistent with each other (horizontal fit) and linked to the strategic needs of the business (vertical fit).15 However, 'best-fit' approach has been criticised for the following reasons:16 • Lack of alignment with employee interests, compliance with prevailing social norms and legal requirements • Too simplistic view of business strategy (the reality is more complex than only innovation, cost-reduction and quality-enhancement strategy in the Schuler and Jackson model) • Too much focus on existing competitive strategy (reactive) rather than ongoing environmental changes (proactive)
Article on best fit vs best practice?
Best-practice theory The 'best-practice' theory is based on the assumption that HR practices observed in high-performing firms can be transformed to other companies with the same results.10 Pfeffer's list of seven HR practices for competitive advantage through people is one of the best known set of best-practices.11 1. Employment security 2. Selective hiring 3. Self-managed teams or team working 4. High pay contingent on company performance 5. Extensive training 6. Reduction of status differences 7. Sharing information In essence, recruiting and retaining talented, team-oriented, highly motivated people is seen to lay a basis for superior business performance or competitive advantage. But this theory, like several other universal models, has been criticised for a variety of reasons: • Disconnection from company's goals and context • Disregard of national differences such as management practices and culture12 • Inconsistency between the RBV's emphasis on in-imitability and best-practice universalism13 Although best-practices are too general, some researchers have found empirical evidence showing a correlation between the application of best-practice theories and company's performance. The reason can be seen in the validity of the underpinning "AMO" (ability, motivation, opportunity) framework. Best-fit theory The contingency or "best-fit" approach questions the universality assumption of the best-practice perspective. Instead it emphasises the fit between HR activities and the organisation's stage of development ("external-fit"). According to the "best-fit" theory, a firm that follows a cost-leadership strategy designs narrow jobs and provides little job-security, whereas a company pursuing a differentiation strategy emphasises training and development. This approach is a counterpart to the "one strategy fits all" seen in Pfeffer's seven best practices. The 'best-fit' school, therefore, argues that all SHRM activities must be consistent with each other (horizontal fit) and linked to the strategic needs of the business (vertical fit).15 However, 'best-fit' approach has been criticised for the following reasons:16 • Lack of alignment with employee interests, compliance with prevailing social norms and legal requirements • Too simplistic view of business strategy (the reality is more complex than only innovation, cost-reduction and quality-enhancement strategy in the Schuler and Jackson model) • Too much focus on existing competitive strategy (reactive) rather than ongoing environmental changes (proactive)
What is management strategy?
The art of managing "management strategy/ies" is stratetegic management and Strategic management is the art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives. It is the process of specifying the organization's objectives, developing policies and plans to achieve these objectives, and allocating resources to implement the policies and plans to achieve the organization's objectives. Strategic management, therefore, combines the activities of the various functional areas of a business to achieve organizational objectives. It is the highest level of managerial activity, usually formulated by the Board of directors and performed by the organization's Chief Executive Officer (CEO) and executive team. Strategic management provides overall direction to the enterprise and is closely related to the field of Organization Studies. Strategic Management Process 1 Strategy formulation · Performing a situation analysis, self-evaluation and competitor analysis: both internal and external; both micro-environmental and macro-environmental. · Concurrent with this assessment, objectives are set. This involves crafting vision statements (long term view of a possible future), mission statements (the role that the organization gives itself in society), overall corporate objectives (both financial and strategic), strategic business unit objectives (both financial and strategic), and tactical objectives. · These objectives should, in the light of the situation analysis, suggest a strategic plan. The plan provides the details of how to achieve these objectives. This three-step strategy formulation process is sometimes referred to as determining where you are now, determining where you want to go, and then determining how to get there. These three questions are the essence of strategic planning. SWOT Analysis: I/O Economics for the external factors and RBV for the internal factors. 2 Strategy implementation · Allocation of sufficient resources (financial, personnel, time, technology support) · Establishing a chain of command or some alternative structure (such as cross functional teams) · Assigning responsibility of specific tasks or processes to specific individuals or groups · It also involves managing the process. This includes monitoring results, comparing to benchmarks and best practices, evaluating the efficacy and efficiency of the process, controlling for variances, and making adjustments to the process as necessary. · When implementing specific programs, this involves acquiring the requisite resources, developing the process, training, process testing, documentation, and integration with (and/or conversion from) legacy processes. 3 Strategy evaluation · Measuring the effectiveness of the organizational strategy. It's extremely important to undergo SWOT to figure out the strength, weaknesses, opportunities and threat of both internal and external to the entity in question. Modern Management identifies seven best practices that the company must abide by. These are * Simultaneous continuous improvement in cost, quality, service, and product innovation * Breaking down organizational barriers between departments * Eliminating layers of management creating flatter organizational hierarchies. * Closer relationships with customers and suppliers * Intelligent use of new technology * Global focus * Improving human resource skills The search for "best practices" is also called benchmarking. This involves determining where you need to improve, finding an organization that is exceptional in this area, then studying the company and applying its best practices in your firm.
