Course hero chapter 4 do you think diversity goals should be part of a company's strategy?1/21/2024 ![]() Resources such as cash and vehicles are valuable, of course, but an organization’s competitors can readily acquire them. When analyzing organizations, however, common resources such as cash and vehicles are not considered to be strategic resources. Tangible goods such as one’s car and home are also vital resources. To most individuals, cash is an important resource. It is important to distinguish strategic resources from other resources. Resource-based theory can be confusing because the term resources is used in many different ways within everyday common language. ![]() Figure 4.2 Resource-Based Theory: The Basics ![]() These competitive advantages in turn can help the organization enjoy strong profits, especially over time. Resource-based theory contends that the possession of strategic resources provides an organization with a golden opportunity to develop competitive advantages over its rivals ( Figure 4.2 “Resource-Based Theory: The Basics”) (Barney, 1991). Southwest Airlines provides an illustration of resource-based theory in action. Know the elements of the marketing mix.įour Characteristics of Strategic Resources.Be able to explain the difference between tangible and intangible resources. ![]() Understand the difference between resources and capabilities.Define the four characteristics of resources that lead to sustained competitive advantage as articulated by the resource-based theory of the firm. ![]()
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