File Name: origin and definition of resource based theory .zip
The resource-based view RBV argues that firms possess resources, a subset of which enable them to achieve competitive advantage, and a subset of those that lead to superior long-term performance. Resources that are valuable and rare can lead to the creation of competitive advantage. That advantage can be sustained over longer time periods to the extent that the firm is able to protect against resource imitation, transfer, or substitution.
RBV is an approach to achieving competitive advantage that emerged in s and s , after the major works published by Wernerfelt, B. The supporters of this view argue that organizations should look inside the company to find the sources of competitive advantage instead of looking at competitive environment for it. According to RBV proponents, it is much more feasible to exploit external opportunities using existing resources in a new way rather than trying to acquire new skills for each different opportunity. In RBV model, resources are given the major role in helping companies to achieve higher organizational performance. There are two types of resources: tangible and intangible. Tangible assets are physical things. Land, buildings, machinery, equipment and capital — all these assets are tangible.
The resource-based view RBV of the organisation is a strategy for achieving competitive advantage that emerged during the s and s, following the works of academics and businessmen such as Birger Wernerfelt, Prahalad and Hamel, Spender and Grant. The core idea of the theory is that instead of looking at the competitive business environment to get a niche in the market or an edge over competition and threats, the organisation should instead look within at the resources and potential it already has available. According to RBV, it is significantly easier to exploit new opportunities using resources and competencies that are already available, rather than having to acquire new skills, traits or functions for each different opportunity. These resources are the main focus of the RBV model, with its supporters arguing that these should be prioritised within organisational strategy development. Within an RBV model, there are two main types of resource assets , which will likely be familiar to accountants and financial specialists:. There are two significant, critical assumptions of RBV - that resources must also be:.
Published in: Journal of Management , Vol. The resource-based view RBV of the firm has been around for over twenty years - during which time it has been both widely taken up and subjected to considerable criticism. The authors review and assess the principal critiques evident in the literature, arguing they fall into eight categories. Three critiques that cannot be readily dismissed call for further theorizing and research. They arise from the indeterminate nature of two of the RBV's basic concepts — resource and value — and the narrow conceptualization of a firm's competitive advantage. The authors feel the RBV community has clung to an inappropriately narrow neo-classical economic rationality, thereby diminishing its opportunities for progress.
Instead, a resource is strategic to the extent that it is valuable, rare, difficult to imitate, and nonsubstitutable. Southwest Airlines provides an illustration of resource-based theory in action. Resource-based theory contends that the possession of strategic resources provides an organization with a golden opportunity to develop competitive advantages over its rivals Table 4. These competitive advantages in turn can help the organization enjoy strong profits Barney, ; Wernerfelt, A strategic resource is an asset that is valuable, rare, difficult to imitate, and nonsubstitutable Barney, ; Chi, A resource is valuable to the extent that it helps a firm create strategies that capitalize on opportunities and ward off threats. Most airlines struggle to be profitable, but Southwest makes money virtually every year.
In this paper we accept Wernerfelt's () definition of resources and of resource-based theory ± resources, sometimes the most valuable.
In the marketing technology industry the authors classify resource configurations generalists, specialists, innovators which group firms with distinctive competences on similar resource dimensions. The major findings are: some firms that are close together in strategy space vary in performance; some firms that are close together in strategy space belong to quite different resource configurations; firms that belong to the same resource configuration i. Furrer, O. Emerald Group Publishing Limited.
The resource-based view RBV is a managerial framework used to determine the strategic resources a firm can exploit to achieve sustainable competitive advantage. Barney's article "Firm Resources and Sustained Competitive Advantage" is widely cited as a pivotal work in the emergence of the resource-based view. The RBV focuses managerial attention on the firm's internal resources in an effort to identify those assets, capabilities and competencies with the potential to deliver superior competitive advantages. During the s, the resource-based view also known as the resource-advantage theory of the firm became the dominant paradigm in strategic planning. RBV can be seen as a reaction against the positioning school and its somewhat prescriptive approach which focused managerial attention on external considerations, notably industry structure.
Southwest Airlines provides an illustration of resource-based theory in action.
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У нее свело желудок. - Останься со. В ее сознании замелькали страшные образы: светло-зеленые глаза Дэвида, закрывающиеся в последний раз; тело Грега Хейла, его сочащаяся кровь на ковре; обгорелый труп Фила Чатрукьяна на лопастях генератора. - Боль пройдет, - внушал Стратмор. - Ты полюбишь. Сьюзан не слышала ни единого слова. - Останься со мной, - увещевал ее голос.
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