1) In your own words and using referenced quotes describe what is meant in strategy by the 'Resource-Based View'?
ØResource-Based View (RBV):
It is a way of viewing the firm and in turn of approaching strategy. This theory formulates the firm to be a bundle of resources. It is these resources and the way they are combined, which make firms different from one another. it is considered as taking an inside-out approach while analysing the firm. The RBV is based on the idea that effective and efficient application of all usable resources that the company can muster shows its competitive advantage. This means the starting point of the analysis is the internal environment of the organization.(etheses.nottingham.ac.uk,2013)
2)How might you undertake 'Internal Strategic Analysis' ? What models would you apply and why/ Where would you go to find the information you need?
ØInternal Strategic Analysis is very important for an organization as it focuses on strengths and weakness of the internal factors that give them certain advantage and disadvantages in meeting the needs of its target market.
There are different methods to access the internal analysis of an oragnization, which are :
References:
[online] Available at: http://etheses.nottingham.ac.uk/3271/1/442284.pdf [Accessed on 29th April 2013]
ØResource-Based View (RBV):
It is a way of viewing the firm and in turn of approaching strategy. This theory formulates the firm to be a bundle of resources. It is these resources and the way they are combined, which make firms different from one another. it is considered as taking an inside-out approach while analysing the firm. The RBV is based on the idea that effective and efficient application of all usable resources that the company can muster shows its competitive advantage. This means the starting point of the analysis is the internal environment of the organization.(etheses.nottingham.ac.uk,2013)
2)How might you undertake 'Internal Strategic Analysis' ? What models would you apply and why/ Where would you go to find the information you need?
ØInternal Strategic Analysis is very important for an organization as it focuses on strengths and weakness of the internal factors that give them certain advantage and disadvantages in meeting the needs of its target market.
There are different methods to access the internal analysis of an oragnization, which are :
- Resource-Based View
- Value Chain Analysis
- SWOT Analysis
- TOWS Analysis
- McKinsey 7 S model, etc
If I were to analyse the internal environment of a company, I would choose SWOT analysis because it is both simple and powerful for strategy development. It is easy to use, cost less and consumes very less time to complete. It is a useful technique for understanding strengths and weakness, and for identifying opportunities and threats that the company faces. Strengths refer to the core competencies that give firm an advantage whereas weakness refers to limitation the company faces in developing or implementing strategy. Ii also identifies the area of 'need' in which company can perform profitably. It helps to support mission, vision and objectives that has been already defined. It provides perspective and will reveal connections and areas of action.
3) Talk about your group video work. How is it going so far ? do you have a plan? What are you most worried about at the moment ? what is going well?
ØSo, far we have done all the research that needs to be done. Everyone in the group has done their share of research. It is getting difficult to incorporate all those information into one project. At the moment I am most worried about finishing the work and get desired output ready on time. The one thing that is going well is that we have a good teamwork and everyone is working together as a team. Everyone is determined and working hard together to achieve the goal.
3) Talk about your group video work. How is it going so far ? do you have a plan? What are you most worried about at the moment ? what is going well?
ØSo, far we have done all the research that needs to be done. Everyone in the group has done their share of research. It is getting difficult to incorporate all those information into one project. At the moment I am most worried about finishing the work and get desired output ready on time. The one thing that is going well is that we have a good teamwork and everyone is working together as a team. Everyone is determined and working hard together to achieve the goal.
References:
[online] Available at: http://etheses.nottingham.ac.uk/3271/1/442284.pdf [Accessed on 29th April 2013]
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