(Mt) – St Cloud State University Resource Based View Discussion

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Chapter 4. Leveraging Resources and Capabilities 1 LEARNING OBJECTIVES • Define resources and capabilities. • Explain how value is created from a firm’s resources and capabilities. • Articulate the difference between keeping an activity in house and outsourcing it. • Explain what a VRIO framework is. • Participate in two leading debates on leveraging resources and capabilities. © Cengage Learning UNDERSTANDING RESOURCES AND CAPABILITIES Resource-based view Certain resources and capabilities specific to one company are not shared by competitors. SWOT analysis A tool for determining a firm’s strengths (S), weaknesses (W), opportunities (O), and threats (T). © Cengage Learning UNDERSTANDING RESOURCES AND CAPABILITIES Resources (or capabilities) The tangible and intangible assets a firm uses to choose and implement its strategies. Tangible resources and capabilities Assets that are observable and easily quantified. Intangible resources and capabilities Assets that are hard to observe and difficult (if not impossible) to quantify. © Cengage Learning © Cengage Learning RESOURCES, CAPABILITIES, AND THE VALUE CHAIN Value chain Series of activities used in the production of goods and services that make a product or service more valuable © Cengage Learning © Cengage Learning © Cengage Learning RESOURCES, CAPABILITIES, AND THE VALUE CHAIN Outsourcing Turning over an organizational activity to an outside supplier. Captive sourcing Setting up subsidiaries abroad so that the work done is in-house but the location is foreign. Also known as foreign direct investment (FDI). Offshoring Oursourcing to an international or foreign firm. Inshoring Outsourcing to a domestic firm. © Cengage Learning © Cengage Learning ANALYZING RESOURCES AND CAPABILITIES WITH A VRIO FRAMEWORK Resource-based view focusing on the value (V), rarity (R), imitability (I), and organizational (O) aspects of resources and capabilities © Cengage Learning ANALYZING RESOURCES AND CAPABILITIES WITH A VRIO FRAMEWORK © Cengage Learning A VRIO FRAMEWORK: Value and Rarity • Value-Adding resources lead to competitive advantage • Valuable and rare resources provide competitive advantage © Cengage Learning IMITABILITY Valuable and rare resources offer competitive advantage when they are hard for competitors to imitate Causal ambiguity Difficulty of identifying the actual cause of a firm’s successful performance © Cengage Learning ORGANIZATION Firms must be properly organized to take full advantage of the resources and capabilities they possess Complementary assets Combination of numerous resources and assets that enable a firm to gain a competitive advantage © Cengage Learning CONCLUSION © Cengage Learning

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