Resources can be defined as assets transformed to create benefit that can either be consumed or become unavailable during this transformation process (https://en.wikipedia.org). Examples of resources can be; knowledge, materials, services, staff and energy. The purpose of resource utilization is to generate advantages such as increased wealth, meeting needs or wants, proper functioning of a system, or enhanced well being. Therefore, from an organizational perspective resources is anything used from the business environment to enhance the proper functioning of the organization system and its well being. Resources has three main characteristics; utility, scarcity, and possible depletion or consumption (https://en.wikipedia.org). With respect …show more content…
This concept was used by these researchers Spanos & Lioukas to illustrate that there exist a complementarity between these two perspectives. In their illustration, they divided the SWOT analysis components into two separate components one representing the market driven perspective which covers the opportunities and the threats analysis, while the other component represents the resource-based perspective and covers the analysis of the strengths and weaknesses sections in the SWOT (Spanos & Lioukas, 2001). Their purpose is to determining the relative impact industry and the firm specific factors such as; resources, industry forces, strategy, and firm performance, has on the market performance and also of profitability. The result from this SWOT analysis, illustrates the complementarity between Porter’s market driven strategy and the resource-based perspectives in three different relationships. Firstly, the two perspectives complement one another when we consider the strategy effects. Both perspectives described that there is a direct effects of strategy on firm performance, meaning that, a firm performance can be impacted when a firm enacts or creates value for buyers, either through the strategies of differentiation or cost leadership (Spanos and Lioukas, 2001). Secondly, complementarity can be seen in the industry effects which represent the market driven strategy perspective component the SWOT. This revealed that there is a direct relationship between industry effects and firm performance which is as a result of a defensive strategy created by the firm for the purpose of protecting the firm against the competition from its rivals due to it strategic positioning in the industry. Thirdly, the firm assets effect can also be used to illustrate the complementarity which is more skewed towards the
In today’s market, Walmart and Target are two of the top competing companies within the market system. According to Loudenback and Lee (2015) research on Walmart and Target stated, “We just released a list of the 50 most powerful companies in America, and Walmart came out on top as the most powerful company in the nation with Target a close second”. Walmart was founded 60 years after Target was founded. The two companies have found different ways and techniques to stay a top of their competitors. Within my SWOT analysis, I plan on pointing out each company’s strengths, weaknesses, opportunities, and threats.
To Respect or to be a Kiss Up “Treat others the way you want to be treated. ” We’ve all heard that overused phrase growing up. The same goes for me as well, and to me, respect has been a huge part of my culture and many other Asian cultures. Respect is the root of what makes people who they are today. It shows that you admire them, that you care for them, or possibly even fear them.
Resources and Capabilities VRIO Framework V R I O Competitive Implication Strong corporate culture + + + + Sustainable competitive advantage Strong investment in R&D + + + + Temporary competitive advantage Outstanding customer service + + + + Sustainable competitive advantage
Odeon Cinema becomes the largest cinema in the UK, with over one hundred cinemas. The founding of Odeon Cinema was Oscar Deutsch in 1930 (Odeon Cinema, 2018). The spelling of Odeon was an acronym of Oscar Deutsch Entertains Our Nation, at that time their art decoration and their interiors became the company icons. In the beginning, their mission statement was “not only simply somewhere to watch films, but somewhere to experience them” based on Herte (2018). The ODEON was acquired in 1941 by J Arthur Rank who had interests in the film production and distribution, in 1998 the company launch their rebranding campaign to reinforce ODEON place as market leader in the UK with introducing the “ Fanatical about the film” to UK cinema (Odeon Cinema,
Apply the concept of VRIN to analyse its value-creating ability. All resources that an organization has may not have strategic relevance. Only certain resources are capable of being an input to a value creating strategy which put the organization in a position of competitive advantage. Great brand identity gives Disney's parks an edge over its competitors. Applying the concept of VRIN (valuable, rare, inimitable, non-substitutable) on Disneyland theme parks- • Valuable-
A SWOT analysis is a tool used by organisations to identify its internal strengths and weaknesses, but also the external opportunities and threats. Therefore, this allows the organisation to assess what can be used to aid in achieving their objectives, i.e., strengths and opportunities, as well as aspects that can be improved on or potential problems that can be faced, i.e., weaknesses and threats, as they pursue on achieving business objectives and/or decision making. Explained S.W.O.T. Analysis: a) Strengths Caterpillar Inc. holds a very strong brand image worldwide that directly associates it with high quality products that they provide. In 2014, Caterpillar ranked as the number one brand in heavy equipment followed by a strong competitor,
This theory is based on the concept that there are five forces that determine the competitive intensity and attractiveness of a market. Porter 's five forces help to identify where power lies in a business situation. This is useful both in understanding the strength of an organization 's current competitive position, and the strength of a position that an organization may look to move into. Strategic analysts often use Porter’s five forces to understand whether new products or services are potentially profitable. By understanding where power lies, the theory can also be used to identify areas of strength, to improve weaknesses and to avoid mistakes.
Physical resources may include equipment and plant, and medical supplies. Physical resources give a healthcare organization a competitive advantage, by, for example, using up-to-date equipment’s, and having quality and enough medical supplies aid in offering quality services. Human resources in a healthcare organization may include employee 's skills and management, and training experience. This put a healthcare organization on a competitive edge as qualified personnel and management ensure that clients get the best treatment services
SWOT Analysis Before we implemented our opioid addiction and rehabilitation service, it was important for us to examine what obstacles we might face and need to overcome as well as what we might be able use in our favor to help with our service. We performed a SWOT analysis to help identify the external opportunities and threats that were present as well as our internal strengths and weaknesses so that we might more efficiently jumpstart our service. External SWOT Analysis
Mission of Dacia The primary mission of Dacia is to support its mother company Renault to enter new markets by taking over production and sales in different global markets. In addition to that, Dacia sees itself as an innovative company which is focussed on providing best products at affordable prices. Recently, the company in alignment with its mother company Renault has been pushing to reduce the environmental impacts of automobiles. The program ‘RABLA’ has be initiated to facilitate this goal of the company.
COST STRUCTURE OF SAMSUNG Low cost structure of Samsung and high responsiveness to economic events has made Samsung more competitive. For example, initially Samsung focused more on volume and domination on market rather than increasing profitability. However, in 1990s, during the Asian financial crisis, Samsung cut costs and reemphasized product quality and manufacturing flexibility, which allowed its consumer electronics move from project phase to store shelves within next six months. Under the resources-based view of strategic management, effective resources available to a firm, as well as the competency of a firm is responsible in affecting competitive advantage received by a firm.
1.3 explain how to use resources effectively and efficiently Without effective resources an organisation wouldn’t be able to do the job effectively for example, in my organisation we need to have care assistance to care for every individual which in turn need to be trained to do the job correctly, if we didn’t have a resource in place to cover the training needs we wouldn’t be able to function and care for our service users, this also means we need to have a budget of what we can spend on training, staff are also an important resource as we need to make sure we have enough employees to cover each shifts. There are many ways to use resources efficiently and to minimise and adverse impact on the environment. These include how we organise work activities and the use of resources efficiently understanding their impact on the environment, and finding ways to reduce their negative, and increase their positive impact. For example, by being mindful of waste and extravagance by recycling waste materials, by reusing packaging materials, by using double-sided printing
The increasing level of competition decrease the profitability. Moreover, this tool provides a foundation to formulate strategy and recognize the competitive landscape in the same industry of the company ("Industry Analysis | Porter’s Five Forces | Competition,"
In 1985, Harvard Business School Professor Michael Porter published his new book “The Competitive Advantage” which focuses the organisation internal environment. In this book, along with an in depth analysis of the competitive strategies which are Cost leadership, differentiation and Focus, he also concentrates on the firm’s value chain. 1. Cost Leadership: In cost leadership, an organisation aims to become the low cost provider in its industry. Examples are Aldi, Lidl, Ryan Air etc 2.
With more than 50 years of experiences, he provides invaluable advice to the group on production, marketing, new product research and development in electrical industry. In recent years, KHB has been expanding its business to foreign countries. SWOT analysis helps to understand the company’s strengths, weaknesses, opportunities, and possible threats against it. SWOT can be divided into two parts. Strength and weakness affects the internal of the company while the opportunities and threats affects the external of the company and its environment.