Using the three circles analysis described in your text, examine the organization for which you are building a strategic plan and summarize the key factors of competitive advantage.
How might a resource-based view of internal capabilities complement a strengths, weaknesses, opportunities, and threats (SWOT) analysis? Provide an example.
RESPOND TO: in a minimum 85 words each:
1: Hello class,
From the course materials and learning activities, it is evident that there are various aspects of resource-based approach that can be used in my daily life, including what is expected of me when it comes to work responsibilities. When it comes to my personal life, resource-based approach can be helpful in accelerating how I achieve some of the targets I have set for myself. For example, I understand that for me to succeed academically, I have to understand some of the resources I have and how I can employ them to achieve my dreams. Some of these resources include tangible ones like the school I attend, the books, the Internet, the money for paying tuition fees and how I go about putting them together to ensure positive outcome. At the same time, I am aware of the intangible resources like how the tutors perceive me, the effort I put and how innovative I am. Putting these factors together would determine whether or not I achieve my academic dreams.
The same process also applies to my work life. The job market is extremely competitive; therefore, to succeed, it is important that a person understands his or her strengths, weaknesses, the available opportunities and any discernible corresponding threats (Barney, 1991). When it comes to work life, most of the tangible assets are usually provided by the organization. These include the finances, the physical location, technology and organizational structure. However, it is important to remember that when it comes to intangible resources, more is demanded of me as the human resource. Consequently, I should be able to collaborate with my colleagues in coming up with innovative ideas that can be influential in facilitating the success of the company. At the same time, I should also be aware that my reputation matters when it comes to professional matters. Therefore, it is incumbent upon me to ensure I maintain the highest level of ethical conduct.
- Janet, How might a resource-based view of internal capabilities complement a strengths, weaknesses, opportunities, and threats (SWOT) analysis? Provide an example.
According to Strategic Management, “a capability is the capacity for a set of resources to perform a task or an activity in an integrative manner (page 17). Therefore, the resource-base view of internal capabilities, are determined on the basis of the core competencies which serves as the source of competitive advantages. Within the resource-base model identifying a company resources you need to analyze the SWOT of the company competitors.
For example, resources are valuable when they allow a company to take advantage of opportunities or stabilize threats in their internal environment. Resources are costly to imitate when other firms either cannot obtain them or are at a cost disadvantage in obtaining them compared with the firm that already possesses them. Therefore, it is difficult to achieve and sustain a competitive advantage based on resources alone.