Resource Based View in Business Management

Resource Based View in Business Management Introduction The resource-based view is defined as a business management tool utilized to know the strategic resources available to firm. The basic principle of the resource based value is that the basis for a competitive advantage of a company lies primarily in the application of the group of valuable resources at the firms disposal. In order to change a short-run competitive advantage into a maintained competitive advantage requires that these resources are heterogeneous in nature and not perfectly mobile. In other words, this will change into valuable resources that either perfectly imitable or substitutable without great effort. If these conditions are remained, the companys group of resources can help the firm sustaining above average returns. The recent dominant view of corporate strategy resource-based theory or resource-based view (RBV) of company is based on the theory of economic rent and the view of the company as a collection of capabilities. This view of strategy has a coherence and integrative role that puts it well ahead of other mechanisms of strategic decision making. The olden strategy models such as Michael Porters five forces model concentrates on the firms external competitive environment. Most of them do not try to look inside the firm. Instead, the resource-based perspective shows the need for a fit among the external market context in which a firm works and its internal capabilities. In contrast to the Input / Output Model (I/O model), the resource-based view is grounded in the perspective that a companys internal environment, in terms of its resources and capabilities, is more crucial to the determination of strategic action compared to the external environment. The resource based view suggest that a companys rare resources and capabilities give the basis for a strategy instead of concentrating on the accumulation of resources necessary to implement the strategy dictated by conditions and constraints in the external environment (I/O model). The business strategy chosen should enable the company to best use its core competencies relative to chances in the external environment. The resource-based view of the firm might be useful to the field of strategic management. The big benefit of this theory was it motivated a dialogue between scholars from a lot of perspectives, which they described as good conversation. From then onwards, the strengths and weaknesses of the resource based view have been vigorously argued in strategic management and other management disciplines. There are lesser discussions regarding the resource based view done in the field of information systems. The resource based view is used in the information system field on a few occasions, yet there is no effort up to date to comprehensive evaluates their weaknesses and strengths. The resource-based view also stands that companies possess resources, a subset which allows them to reach competitive advantage and later on giving them long term superior performance. Many studies of performance from company using the resource based view have found differences within the industries. This recommends that the effects of individual, firm-specific resources on performance can be crucial. Valuable and rare resources and whose benefits can be sorted by the owning (or controlling) company giving it with a temporary competitive advantage. That strength can be maintained over longer time periods to the extent that the company can protect against resource imitation, transfer, or substitution. In other words, empirical studies using the theory have strongly supported the resource-based view. One of the key challenges of resource based view related is to understand the meaning of resource. Many people are interested in the resource based view and utilized a few different concepts to speak about a companys resources. This includes assets, stocks, competencies and skills. Such proliferation of terms is a problem for research utilizing resource based view because it is usually not clear what the researchers mean by key terminology. To make things simple, it is better to clarify the terms in a relevant way. Together, assets and capabilities define the set of resources available to the firm. Assets mean anything intangible or tangible that the firm can utilize for producing and creating in its process to a market. Assets can be taken as a input or output of a process. It can also be tangible and intangible. In other words, capabilities change inputs into outputs of greater worth. Capabilities includes processes and skills. Since years ago, there are big collections of contributions in the areas of strategic management and economics which find to change the term of resource based view or utilize it as a framework to solve empirical questions. Meanwhile, the basic propositions of resource based view have increased explained. In summary, the initial contribution of the RBV of the company to date has been as a concept of competitive advantage. The start is with an assumption which the wanted outcome of managerial effort within the company is sustainable competitive advantage. Achieving such a level enables the company to earn economic rents instead. This also concentrates on how the company achieve and maintain advantages. The resource based view argues that the answer to such question stays in the possession of important resources which have certain characteristics like barriers to duplication and value. A SCA can be achieved if the company effectively uses the resources in its product markets. Resource b ased view focuses the strategic choice, charging the companys management with the crucial tasks of developing, identifying and utilizing important resources to maximize returns. The resource based view will be discussed later in the following paragraphs and also followed by a conclusion. Article 1 Corporate Social Responsibility: A Resource-Based View of the Firm Mehdi Taghian, Deakin University This section reviews the application of the corporate social responsibility (CSR) as an intangible dynamic resource, its application in the formulation of marketing strategies and its association with business performance, using the theoretical framework of resource-based view of the firm (RBV). CSR focuses on what is termed the triple bottom line people, planet, profit (Capaldi, 2005). Supporters of CSR believe that it is compatible with the traditional goals of a business and in fact can enhance a business. These supporters assert that CSR must become an integral part of the wealth creation process. Therefore, if CSR is managed properly, it should enhance business competitiveness and maximize wealth creation value to society. Also, when the economy is facing challenging times like now, there is greater not lesser need to practice CSR. The benefits of CSR will be discussed in detail in subsequent paragraphs. CSR initiatives can be in many forms, depending on the company. Some focus solely on environmental issues but there is a move towards community-based development projects (Tench et al, 2007). These projects perform a variety of functions for people in rural areas such as providing education for children and equipping adults with job skills. Other CSR initiatives occur in the form of providing healthcare and awareness of diseases such as AIDS and malaria. Based on these companies annual reports and other publications, such initiatives seem to be successful (Vernon and Mackenzie, 2008). Therefore, companies are encouraged to embrace CSR to fulfil their roles as good corporate citizens. Even though governments have not enacted legislature compelling businesses to embrace CSR, the accounting fraternity has taken the lead by instituting accounting standards and guidelines that compel MNCs to adopt some aspects of CSR. The guidelines are on environmental and sustainable reporting and demonstrate how acting green can be incorporated into a companys accounting system (ODwyer, 2003). Some of the more notable guidelines and standards promoting CSR are AccountAbilitys AA1000 standard, Social Accountability Internationals SA8000 standard, ISO14000 Environmental Management Standard and Global Reporting Initiatives Sustainable Reporting Guidelines. These standards and others have increased the awareness among accountants for the need for good CSR and sustainable reporting. Stakeholder Theory The stakeholder theory considers the impact of expectations of the different stakeholder groups to determine CSR. This is expressed by Drucker in his views on business ethics in that management is ultimately responsible to itself and society at large. These sentiments were re-echoed later by Freeman (1984, cited in Enquist et al, 2006) who said it was not just a matter of social responsibility or business ethics, but ultimately the very survival of the company hinges on it. Stakeholders are groups from whom the organization has voluntarily accepted benefits, and to whom the organization has therefore incurred obligations of fairness (Galbreath, 2009). A firms traditional stakeholders are its shareholders, employees, creditors, customers and the government. However, the scope has been expanded in recent years to include non-governmental organizations and the community as a whole. CSR is utilized as a management tool for managing the information needs of the various powerful stakeholder groups and managers use CSR to manage or influence the most powerful stakeholders in order to gain their support which is vital for survival (Freeman et al, 200, cited in Gyves and OHiggins, 2008). The key issue here is identifying the concerns of the various stakeholder groups which are often different, and how to satisfy them. Hence, the corporation is driven to act in a more ethical manner to avoid antagonizing powerful stakeholders. Scholars have cited five major strategic responses to institutional pressure for CSR, which range from the timid to the hostile. The first strategy is to acquiesce, which is to accept CSR values, norms and rules for the organization. The second approach is to compromise by partially conforming to CSR requirements while modifying it to suit organizational needs. The third strategy is to avoid or resist all CSR initiatives while the fourth method is a more active form of resistance to CSR initiatives through outright defiance. The final approach is by manipulation, which is by attempting to change global CSR standards. As can be expected, the last approach can only be employed by the largest and most powerful corporations. Furthermore, a CSR strategy can be considered as a core intangible dynamic resource within the resource-based view of the firm (RVB). It can provide a general framework for decisions regarding the design and adoption of other organisational resources that collectively characterise their marketing approach and direction. Article 2 The resource-based view of the firm: Ten years after 1991.(Technical) Ten years ago, Jay Barney edited a special forum in this journal on the Resource-Based View of the Firm (Barney, 1991). In his article in the special issue, Barney argued that sustained competitive advantage derives from the resources and capabilities a firm controls that are valuable, rare, imperfectly imitable, and not substitutable. These resources and capabilities can be viewed as bundles of tangible and intangible assets, including a firms management skills, its organizational processes and routines, and the information and knowledge it controls. In the intervening decade, the diffusion of the resource-based view (RBV) in strategic management and related disciplines has been both dramatic and controversial and has involved considerable theoretical development and empirical testing. As such, it seemed timely to organize a new special issue that attempts to assess the past contributions of the RBV as well as presenting forward-looking extensions. Barneys 1991 article was positioned relative to the structure-conduct-performance (SCP) paradigm in economics. Revisiting this article, Barney (2001a) discusses the implications of linking the RBV to the neoclassical microeconomics and evolutionary economics literatures. Situating the RBV in relation to neoclassical microeconomics would have helped address issues concerning whether or not equilibrium analysis can be applied in resource-based analyses, whether the RBV is tautological, and identification of attributes of resources and capabilities that lead them to be inelastic in supply. Positioning the RBV against evolutionary economics would have helped develop arguments concerning how routines and capabilities change over time. Barney points out that all three perspectives have been developed over the last decade and provide a body of related yet distinct resource-based theoretical tools that can be applied in different ways in different contexts. Mahoney (2001) revisits Conners (1991) paper to provide an alternative perspective on the similarities and distinctions between RBV and transaction cost economics (TCE), questioning Conners argument that the fundamental difference is that the former focuses on the deployment and combination of specific inputs while the latter focuses on the avoidance of opportunism. Mahoney argues that to continue to develop the RBV with the assumption of no opportunism ignores key issues. With opportunism, the presence of the firm facilitates superior knowledge transplantation relative to the market because of superior coding, better control of opportunistic behavior due to the authority relationship and superior information. RBV and TCE are viewed as complementary because the former is a theory of firm rents whereas the latter is a theory of the existence of the firm. The set of market frictions that explain sustainable firm-level rents would be sufficient market frictions to explain the existence of the firm. The problem of opportunism, however, has also been closely associated with recent literature on corporate restructuring, to which we return below. Revisiting their managerial rents model, Castanias and Helfat (2001) present an expanded classification of managerial resources and explain how it relates to (1) other classifications of managerial abilities such as those dealing with leadership qualities or functional area experience and (2) the fundamental resource-based characteristics of scarcity, immobility, and inimitability. The implications of this model for firm performance, appropriability of rents from managerial resources, and incentives for managers to generate rents are then analyzed. The authors argue that managerial resources, which cannot be imitated quickly or which may have imperfect substitutes, do not by definition generate rents, especially if effort and motivation are lacking or misdirected. They also suggest that the nature of managerial resources may need to change with the life-cycle of the firm and the industry for rents to be generated. Article 3 Out of the many theories of organizational behavior, one aligns itself well with the human capital view of people within an organization. This theory, called the Resource Based View (RBV), suggests that the method in which resources are applied within a firm can create a competitive advantage (Barney, 1991; Mata, Fuerst, Barney, 1995; Peteraf, 1993; Wernerfert, 1984). The resource based view of firms is based on two main assumptions: resource diversity and resource immobility (Barney, 1991; Mata et al., 1995). According to Mata et al. (1995), these assumptions are defined as: Resource diversity (also called resource heterogeneity) pertains to whether a firm owns a resource or capability that is also owned by numerous other competing firms, then that resource cannot provide a competitive advantage. As an example of resource diversity, consider the following: a firm is trying to decide whether to implement a new IT product. This new product might provide a competitive advantage to the firm if no other competitors have the same functionality. If competing firms have similar functionality, then this new IT product doesnt pass the resource diversity test and therefore doesnt provide a competitive advantage. Resource immobility refers to a resource that is difficult to obtain by competitors because the cost of developing, acquiring or using that resource is too high. As an example of resource immobility, consider the following: a firm is trying to decide whether they should buy an off-the-shelf inventory control system or have one built specifically for their needs. If they buy an off-the-shelf system, they will have no competitive advantage over others in the market because their competition can implement the same system. If they pay for a customized solution that provides specific functionality that only they implement, then they will have a competitive advantage, assuming the same functionality isnt available in other products. These two assumptions can be used to determine whether an organization is able to create a sustainable competitive advantage by providing a framework for determining whether a process or technology provides a real advantage over the marketplace. The resource based view of the firm suggests that an organizations human capital management practices can contribute significantly to sustaining competitive advantage by creating specific knowledge, skills and culture within the firm that are difficult to imitate (Afiouni, 2007; Mata et al., 1995). In other words, by creating resource diversity (increasing knowledge and skills) and/or resource immobility (a culture that people want to work in), sustainable competitive advantage can be created and maintained. In order to create human capital resource diversity and immobility, an organization must have adequate human capital management practices, organizational processes, knowledge management practices and systems, educational opportunity (both formal and informal) and social interaction (i.e., community building) practices in place Conclusion Based on the empirical writings stated above RBV provides us the understanding that certain unique existing resources will result in superior performance and ultimately build a competitive advantage. Sustainability of such advantage will be determined by the ability of competitors to imitate such resources. However, the existing resources of a firm may not be adequate to facilitate the future market requirement due to volatility of the contemporary markets. There is a vital need to modify and develop resources in order to encounter the future market competition. An organisation should exploit existing business opportunities using the present resources while generating and developing a new set of resources to sustain its competitiveness in the future market environments, hence an organisation should be engaged in resource management and resource development. Their writings explain that in order to sustain the competitive advantage, its crucial to develop resources that will strengthen their ability to continue the superior performance. Any industry or market reflects high uncertainty and in order to survive and stay ahead of competition new resources becomes highly necessary. Morgan agrees stating that, need to update resources is a major management task since all business environments reflect highly unpredictable market and environmental conditions. The existing winning edge needed to be developed since various market dynamics may make existing value creating resources obsolete.

Emma Gifford Poems Essay

Hardy shows a various amount of thoughts, feelings and concerns throughout the ‘Veteris Vestigia Frammae’ section of his poems. These emotions always differ depending on the memory he is recalling to the place where it took place and even general differences between the way he feels about his late wife, Emma.  To start with in the first poem ‘The Going’, Hardy shows feelings of guilt and blame towards Emma. The first line of the poem, â€Å"why did you give no hint that night† straight away shows that Hardy is blaming Emma for her own death when she didn’t even know herself that she was going to die just that she was quite ill. In this poem Hardy doesn’t show guilt straight out but he does it by asking many questions in the poem but never giving any answers, it seems as if he doesn’t, maybe even can’t explain the way he feels due to Emma’s death. Another emotion shown in this poem is resentment, resentment for the fact that they did â€Å"not speak† and she died without him being able to say what she meant to him. ‘I Found Her Out There’ is also one of Hardy’s poems that shows many emotions and some concerns of his about where Emma had been buried. Hardy’s main concern is the fact that he wants Emma to be in her childhood home of Cornwall where she loved to be but instead she is buried in Wessex where they lived. In the poem Hardy says that he wants Emma to be â€Å"where she once domiciled†. This shows that Hardy wanted Emma to return to her home where she once was as he knows that she enjoyed her life there more than what she did in Wessex. Hardy uses the word â€Å"creep† to describe the way Emma would move underground, this seems to be an odd word to describe how the woman you love would move. In this case it seems as though he uses it to express his regret and how morbid it is without her but also morbid for him to remember that she loved Cornwall more than him and he knew that that was where she belonged no matter what. Hardy also uses to word â€Å"shade† to represent Emma’s soul which also seems a little strange as it would be her soul that would move if anything was going to not her shade which to me means her shadow as she doesn’t have one now. This to me represents that Hardy can’t and maybe don’t want to believe that she has gone and he will never be able to make things better between them and make her happy like she once was. â€Å"Without Ceremony† is also a good poem that shows a lot of Hardy’s emotions as I think it can be seen as his way of having a break down as he is being haunted by the past. This poem is addressed to Emma which shows that it means a lot to him and is rather sentimental but also it shows how strong and powerful his words are and how much they generally mean to him. The very first line shows affection as he calls Emma, â€Å"my dear†, this however is not the way it was when she was alive. We can see from this that either he is imagining things or is wishing how could have been. The poem to me shows a confession from Hardy as he says a lot of things that he never got a chance to say to her but always wanted to but also he lets out some of his grief and regrets. It also shows slightly how it used to be for them being together but never being with each other. For example, â€Å"before I had thought thereon† showing that he neglected her and wasn’t there for her even when she needed him to be. Hardy even went as far to say that he â€Å"inferred† which to me is him telling himself that it wasn’t all his fault but he is also questioning if they acted like a couple when they were around others but went their separate ways when no one was around. The last line of the poem, â€Å"Good-bye is not worth while!† is a very strong statement to finish on. This can shows a number of thoughts and feeling from Hardy, it could mean something as simple as it is exactly what Emma did as neither of them said bye. But it could also mean how much of pretence their relationship was and how little it meant to Emma in his eyes. Lastly it could show his grief and regret of loving her but not being in love with her, as it shows that he had more to say to her and wished that he could now so to him for not doing that he doesn’t deserve a good-bye from her.

Week One Journal

Week One Journal Alicia Campbell COM 320 March-Eleventh, 2013 Sheila Yarbrough Week One Journal This is the start of a long journey in learning to enhance my interpersonal communication skills. I know there is much in store to learn and I plan to take full advantage of the ideas to help me succeed. There are many elements in the communication realm and I never would have thought that they fit somewhere in my life; however, I learned differently. I experience source-receiver every day when I talk to my husband about his day at work or just playing with my boys.Encoding-decoding is done daily as well when I instruct my four-year-old to complete a task and I know when he completes it, he has decoded what I instructed him to do. I experience competence every day as well in the form of communication I use with my husband vs. my children. When I put myself together to go out because I want to look presentable to others, I am giving them the message that I care about how I look because I wa nt to make a good first impression. When I am on Facebook daily; I am channeling my friends and family when I post messages for them to read.Context comes in my free time, when I have a chance to glimpse through a magazine; I will most likely read cover articles than any of the others. This is a physical dimension of context. My youngest son sees the Dr. monthly, and she uses doctor jargon, which is difficult to comprehend which is a form of noise. I learned ethics from a very young age; I was taught to respect my elders, talk politely, and listen. I realize all these elements incorporate in my life somehow I will take them into account more often.By taking the quiz in chapter one, I learned I do not know much about my interpersonal communication skills. I did not realize that all of the answers were supposed to be false because I answered some true. Most of these statements were generally false; however because each of these statements is a learned skill because you are not born a competent communicator. Therefore, I plan to practice ways to improve my communication skills with people from different walks of life. One thing I did not realize is that quality matters over quantity in the amount of communication skills with others.Because I do not have much adult interaction throughout the day (stay-at-home mom), I try to choose my words wisely when I do have adult interaction. In the context of the situation, I need to remember to adjust my communication type. I just experienced this the other day when my son came to me crying because he got hurt; I got down to his level and told him everything was going to be all right versus laughing at him. This also goes along the lines when communicating with people of different cultures; people with different backgrounds attribute different meanings to a message.I experience this firsthand when I was employed, I had to choose what I discussed and how to choose my words carefully because women from different ethnic backgro unds were employees that may take the topic of discussion more to heart. I know I am a person who tries to avoid meeting new people if I can help it; I am a very shy person. However, I am getting better at this quality. I am the one that waits for the other person to talk; I reply back. Practicing this fear will help regardless. Another point to remember is to keep from avoiding conflict.Every once in a while some type of conflict is healthy for a relationship. I do not see this, though, because I have so many people that tell me this since my husband and I rarely argue. Personally, I do not see how conflict is healthy for a relationship. Even though I communicate with people verbally and nonverbally daily, I did not know the true definition of interpersonal communication and what it entailed. I think it is important to study interpersonal communication because I will need use these skills for the rest of my life and studying it will only help me get better at the qualities I am not so good at.Once I get better at communicating in different situations and with different types of people, I will come across more professional at job interviews and relate to people more effectively. Looking back at how I have communicated with people in the past and what I have come to just shows that the world moves at a much faster pace than once was. One area I hope to improve on is this, I used to write hand-written letters to my husband; however, time is changing so now all I do is Skype or e-mail when he deploys.I still need to be thankful though that he has the opportunity for this; however, it would be nice to get a letter every once in a while. It just seems life has us moving in fast forward these days. So, I hope to get as much from this class as possible. The areas I need to improve on are all of them from what I see. I want to learn how to communicate more professionally with people of higher stature because I always get nervous, which makes me sound like I am not con fident when on the other hand I want to communicate at an effective level.In general, I want to become a more confident speaker and lessen my fear of speaking with new people. I plan on soaking up all the information this course throws my way and use it to my advantage. Interpersonal communication is part of everyone’s daily lives. I am going to take in every idea this course has to offer and my communication skills should get better as time progresses and make me a more confident person in all aspects of life. These girls look like they are sharing secrets and the girl with the shocked facial expression shows me that she is receiving the message from the source.This man is using his messaging skills because he is showing he knows how to make a good first impression. Man and woman experiencing conflict and man trying to block her out by holding up his hand which shows me he is refusing to listen to anything she has to say. This is a form of psychological noise. This woman is receiving a hand-written letter via mail (the medium), which is a form of channeling. I see this photo as a form of encoding-decoding. The parents are reading the book to the boy and he is showing that he understands what is read (decoding) by laughing.When this woman chooses to read a topic from the front cover that caught her eye, she is showing an example of context in the physical dimension. These two women are doing a form of gossiping, which goes against an individual’s ethical standard. The patient is conversing with the doctor in a way that aligns with her competence. This means she is adjusting her communication style because of the person she is talking to. References Alo Mukerji. (2010). [Photograph of two woman what looks like gossiping]. Retrieved from http://blog. compete. com/2010/11/01/the-latest-gossip-on-a-site-about-gossip-tmz/ Bridal Guide. 2012). [Photograph of woman getting her hair done while reading a bridal magazine]. Retrieved from http://www. bridal guide. com/blogs/bridal-buzz/david-tutera-bridal-guide-cover-shoot Classroom Tales. (2010). [Photograph of parents reading little boy a book, and he is laughing] Retrieved from http://classroomtales. com/2010/10/09/580/ Digital Den. (2011). [Photograph of two girls one whispering to the other]. Retrieved from http://thedigitalden. files. wordpress. com/2011/10/bigstock_secrets_910281. jpg P. Nannini. (2013). [Photograph of woman getting letter out of a mailbox].Retrieved from http://providencepcc. org/awesome-things-getting-a-handwritten-letter-in-the-mail/ Regrounding. (2011). [Photograph of female patient talking to doctor]. Retrieved from http://regrounding. wordpress. com/2011/07/06/the-arts-of-doctoring-and-patient-ing/ Younglifeperception. (2012). [Photograph of man in suit reaching out to shake some ones hand]. Retrieved from http://younglifeperception. wordpress. com Younglifeperception. (2012). [Photograph of man and woman fighting; man putting up his hand to block her out] . Retrieved from http://younglifeperception. files. wordpress. com

The Business Operations Of Marriott International Became...

Before Marriott International became the largest hotel company in the world, it began as root beer stand in Washington D.C. in 1927. Young newlyweds, J. Willard and Alice Marriott, found instant success by offering good food at good prices. Soon, they added hot food items to their menu and restaurant, Hot Shoppes, was born (Marriott, p. 2). From there, they ventured into airline catering, and in 1957, made history by opening the first hotel in Arlington, Virginia (Marriott, pp. 2-3). By 1982, Marriott became a global phenomenon and revolutionized the hospitality industry through its creativity and constant innovation. Today, the company is known for its work environment and excellent business operations, which are based on five core values: â€Å"put people first, pursue excellence, embrace change, act with integrity, and serve our world† (Marriott, p. 5). As of 2015, the company had 20 brands running 4,175 hotels in 80 countries and occupies 15% of the hospitality market sha re (Matthews, 2016 , p. 1). CUSTOMER SATISFACTION CUSTOMER LOYALTY Marriott International understands that high customer satisfaction is directly linked to success. With so many options available to consumers, brand loyalty and repeat purchases are crucial to survive. In 2011, Marriott introduced the Marriott Rewards program (Marriott, p. 8). The loyalty program lets travelers earn points by booking a hotel room, shopping with partners, booking meeting rooms, referring friends, and more. Any amountShow MoreRelatedHilton And Hilton Hotel History Essay4343 Words   |  18 Pages Marriott VS Hilton Hilton Hotel History: In 1919, a thirty-one-year-old banker by the name of Conrad Hilton traveled to Cisco, Texas to franchise his bank. When he arrived, he went to the Mobley Hotel only to find it was completely sold out. 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