What are some aspects that make a business unique?
1. Excellent leadership
2. Brand portfolio
3. Partnerships
4 Teamwork
5. Strong financial position
6. Global presence
7. Well-managed processes
8. Innovative ideas
What is an Acquired Resource?
-Often money-derived
-A resource is something a company owns. In theory, you can spend money and
immediately acquire a resource
Examples of acquired resources
-Cash
-Facilities
-Distribution networks
-Production equipment
What are Know-How Resources?
-Resources can also refer to Internal Know-How
-Collective competencies (an embodiment of know-how)
-Built on the premise of the experience, skills, and knowledge held within the
resource pool
-The skills embodied within the company's resources are elements which can
then be used in daily business processes to generate a certain service or product
What are assets held by a firm?
A concept we can use to capture both the idea of a resource (a thing that is
owned) and a capability (an ability to effectively use the resource). Both have
value!
What are capabilities?
-Capabilities are what the company is able to do with its resources
-Capabilities can thus be seen as:
-Ways in which the skills, experience, and qualifications embodied in the HR
resources can in turn leverage systems, equipment, facilities, and networks etc.
-Make good use of that which the company owns/controls
-Capabilities are things that orgs develop with time
What are VRIO resources?
Valuable
Rare
Inimitable (Costly to imitate)
Organized to capture value
