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- Resource-based_view abstract "The resource-based view (RBV) as a basis for the competitive advantage of a firm lies primarily in the application of a bundle of valuable tangible or intangible resources at the firm's disposal (Mwailu & Mercer, 1983 p142, Wernerfelt, 1984, p172; Rumelt, 1984, p557-558; Penrose, 1959). To transform a short-run competitive advantage into a sustained competitive advantage requires that these resources are heterogeneous in nature and not perfectly mobile (: p105-106; Peteraf, 1993, p180). Effectively, this translates into valuable resources that are neither perfectly imitable nor substitutable without great effort (Barney, 1991;: p117). If these conditions hold, the bundle of resources can sustain the firm's above average returns. The VRIO and VRIN (see below) model also constitutes a part of RBV. There is strong evidence that supports the RBV (Crook, Ketchen, Combs, and Todd, 2008). RBV has been extensively applied in management and marketing (Kozlenkova, Samaha, and Palmatier). Identify the firm’s potential key resources. Evaluate whether these resources fulfill the following criteria (referred to as VRIN): Valuable – A resource must enable a firm to employ a value-creating strategy, by either outperforming its competitors or reduce its own weaknesses (: p99;: p36). Relevant in this perspective is that the transaction costs associated with the investment in the resource cannot be higher than the discounted future rents that flow out of the value-creating strategy (Mahoney and Pandian, 1992, p370; Conner, 1992, p131). Rare – To be of value, a resource must be rare by definition. In a perfectly competitive strategic factor market for a resource, the price of the resource will be a reflection of the expected discounted future above-average returns (Barney, 1986a, p1232-1233; Dierickx and Cool, 1989, p1504;: p100). In-imitable – If a valuable resource is controlled by only one firm it could be a source of a competitive advantage (: p107). This advantage could be sustainable if competitors are not able to duplicate this strategic asset perfectly (Peteraf, 1993, p183; Barney, 1986b, p658). The term isolating mechanism was introduced by Rumelt (1984, p567) to explain why firms might not be able to imitate a resource to the degree that they are able to compete with the firm having the valuable resource (Peteraf, 1993, p182-183; Mahoney and Pandian, 1992, p371). An important underlying factor of inimitability is causal ambiguity, which occurs if the source from which a firm’s competitive advantage stems is unknown (Peteraf, 1993, p182; Lippman and Rumelt, 1982, p420). If the resource in question is knowledge-based or socially complex, causal ambiguity is more likely to occur as these types of resources are more likely to be idiosyncratic to the firm in which it resides (Peteraf, 1993, p183; Mahoney and Pandian, 1992, p365;: p110). Conner and Prahalad go so far as to say knowledge-based resources are “…the essence of the resource-based perspective” (1996, p477). Non-substitutable – Even if a resource is rare, potentially value-creating and imperfectly imitable, an equally important aspect is lack of substitutability (Dierickx and Cool, 1989, p1509;: p111). If competitors are able to counter the firm’s value-creating strategy with a substitute, prices are driven down to the point that the price equals the discounted future rents (Barney, 1986a, p1233; Sheikh, 1991, p137), resulting in zero economic profits. Care for and protect resources that possess these evaluations, because doing so can improve organizational performance (Crook et al., 2008).The VRIN characteristics mentioned are individually necessary, but not sufficient conditions for a sustained competitive advantage (Dierickx and Cool, 1989, p1506; Priem and Butler, 2001a, p25). Within the framework of the resource-based view, the chain is as strong as its weakest link and therefore requires the resource to display each of the four characteristics to be a possible source of a sustainable competitive advantage (: 105-107).".
- Resource-based_view wikiPageID "4561754".
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- Resource-based_view wikiPageWikiLink Alfred_D_Chandler,_Jr.
- Resource-based_view wikiPageWikiLink Birger_Wernerfelt.
- Resource-based_view wikiPageWikiLink Category:Business_intelligence.
- Resource-based_view wikiPageWikiLink Category:Business_terms.
- Resource-based_view wikiPageWikiLink Category:Human_resource_management.
- Resource-based_view wikiPageWikiLink Category:Management.
- Resource-based_view wikiPageWikiLink Category:Management_science.
- Resource-based_view wikiPageWikiLink Category:Market_research.
- Resource-based_view wikiPageWikiLink Category:Marketing.
- Resource-based_view wikiPageWikiLink Category:Strategic_management.
- Resource-based_view wikiPageWikiLink Competitive_advantage.
- Resource-based_view wikiPageWikiLink Core_competency.
- Resource-based_view wikiPageWikiLink Delta_Model.
- Resource-based_view wikiPageWikiLink Delta_model.
- Resource-based_view wikiPageWikiLink Dynamic_capabilities.
- Resource-based_view wikiPageWikiLink Economic_rent.
- Resource-based_view wikiPageWikiLink Edith_Penrose.
- Resource-based_view wikiPageWikiLink George_Stigler.
- Resource-based_view wikiPageWikiLink Heterogeneous.
- Resource-based_view wikiPageWikiLink Homogeneity_and_heterogeneity.
- Resource-based_view wikiPageWikiLink Industrial_organization.
- Resource-based_view wikiPageWikiLink Information_asymmetry.
- Resource-based_view wikiPageWikiLink Isolating_Mechanism.
- Resource-based_view wikiPageWikiLink Knowledge-based_theory_of_the_firm.
- Resource-based_view wikiPageWikiLink Koen_Vandenbempt.
- Resource-based_view wikiPageWikiLink Necessity_and_sufficiency.
- Resource-based_view wikiPageWikiLink Nexus_of_contracts.
- Resource-based_view wikiPageWikiLink Oliver_E._Williamson.
- Resource-based_view wikiPageWikiLink Organizational_studies.
- Resource-based_view wikiPageWikiLink Paul_Matthyssens.
- Resource-based_view wikiPageWikiLink Philip_Selznick.
- Resource-based_view wikiPageWikiLink Porter_5_forces_analysis.
- Resource-based_view wikiPageWikiLink Porter_five_forces_analysis.
- Resource-based_view wikiPageWikiLink Rate_of_return.
- Resource-based_view wikiPageWikiLink Relational_view.
- Resource-based_view wikiPageWikiLink Resource_slack.
- Resource-based_view wikiPageWikiLink Ronald_Coase.
- Resource-based_view wikiPageWikiLink Sufficient_condition.
- Resource-based_view wikiPageWikiLink Sustainable_competitive_advantage.
- Resource-based_view wikiPageWikiLink Switching_barriers.
- Resource-based_view wikiPageWikiLink Tautological.
- Resource-based_view wikiPageWikiLink Theory_of_the_firm.
- Resource-based_view wikiPageWikiLink VRIO.
- Resource-based_view wikiPageWikiLinkText "Resource-Based View (RBV)".
- Resource-based_view wikiPageWikiLinkText "Resource-Based View".
- Resource-based_view wikiPageWikiLinkText "Resource-based view of the firm".
- Resource-based_view wikiPageWikiLinkText "Resource-based view".
- Resource-based_view wikiPageWikiLinkText "capabilities".
- Resource-based_view wikiPageWikiLinkText "early entrants".
- Resource-based_view wikiPageWikiLinkText "resource".
- Resource-based_view wikiPageWikiLinkText "resource-based view".
- Resource-based_view hasPhotoCollection Resource-based_view.
- Resource-based_view wikiPageUsesTemplate Template:Reflist.
- Resource-based_view subject Category:Business_intelligence.
- Resource-based_view subject Category:Business_terms.
- Resource-based_view subject Category:Human_resource_management.
- Resource-based_view subject Category:Management.
- Resource-based_view subject Category:Management_science.
- Resource-based_view subject Category:Market_research.
- Resource-based_view subject Category:Marketing.
- Resource-based_view subject Category:Strategic_management.
- Resource-based_view type Method.
- Resource-based_view type Science.
- Resource-based_view type Term.
- Resource-based_view comment "The resource-based view (RBV) as a basis for the competitive advantage of a firm lies primarily in the application of a bundle of valuable tangible or intangible resources at the firm's disposal (Mwailu & Mercer, 1983 p142, Wernerfelt, 1984, p172; Rumelt, 1984, p557-558; Penrose, 1959). To transform a short-run competitive advantage into a sustained competitive advantage requires that these resources are heterogeneous in nature and not perfectly mobile (: p105-106; Peteraf, 1993, p180).".
- Resource-based_view label "Resource-based view".
- Resource-based_view sameAs Ressourcentheorie.
- Resource-based_view sameAs Szkoła_zasobów_i_kompetencji.
- Resource-based_view sameAs Visão_baseada_em_recursos.
- Resource-based_view sameAs m.0c8_3b.
- Resource-based_view sameAs Ресурсный_подход.
- Resource-based_view sameAs Q382097.
- Resource-based_view sameAs Q382097.
- Resource-based_view wasDerivedFrom Resource-based_view?oldid=679034134.
- Resource-based_view isPrimaryTopicOf Resource-based_view.