Mjf7 Strategy concepts overview (2): Resource based view of the firm Limitation of the I/O based strategy theory



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tarix02.10.2018
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MJF7 Strategy concepts overview (2): Resource based view of the firm


1. Limitation of the I/O based strategy theory



2. Firm specific resources

  • The source of sustainable competitive advantage lies in the unique firm resources, but not in the external environment.



3. Historical view of theories of distinctive competence

  • General managers (Harvard school)

    • Decision makes and administrator
  • Institutional leaders (Selznick)

    • Visionary and structure builder
  • Ricardian economics

    • The economic consequences of owning land.


4. Endogenous environment analysis: VRIIO framework



4-1. Resource analysis criteria:VRIIO

  • Criteria to evaluate firm resources



4-2. The question of “Value”

  • “Do a firm’s resources and capabilities enable the firm to respond to environmental threats and opportunities?”

  • Neutralizing threats and exploiting opportunities.

  • Increasing revenues or decreasing costs.

  • Firm resources that make it difficult for a firm to do the above are weaknesses of the firm.

  • The value of the same set of resources change.



4-3. “Rareness”

  • “How many competing firms already possess particular valuable resources and capabilities?”

  • Valuable, but common resources will be sources of only competitive parity.



4-4. “Inimitability”

  • “Do firms without a resource or capability face a cost disadvantage in duplicating it compared to firms that already posses it?”

  • Duplication cost



4-4. “Inimitability” (continued)

  • Unique historical conditions

    • time compression diseconomies
    • first mover’s advantage
    • path dependence
  • Causal ambiguity

  • Social complexity

  • Patents



4-5. “Imperfect substitutability”

  • “ Do firms without a resource or capability face a cost disadvantage in creating a substitute compared to the firm that already possess it?”

  • Different resources with the same effect



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