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Resource-Based Approach

Internal strategic factors: Critical strengths and weaknesses that are likely to determine if the firm will be able to take advantage of opportunities while avoiding threats.

A resource is an asset, competency, process, skill, or knowledge controlled by the corporation. Barneys VRIO Framework to evaluate firms key resources: Value: Does it provide competitive advantage? Rareness: Do other competitors possess it? Imitability: Is it costly for others to imitate? Organization: Is the firm organized to exploit the resource?

Grants resource-based approach to strategy analysis


1. Identify and classify the firms resources in terms of strengths and weaknesses. 2. Combine the firms strengths into specific capabilities. - Core Competencies - Distinctive Competencies

3. Appraise the profit potential of these resources and capabilities in terms of their potential for sustainable competitive advantage and the ability to harvest the profits resulting from the use of these resources and capabilities.

4. Select the strategy that best exploits the firms resources and capabilities relative to external opportunities. 5. Identify resource gaps and invest in upgrading weaknesses.

Determine The Sustainability of An Advantage


Durability: rate at which a firms underlying resources and capabilities depreciate or become obsolete. Imitability: rate at which a firms underlying resources and capabilities can be duplicated.

Transparency: speed with which other firms can understand the relationship of resources and capabilities supporting a successful firms strategy. Example: Gillettes Sensor razor design was very difficult to copy, because the manufacturing equipment needed to produce it was very expensive and complicated.

Transferability: the ability of competitors to gather the resources and capabilities necessary to support a competitive challenge. Example: It may be very difficult for a wine maker to duplicate a French winerys key resources of land and climate, if the imitator is located in India.

Replicability: ability of competitors to use duplicated resources and capabilities to imitate the other firms success. Example: Wal-Marts sophisticated cross-docking system, which provides the company a substantial cost advantage by improving its ability to reduce shipping and handling costs. While Wal-Mart has the same resources in terms of retail space, employee skills, and equipment as many other discount chains, it has the unique capability to manage its resources for maximum productivity.

Retail cross-dock example: Using the cross-dock technique, Wal-Mart was able to effectively leverage their logistical volume into a core strategic competency.

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