In your own words and using referenced quotes describe what is
meant in strategy by the ‘Resource-Based View’?
Strategy is basically a plan or series of maneuvers for obtaining
goal. In regard to resource-based view, it is primely concerned with the capability.
Any company or organization looking forward for advancement, growth in profit
rates and competing with other organization requires good strategic knowledge.
Strategy is made in accordance to the potentiality of the company in which the
competing company may lack. This potentiality can be regarded as the resource
for the required organization. These resources can be fruitful to the company
as the organization’s competencies. Hence, resource- based view of
strategy is the competitive advantage of an organization which is explained and
justified by the distinctiveness and uniqueness of its capabilities.
With its capability or resource, a company would be efficient
enough to multiply its profit rate compared to other organizations. They can
perform their work with lower investment yet with best quality products.
2. How
might you undertake ‘Internal Strategic Analysis’? What models would you apply
and why? Where would you go to find the information you need?
There are enormous analytical tool present to carry out Internal Strategic
Analysis in an organization such as:
•
Resource and competence analysis
•
VRIN
•
Financial analysis
•
Value chain analysis
•
McKinsey Seven S analysis.
Out of all the above
analysis, I would prefer McKinsey Seven S Analysis because of its uniqueness.It
is mostly concerned in evaluating the performance of an organizational
activity. Changes found in one element can affect all other elements. Thus,
they are interrelated with each other.
There are especially seven elements altogether
which needs to be considered under the McKensey Seven S Analysis. They are
Strategy, Structure, System, Style, Shared Values, Skills and Staff. These
seven S are the main elements of measuring the quality of performance of an
organization.
3. Talk
about your group video work. How is it going so far? Do you have a plan? What
are you most worried about at the moment? What is going well?!
I, Saurav Shahi with my fellow collegues Narayan Sapkota, Prasant
Timilsina, Bicky Gauchan and Bipin Lamichanne formed a group of five members
for the group assignment. We decided to work on a project regarding
telecommunication industry in Nepal. The two leading organizations which we
have chosen are Nepal Telecommunication and NCELL. One is a government owned organization
and another is a private owned organization respectively.
As known, there are various analytical tools that can be used for
both internal and external analytical tools. We decided on using three or more
tools concerning both internal and external analytical tools.
The analytical tools are:
1.PESTLE analysis
2. McKensey 7s model
3. SWOT analysis
We have kept an option for Porter’s Five Forces model if necessary.
Since it is a group work, so we have equally divided the task to each member
and we are processing on it.
It has quite been proved difficult in collecting information
regarding the telecom industry in Nepal and mostly in case of Mckensey model.
This model have been challenging since they are the internal information of
these organizations. They are hesitating in providing us the information but we
are trying our level best to convince them.
We discussed about the
group video presentation every day and have now prepared some ideas in
enhancing the project in correct direction. Each member of our group is working
hard for their presentation. The works done by the member are discussed and
suggestions are shared for improvement. It has been decided that every team
member will complete their assigned task by Saturday and then we will give
final touch to the presentation. So, we will be practicing the presentation
from Sunday for a week and record the video next Saturday. We have also decided
in submitting the draft of the presentation by 13th January.
We are working hard for the assignment. We have improved the
quality of communication skills and dealing while working in group which would
be very helpful in future.
References:
- Montgomery, C.A. and Porter, M.E., Strategy: Seeking and Securing Competitive Advantage, Harvard Business School Publishing, Boston, 1995.
- Weisbord, Marvin R., Inventing the Future: Search
Strategies for Whole Systems Improvement, Productive Workplaces,
Jossey-Bass, 1987.
- http://www.mindtools.com
[Mind Tools, Accessed on 1st January, 2013]
- http://www.jstor.org/discover
[JSTOR: The Academy of Management Review, Accessed on 1st January, 2013]
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