We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Business Strategy - Essay Example

Comments (0) Cite this document
Summary
Business Strategy Resources are the inputs that allow the firms to manufacture products. Looking from the point of view of the firm, resources and produces can be considered as the two faces of a single coin. While most of the resources can be employed into production of several products, the production process of many goods within a single firm require services of most of the resources…
Download full paperFile format: .doc, available for editing
Polish This Essay95.2% of users find it useful
Business Strategy
Read TextPreview

Extract of sample
"Business Strategy"

Download file to see previous pages The vast existing literature based on strategic management reflects both these perspectives from the firm’s point of view. The traditional economic theories embrace the firm’s resource position while conceptualizing strategies to be adopted by the firm (Andrews, 1971). On the other hand, a majority of the formal tools used in economics nowadays emphasize upon the product-market facet of a firm. Although these are two different perspectives of studying a firm’s resource position and its market activities, these are both focused on the role of resources used by the firm in determining its strategic decisions. Hence, one might expect to yield the same insight on following either of these two perspectives of the resource based view of a corporate organization. However, these insights might arrive with differing levels of ease, depending on which perspective the analyst has chosen. Literature review Economists traditionally consider economic units (firms) in terms of the resource endowments each firm has. These resource endowments are typically confined to three factors, namely, land, labour and capital. Authors that espouse the resource based perspective of the firm accredit Edith Tilton Penrose for laying the building blocks of this theory (Rugman and Verbeke, 2002). Penrose (1959) has made direct contributions to develop the modern view of resource based management. She has as well indirectly influenced the proposition by contributing further into these theories; the theory of creating competitive advantage, theory of sustaining the competitive advantage for the firm and the relationship between economic rents and competitive advantage (Penrose, 1959). There are debates regarding the work by Penrose. Rugman and Verbeke (2002) have put forth the argument that Penrose’s work was not aimed at providing strategy prescriptions for the creation of a sustainable flow of rents. The ideas put forth by Penrose have been used by several scholars as the foundation for models depicting the relationship between rents and competitive advantage of firms and they emphasise that this relationship plays a significant role in the achievement of sustainable competitive advantage. However, the argument against the espousing of the resource-based view (RBV) of Penrose by these scholars, is that, she had given a rigorous description of the growth process of firms in her works and did not intend to build up a strategy prescription for firms (Rugman and Verbeke, 2002). Till 1984, when Wernerfelt presented his work ‘A resource-based view of the Firm’ this perspective of looking at firms did not become well accustomed with economists and analysts. While other papers did not yet receive much formal attention, the paper by Penrose (1959) had received wide acclamation from contemporary and modern economists. According to Wernerfelt (1984), some of the resources used in firms have certain properties that are unpleasant and unhelpful for modelling purposes. Due to this reason economists might not have considered these resources as a good measure for strategizing competitive advantage of firms’. While products of a firm are easy to identify and the characteristics of their production and sales can be categorised and measured easily, a firm’ ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Business Strategy Essay Example | Topics and Well Written Essays - 3000 words”, n.d.)
Business Strategy Essay Example | Topics and Well Written Essays - 3000 words. Retrieved from https://studentshare.org/business/1403982-business-strategy
(Business Strategy Essay Example | Topics and Well Written Essays - 3000 Words)
Business Strategy Essay Example | Topics and Well Written Essays - 3000 Words. https://studentshare.org/business/1403982-business-strategy.
“Business Strategy Essay Example | Topics and Well Written Essays - 3000 Words”, n.d. https://studentshare.org/business/1403982-business-strategy.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Business Strategy
It therefore represents the best attempt that the management can make at de?ning and securing the future of that business” (Oxford University Press, n.d., p.1). Each of the businesses should have their own business strategies to survive the competition and compete over its competitors.
12 Pages(3000 words)Essay
Business Strategy
For example, globalization has produced revolutionary changes in the domestic and cross border business activities. The importance of business processing and customer processing has been understood by the organizations more than ever under the current globalized business environment.
8 Pages(2000 words)Essay
Business Strategy
A well thought about and precisely considered business strategy gives guidance to a firm’s commercial success, but on the other hand, one that has not be fully understood and weak strategy is likely to result into a company’s demise or fall. (Kourdi, 2009 p3) A business should always have the right resources and the capability to be in the best position to exploit opportunities and to respond to the threats in a business environment.
7 Pages(1750 words)Essay
Business Strategy
It is the second largest public university with a dynamic academic community consisting of more than 8000 staffs, 30000 students and more than 300, 000 lakh graduates (“About”). The university has been one of the major players in providing qualitative education in United Kingdom.
14 Pages(3500 words)Essay
BUSINESS STRATEGY
The internal and external, the micro and macro-environment of a firm need to be assessed. It is like a SWOT analysis of the environment.
4 Pages(1000 words)Essay
Business strategy
Founded in 1996, Entropy International was a pioneer in the field of Environmental and information management. It was the first company to provide a web-based portal for compliance, performance, information and risk management. Its seamless integration
10 Pages(2500 words)Essay
Business Strategy
Keeping our business rival close is the strategy that Sharpe considers in doing so we ensure communication with the barley and be sure not to leak our business secrets to our competitors. When communicating with the
2 Pages(500 words)Essay
Business Strategy
The strength of the value chain supports the strategy of the company. For example, the market ratio of the company is considerable stronger than the competitors. Examining the total
1 Pages(250 words)Essay
Business strategy
In July 2014, Anglo American consented to offer its stake to Lafarge, to help Lafarge in its merger with Holcim and alleviate rivalry concerns. Lafarge declared in February 2015 that the business would be sold out to CRH plc, once Anglo American had sold its
6 Pages(1500 words)Essay
Business strategy
The study says that Mulberry aims to operate in two sectors the design business and the retail business (Robinson, Sherwood and DePaolo, 2010). The retail business deals with the sale of
16 Pages(4000 words)Essay
Let us find you another Essay on topic Business Strategy for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us