Relevance of the resource-based view of the firm
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What is the relevance of the resource-based view of the firm to strategic management in a global environment?
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This discusses the relevance of the resource-based view of the firm to strategic management in a global environment.
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"In the emerging economy, a firm's only advantage is its ability to leverage and utilize its knowledge."
...Larry Prusak, Executive Director - The Institute for Knowledge Management
We are living in an economy of kaleidoscopic change where the only element, which is constant, is change. The industry environment is being influenced by unexpected, multiple changes reducing the period for which organizations can hold on to a competitive advantage. Every sector of industry in every corner of the globe has been affected by this change. There are fundamental questions that all businesses must ask themselves to play a pro-active role in the competitive environment:
➢ What to change?
➢ When to change?
➢ How to change?
➢ How fast to change?
➢ How to ensure the capability to change?
They lacked the direction and commitment to organize the necessary changes to maintain their position as a leader. They needed to constantly renew their processes, their knowledge, their technology, their people, and finally, their strategies.
To maintain a competitive advantage, all businesses should concentrate on the 5 strategic pillars for a high-performance ...
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