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Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,1/12/2019,Copyright 2011 Cengage Learning Pty Limited,#,Chapter 3,The internal environment:Resources,capabilities and core competencies,Copyright 2011 Cengage Learning Pty Limited,Knowledge objectives,1explain the need for firms to study and understand the internal environment,2define value and discuss its importance,3describe the differences between tangible and intangible resources,4define capabilities and discuss how they are developed,Copyright 2011 Cengage Learning Pty Limited,Knowledge objectives,5describe four criteria used to determine whether resources and capabilities are core competencies,6explain how value chain analysis is used to identify and evaluate resources and capabilities,7define outsourcing and discuss the reasons for its use.,Copyright 2011 Cengage Learning Pty Limited,The context of internal environment,Sustainable competitive advantage can be achieved:,when a firm has the ability to undertake value-creating activities,when a firm use its unique resources,capabilities to create new core competencies,the sustainability of a competitive advantage is a function of three factors:,managing portfolio resources,leveraging the firms unique resources and capabilities to create strategic competitiveness,ensuring a global mindset.,Copyright 2011 Cengage Learning Pty Limited,Components of internal analysis,Copyright 2011 Cengage Learning Pty Limited,Creating value,Definition,value is measured by a products performance characteristics and by its attributes,value is in the form of goods or services for which customers are willing to pay,it needs to be provided by competing firms,creating value for customers is the source of above-average returns.,Copyright 2011 Cengage Learning Pty Limited,Creating value(cont.),Definition(cont.),a firms ability to bundle and leverage its resources and capabilities is the source of above-average returns,a firms competencies in creating value can drive the selection of strategies.,Copyright 2011 Cengage Learning Pty Limited,The challenge of internal analysis,Managers strategic decisions about resources,capabilities and core competencies are non-routine and have ethical and competitive implications.,Managers must have:,courage,self-confidence,integrity,the capacity to deal with uncertainty and complexity,willingness to hold themselves and other people accountable for their work.,Copyright 2011 Cengage Learning Pty Limited,The challenge of internal analysis,(cont.),Managers should have the intangible knowledge to face uncertainty in terms of:,new proprietary technologies,rapidly changing economic and political trends,transformation in social values,shifts in customer demands.,Copyright 2011 Cengage Learning Pty Limited,Conditions affecting strategic managerial decisions,Copyright 2011 Cengage Learning Pty Limited,Tangible resources,Copyright 2011 Cengage Learning Pty Limited,Intangible resources,Copyright 2011 Cengage Learning Pty Limited,Resources,capabilities and core competencies,Resources,are inputs into a firms production process,are the source of a firms capability,cover a spectrum of individual,social and organisational phenomena.,Typically,resources alone do not yield a competitive advantage.Competitive advantage is created through the unique bundling of resources.,Copyright 2011 Cengage Learning Pty Limited,Resources,capabilities and core competencies(cont.),Capabilities,are the firms capacity to deploy resources that have been purposely integrated to achieve a desired end state,are often based on developing,carrying and exchanging information and knowledge through the firms human capital,are often developed in specific functional areas,such as R&D and marketing.,Copyright 2011 Cengage Learning Pty Limited,Resources,capabilities and core competencies(cont.),Core competencies,are capabilities that serve as a source of competitive advantage for a firm over its rivals,distinguish the firm competitively and give it a unique identity,emerge over time through an organisational process of accumulating and learning how to deploy different resources and capabilities.,Copyright 2011 Cengage Learning Pty Limited,Building core competencies,Every core competency is a capability,but not every capability is a core competency.,A capability becomes a core competency only when it is:,valuable and non-substitutable for customers,and,unique(rare)and inimitable(costly-to-imitate)for competitors.,Copyright 2011 Cengage Learning Pty Limited,The four criteria of sustainable competitive advantage,Copyright 2011 Cengage Learning Pty Limited,Outcomes from combinations of the criteria for sustainable competitive advantage,Copyright 2011 Cengage Learning Pty Limited,Value chain analysis,Value chain analysis allows the firm to understand the parts of its operations that create value and those that do not.,It helps managers to understand a firms cost position.,The value chain
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