Resource-based view and dynamic capabilities - Achieving competitive advantage through internal resources and competences

Strategy has always been important for success. Whether strategy is applied for military purposes, in large firms, or even for personal objectives, there are certain key characteristics that every successful strategy carries on: clear, objective and simple goals; deep knowledge and understanding of the competitive environment; objective understanding and exploitation of resources; and an effective plan implementation. In this paper, the author’s attention will be focused on the role of internal resources, routines and processes as the bases of sustained competitive advantage (hereafter SCA) into what is now known as the resourcebased view of the firm (RBV) and Dynamic Capabilities (DC). First, the relevance of RBV and DC approaches and the main characteristics of those are briefly mentioned. Second, RBV and DC are examined as an important piece to achieve SCA. Later on, the author deepens into some examples and the manager’s importance when using these RBV and DC approaches. Then issues related with complexity and undefined concepts in RBV and DC are briefly mentioned. Finally, conclusions and personal comments are presented.

Individual decision-making by top executives as a valuable resource for strategic management – A resource-based view and dynamic capability approach

Strategy is highly important for organisational success and the achievement of competitive advantage. Strategy is dynamic and it depends on accurate individual decision-making from medium and high-level managers and executives. Since managers always formulate strategy, its formulation depends mostly on their assertive decisions. Making good decisions is a complex task, even more in today’s business world where a large quantity of information and a dynamic environment forces people to decide without having complete information. As Shafir, Simonson, & Tversky (1993) point out, "the making of decisions, both big and small, is often difficult because of uncertainty and conflict". In this paper the author will explain a basic theoretical framework about top manager's individual decision-making, showing how complex the process of making high-impact decisions is; then, he will compare this theory with one of the most important streams in strategic management, the Resource-Based View (RBV) of the firm. Finally, within the context of individual decision-making and the RBV stream, the author will show how individual decision makers in top management positions constitute a valuable, rare, non-imitable and non-substitutable resource that provides sustained competitive advantage.

A technológiák szerepe a tudásmenedzsment folyamatok támogatásában (The role of technologies in the support of knowledge management processes)

Az elmúlt évtized folyamán a szervezetek számára a tudás kiemelt stratégiai erőforrássá vált. A tudás kezelésére irányuló törekvések alapvetően az szervezeti megoldásokat, illetve az technológiai-informatikai megoldásokat középpontba helyező megközelítésre oszthatóak. A technológiai szerepéről mind a kutatók, mind a gyakorlati szakemberek között megoszlanak a vélemények, ugyanakkor a lehetőségeket legtöbbször nem is ismerik a döntéshozók és vezetők. Az információs és kommunikációs technológiák (ICT) legnagyobb szerepe abban van, hogy radikálisan csökkentik a tudás megosztását és átadását gátló tényezők hatását. ______ The author in his essay examines how the knowledge-based companies use the numerous technologies avaible to support knowledge management processes. He comes to the conclusion that the use of this technologies are restricted even at companies which are not averse to technological solutions.

Sustainable Business Models – What Do Management Theories Say?

Literature describing the notion and practice of business models has grown considerably over the last few years. Innovative business models appear in every sector of the economy challenging traditional ways of creating and capturing value. However, research describing the theoretical foundations of the field is scarce and many questions still remain. This article examines business models promoting various aspects of sustainable development and tests the explanatory power of two theoretical approaches, namely the resource based view of the firm and transaction cost theory regarding their emergence and successful market performance. Through the examples of industrial ecology and the sharing economy the author shows that a sharp reduction of transaction costs (e.g. in the form of internet based systems) coupled with resources widely available but not utilised before may result in fast growing new markets. This research also provides evidence regarding the notion that these two theoretical approaches can complement each other in explaining corporate behaviour.