This comes into play when you put your best efforts toward realizing your vision. Goals are set in support of the vision. Tasks are defined, assigned, and linked to the vision. It helps to ensure that any actions taken are effective, and they are done efficiently. Organizations that focus on value look for ways and means to augment their efforts.
If you don't understand leverage, you're probably working too hard, because leverage can make a difficult job much easier and a seemingly impossible job possible. Leverage is illustrated as a diamond-shaped cornerstone supporting alignment. It consists of a number of "facets" that represent categories of external resources and capabilities you can leverage, including processes, technologies, tools, and other organizations.
This is also a diamond-shaped cornerstone that supports alignment. Organizations can—and should—discover and capitalize upon internal resources and capabilities to define their unique value proposition.
It helps answer the question, "How do we differentiate ourselves? The facets of uniqueness include among other things the environment, policies, people, and culture, all of which are part of what makes us us. In the pursuit of increasing value, the other elements are worthless if your organization can't execute consistently and successfully to deliver value.
Having a bias toward taking action is critical and foundational. Execution, therefore, is the very foundation upon which the other four elements are built. Uniqueness is about determining that differentiation, your distinctiveness, that which sets you and your organization apart from everyone else. The resources and capabilities that you possess at this moment—individually or organizationally—generally speaking, may be very similar to those of others.
But the combination of these is completely unique to you. In addition, values, beliefs, experiences, specific knowledge gained, relationships, and so on reinforce that there is no one quite like you. And there is no other organization quite like yours. Uniqueness is the quality of being the only one of its kind. In realizing your value, it helps you gain an advantage by capitalizing on those internal resources and capabilities you possess that make you one of a kind.
Something every organization, large and small, has in common is people. People are the single biggest differentiator regarding value. No one else has the special talents and capabilities of the people within a specific organization — even an organization of one. Uniqueness comes from valuing and encouraging the special contributions made by people by recognizing and building talent.
A story illustrating this powerful truth appeared in Huffpost in about Joshua Wade, a nine-year-old boy who needed an endoscopy. Naturally, he brought his favorite stuffed animal, "Wolf," along to the hospital. Wolf had a hole in his right leg, and so was in need of repair. The little boy asked Dr. Christine Waasorp Hurtado at Children's Hospital Colorado if she could also perform surgery on his stuffed buddy's injured leg.
When his parents heard his request, they said, "No, no, no, they don't do wolf surgeries here! We'll fix him when you get home. But upon waking up from his surgery, Joshua discovered his stuffed friend was wearing a hospital mask and had a fresh set of sutures and a new bandage on his leg. The combined knowledge and experience of management, employees, and co-workers is very often much greater than we realize, and equally as often overlooked.
Management often keep employees from being their best by limiting support, resources, and training. On the other hand, even when management is willing to help, it doesn't always know how and may be waiting to be asked by employees, who may be reluctant to do so for any number of reasons. As water becomes more and more rare, landowners in water-rich areas stand to benefit. It is not hard to imagine a day when companies make profits by sending giant trucks filled with water south and west or even by building water pipelines to service arid regions.
Tangible resources are resources that can be readily seen, touched, and quantified, such as physical assets, property, plant, equipment, and cash.
In comparing the two types of resources, intangible resources are more likely to meet the criteria for strategic resources i. Capabilities are what the organization can do based on the resources it possesses, another key concept within resource-based theory.
A good and easy-to-remember way to distinguish resources and capabilities is this: resources refer to what an organization owns , capabilities refer to what the organization can do Figure 4. Capabilities tend to arise or expand over time as a firm takes actions that build on its strategic resources.
Southwest Airlines and WestJet, for example, have developed the capability of providing excellent customer service by building on their strong organizational cultures.
Capabilities are important in part because they are how organizations capture the potential value that resources offer. Customers do not simply send money to an organization because it owns strategic resources. Instead, capabilities are needed to bundle, manage, and otherwise exploit resources in a manner that provides value added to customers and creates advantages over competitors. Some firms develop a dynamic capability , the unique ability to improve, update, or create new capabilities, especially in reaction to changes in its environment.
Said differently, a firm that enjoys a dynamic capability is skilled at continually adjusting its array of capabilities to keep pace with changes in its environment. Google, for example, buys and sells firms to maintain its market leadership over time, and is highly ranked as the most attractive place to work. Apple has an uncanny knack for building new brands and products as the personal technology market evolves.
Pirates of the Caribbean is a popular franchise produced by the Walt Disney Company, with four movies on the market and a fifth to be made. Johnny Depp plays the swashbuckling hero who imaginatively gets himself in and out of trouble during the course of the ninety-minute sagas.
Before its release, the movie was advertised on Disney-owned media companies, such as ABC. Synergy is an aspect that many companies use to promote their products, often without the public knowing it. Disney is one of the first to incorporate synergy. The park uses the characters from the movies to promote the parks, and uses the parks to promote the movies. Disney has been buying other companies, particularly media companies, which has opened the doors to new synergistic opportunities.
The popular Pirates of the Caribbean movies have generated spinoff products to become an enormous moneymaker. Licensed products from the movie franchise include collectibles, toys, clothes and accessories, movies, and games. Disney owns several media subsidiaries, including Pixar, so that synergy enables Disney to dominate the box office. Resource-based theory has evolved in more recent years to better explain how strategic resources and capabilities allow firms to enjoy excellent performance over time.
Aesop was a Greek storyteller who lived approximately 2, years ago. When the ass tries to duplicate the sweet singing of the grasshoppers by copying their diet, he soon dies of starvation. The fable illustrates a central point of resource-based theory: it is the right combination of resources and capabilities that fuels enduring success, not any one resource alone. In a far more recent example, sociologist Philip Selznick developed the concept of distinctive competence through a series of books in the s and s Selznick, A distinctive competence is a set of activities that an organization performs especially well.
WestJet and Southwest Airlines, for example, appear to have distinctive competencies in operations, as evidenced by how quickly they move flights in and out of airports. Further, Selznick suggested that possessing a distinctive competency creates a competitive advantage for a firm. Certainly, there is plenty of overlap between the concept of distinctive competency, on the one hand, and capabilities, on the other.
So is resource-based theory in fact old wine in a new bottle? Not really. Resource-based theory builds on past ideas about resources, but it represents a big improvement on past ideas in at least two ways.
First, resource-based theory offers a more complete framework for analyzing organizations, not just snippets of valuable wisdom like Aesop and Selznick provided. Second, the ideas offered by resource-based theory have been tested and refined through scores of research studies involving thousands of organizations.
In other words, there is solid evidence backing it up. Leveraging resources and capabilities to create desirable products and services is important, but customers must still be convinced to purchase these goods and services. The marketing mix —also known as the four Ps of marketing—provides important insights into how to make this happen.
One early master of the marketing mix was circus impresario P. WestJet sells, of course, airplane flights. The airline tries to set its flights apart from those of other airlines by making flying fun. For example, the nature of their planning, policies and procedures can change substantially between stages.
The larger the organization, the sometimes more complex the nature of its issues and the more complex the actions needed to address those issues. Size is in terms of the number of divisions, products and services, and personnel because those features are most often associated with specific organizational issues. In this context, strategies refer to the overall approaches used by the organization to effectively meet the needs of its stakeholders.
Those approaches include how the organization identifies the needs and then works to meet them. Certain types of organizations are in the midst of tremendous change, for example, technologies, health care and transportation. Often, the faster the rate of change in the external environment, the more rapid are the decisions and actions in the internal environment.
Notice that none of the above factors is directly in regard to the nature of the products and services provided by the organization.
There is often a misunderstanding that products and services make a big difference. Usually, they do not. For example, many people assert that there is a big difference between nonprofits and for-profits. However, they often are comparing small, start-up nonprofits in their first life cycle with large, established for-profits in a mature life cycle.
Instead, small nonprofits are much more like small for-profits than large nonprofits. Similarly, large nonprofits are much more like large for-profits than small nonprofits. Then think about small nonprofits and for-profits and about how similar their features often are during the start-up phase. Others assert that nonprofits are different because they are much more diverse. However, for-profits are increasingly diverse, as well, as the work force becomes increasingly diverse.
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