Essay On Resource Based View

In the globalized world, in which we now live economies are rapidly growing, in turn pushing firms to compete in products and service delivery. The best services and products have been produced due to the increase in the bettering of the human resources. A firm needs to implement unique survival techniques within its environment for competitive advantage. Sources have ultimately evolved from being financial resources to technological resources and now its human capital. These propose that the success of a firm is dependent on the attitudes of the employees, skills and competencies. These are the ability to build trust and assurance, communicate effectively and work within a diverse group (Armstrong, 2010). This essay will examine closely how the Resource Based View (RBV) helps organisations build resources that are essential in sustaining a competitive advantage. First, the key concepts used in the essay will be defined. Secondly, models in human resources will be identified, and then thoroughly discussed on how they contribute to generating sustained competitive advantage. Lastly, a conclusion will be presented.
Key concepts defined
Resource Based View (RBV) is a theory representing a principle stating that a firms’ source for competitive advantage lies in its internal resources. Hence within a firm there certain types of resources owned and controlled which have the potential to breed competitive advantage and increase the performance through the rareness and imitability of the resources (Ainuddin et al., 2007). The competitive value can be improved or eradicated by the factors of the external environment (Songonuga, 2007). According to Barney (2002), firm resources consist of possessions, abilities, organisational ...

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