WEEK : 9

1. In your own words and using referenced quotes describe what is meant in strategy by the ‘Resource-Based View’?

It is the process by which a firm is viewed and the strategy is approached. A management device used to assess the available amount of a business strategic assets. The Resource-based view is based on the idea that the effective and efficient application of all useful resources that the company can muster helps determine its competitive advantage.This theory formulates the firm to be a bundle of resources.


2. How might you undertake 'Internal Strategic Analysis' ? What models would you apply and why/ Where would you go to find the information you need?

Internal Strategic Analysis plays an important role in an organization since its focus is on the strengths and weakness of the Internal factors that give them certain merits and demerits to meet the needs of its targeted market. 
Different methods can be used to access the internal analysis of an organization, that are :

• Resource-Based View
• Value Chain Analysis
• SWOT Analysis
• TOWS Analysis
• McKinsey 7 S model, etc

If I were to analyse the internal environment of an organization. i would apply SWOT analysis because it is simple and effective for strategy development. It reliable with less cost and consumes less time as well. It is a useful technique to understand the strengths and weakness along with the opportunities and threats that an organization faces. It eventually helps in finding out the advantages and disadvantages of a company. It even finds out the need in which company can perform profitably.

3) Talk about your group video work. How is it going so far ? do you have a plan? What are you most worried about at the moment ? what is going well?

So, far all the research that needs to be done is completed and we are working on combining all the group members research together and make one project that can be presented. The research process went smoothly, since all the members of my group were cooperative and helpful. Moreover, everyone is working hard and is determined in presenting the project successfully. 

Reference:

Retrieved may 1, 2013, from Business dictionary: http://www.businessdictionary.com/definition/resource-based-view.html

Johnson, Whittington and Scholes (2011) Exploring Strategy, 9th Edition, Pearson Education, Chapter 3