Week 9

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

> Resource-based view(RBV): A management device used to access the available amount of business strategic assets. In essence, 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. (businessdictionary, 2013)
It is basically a management tool that lies under internal strategy analysis of an organisation. RBV is used to assess the available amount of business strategic assets. In a general basis, Resource-based view can be taken as the most effective and efficient resource of a company which helps it determine it's competitive advantage so as to be different than others.

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 refers to the analysis of internal factors, analyzing an organisation's internal environment so as to determine one's weak and strong points and the ways to improve them. It is one of the important factors for any organisation.There are several models which can be used to undertake internal strategic analysis such as:

• Resource based view
• Value chain analysis
• SWOT analysis
• TOWS analysis
• McKinsey 7S model 

The model that I would apply to undertake internal strategic analysis is SWOT analysis because it is one of the famous and most prevalent internal analysis. Moreover, SWOT analysis is easy to undertake and it takes very less time with more effective result. This analysis helps us to recognize our organisation's strengths, weaknesses, opportunities and threats, which are the most important factors an organisation should always consider. This Technique is also helpful in finding what more can we develop or improve for our organisation to prosper by supporting our st mission and vision.

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?

> The research for our group video is almost done now. We had already planned on how we are going to present it on the video so I believe it won't be difficult for us to organize our research while presenting on the video. We have a very good team and everyone is working equally good from their side. However, I am most worried about whether we will be able to complete it on time or not. 


REFERENCES:

Business Dictionary. (n.d.). Retrieved May 1, 2013, from www.businessdictionary.com: http://www.businessdictionary.com/definition/resource-based-view.html

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