Strategy & RBV

Strategy & RBV

Strategy & RBV

Introduction

Strategies today tends to play a key role in the survival of an organization in this ever evolving world. However, the dynamics of the market has changed drastically as far as the 21st century is concerned therefore the strategy cannot be viewed solely in its pure form. In the 21st century s strategy tends to associate itself to various other connotations which all come together to form a single strategy. This strategy allows the organization to move forward and operate in this ever evolving world. It would not be wrong to state that that strategy in the modern world tends to provide the pathway for the companies to operate and strengthen themselves as a key player in terms of all the market forces involved. Today where the contemporary markets are being evolved and the world is seeing the rise of the new world players in the form of china, India and other similar forces.

The strategy allows the organization to understand the interpret the market values and so that it can explore those markets as well. Strategies allows the organizations to identify their competitive edge and capitalize on out in order to achieve their set goals and objectives (Charles & Gareth 2009, p.55).Irrespective of the Business the basic objective of any sort of strategy is to equip the businesses to achieve their foremost goal or objective which is to attain the profit maximization and establish itself as a key player or dominant force in the field of its operation. Since Strategy allows the businesses to manage themselves well by identifying the key factors. Thus, in this regard the Resource Based View (RBV) tends to serve the purpose by determining the presence of strategic sources at the disposal of a company.

However, the core competency of the Resource Based View (RBV) is that the firm can only craft competitive advantage if it allows itself to manage the resources available at its disposal. Plus it not equips the organization to identify the competitive advantage it also allows the company to strengthen that competitive advantage on the long term basis by exploring the varying number of option available to the organization. Thus, in line with the strategy, the goal of the Resource Based View (RBV) is also to align the resources of the company in away which can yield the maximum profit for the organization. Therefore, in the context of this paper we intend to analyze the key concepts related to the strategies in the 21st century along with the implications of the Resource Based View (RBV) in the 21st century. This will be done through different perspectives in order to develop a sound understanding of the subject.

Discussion

Importance of Strategy

The strategy enables the company to define its course of action to achieve its set goals and objectives. The strategy focuses on the way for a company to compete in a market in the presence of the other market forces. If a company succeeds and thrives in an ...