L6: Resource based view Flashcards
In the “Natural-Resource Based View of the Firm,” what does the Natural-Resource-Based View (NRBV) focus on?
The NRBV focuses on understanding how a firm’s unique natural resources contribute to its competitive advantage.
According to Stuart L. Hart, what aspect do traditional strategic management theories often overlook?
Traditional strategic management theories often overlook the role of natural resources in shaping a firm’s competitive position.
What does the NRBV emphasize regarding natural resources for a sustainable competitive advantage?
The NRBV emphasizes the importance of identifying and leveraging unique, valuable, and non-substitutable natural resources for sustainable competitive advantage
How does the article suggest firms can build and sustain competitive advantages related to natural resources?
Firms can build and sustain competitive advantages by effectively managing and exploiting their natural resources.
According to Hart, what are the two important sources of competitive advantage mentioned in the article?
The two important sources of competitive advantage are a low-cost position and a differentiated product.
What are the three interconnected strategies discussed in the NRBV?
The three interconnected strategies are pollution prevention, product stewardship, and sustainable development.
How does the article define the contribution of resources to a firm’s sustained competitive advantage? (hart)
Resources must be valuable, nonsubstitutional, and difficult to replicate to contribute to a firm’s sustained competitive advantage.
What are the two major themes around which the theory and associated propositions are developed in the NRBV?
The two major themes are the linkage between the NRBV and sustained competitive advantage and the interconnections among the three strategies.
What are the two seemingly paradoxical dimensions of interconnections discussed in the article? (hart)
The two dimensions are path dependence, suggesting a particular sequence of resource accumulation, and embeddedness, making it more difficult to develop a new resource without others also being present.
