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3106 Words
Introduction Of Theories for the Business Environment and Industrial Organization Sample
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(Nkuda, M.O., 2022)
Available at: https://www.researchgate.net/profile/Matthias-Nkuda/publication/362537527_Can_resource-based_view_or_industry_organisation_theory_alone_achieve_competitive_advantage_The_rbio_hybrid_theorising_from_outside-inside_integrative_framework/links/62ef9a9f88b83e7320b6799b/Can-resource-based-view-or-industry-organisation-theory-alone-achieve-competitive-advantage-The-rbio-hybrid-theorising-from-outside-inside-integrative-framework.pdf [Accessed: 1st November, 2022]
In this article, many competitive advantages are built for the business organization, a resource-based theory against the industry organization theory over the many years. Resource-based theory and industry organization theories had relations that are sources of competitive advantages. Two theories can be the strength of good achievement of competitive advantages for improvements of the business organizations. In this article, I learned two theories for my future carrier resource-based theory and industrial organization theory (Nkuda, 2022). This article also helps me to improve my business carrier and to build a good organization. Resource-based theories are very important to scientific research. It also helps me to gain much knowledge and guide practice understanding.
I learn from this article a strong principle and avoid all the field criticisms. This article also taught me to avoid all criticisms that suffer to build a business organization. It also learned that someone who suffers from the lack of necessary quality of the business organization then helps to learn in this article. As a result, a good business environment is built to avoid all issues and distractions. This theory also helps me to learn strong points and new frameworks that help to build a business environment (Nkuda, 2022). I also learned a good value to the customers so that our business is running heavily. Many knowledges and skills were gathered from this article and these also helped my workplace and help my achievements in life. Therefore, I achieve my business monthly goals and all types of missions and visions. Even, though many pieces of knowledge are developed are still learned by me to a future carrier and I want to study this for my future carrier.
(Arora-Jonsson et al., 2020)
Available at: https://journals.sagepub.com/doi/pdf/10.1177/2631787719889977 [Accessed: 1st November, 2022]
In this second article, I learned so much knowledge that helps to improve my carrier building. Actors and relationships and desire and scarcity are the four main elements that help to build a social construction. I also learned different types of competition processes for organizing a business and improving it (Arora-Jonsson et al., 2020). These main two types help me to improve my future carrier and to improve my business carrier also. From this article, I know how many business markets are expanding their products by using new technology. Day by day, a huge change becomes the market industry and most of the global economy. I also have learned that globalization has expanded all over the world. Therefore, a huge number of people suffer from the global economic rate or globalization. In this article, I have learned that many social criteria are fulfilled in other nations' states. Many institutions support globalization which constructs all the elements like actors, relationships, scarcity, and most desire. In the 20th century, much similar development has occurred among organizations that are non-profitable. Much knowledge gets from this article that helps my future generations to achieve my all goals and mission. Easily, I can achieve this type of work (Arora-Jonsson et al., 2020). This article is good to gain pieces of knowledge then I try to achieve much knowledge to achieve my goal in the future.
The relation between Resources and Capabilities and Competitive Advantages
(Sachitra, V. and Chong, S.C., 2018)
Available at: http://dr.lib.sjp.ac.lk/bitstream/handle/123456789/8564/Resources%2C%20capabilities%20and%20competitive%20advantage%20of%20minor%20export%20crops%20farms%20in%20Sri%20Lanka%20An%20empirical%20investigation.pdf?sequence=1&isAllowed=y [Accessed: 1st November 2022]
This study is based on the relationship between resources and capabilities. Resources can give the organization proper capability, and capability made the organization a competitive advantage. From a small organization to a big organization every company has its own resources and capability to create a competitive environment and compete with other organizations (Sachitra, 2018). Through this article, it is emphasized that as innovative thinking resources, and capability is proportional to each other. As a company, if there is any chance to have many resources then their capability will also be high to take competitive advantages. When a company is sustained to that extent for its industry then the company says to process the competitive advantage (Sachitra, 2018). The definition and the identification of sources, capability, and competitive advantage is now a management study material, in which all types of organizations are not following this strategy. For the agriculture sector, there are no basic strategies they follow, although they have their resources, from their resources they have the capability to expand the business and because they expand their highest level they can also take the competitive advantages. It is very good to have many resources but there is also a problem with having many resources. Having many resources means creating many enemies in your own sector and also small exports can take the resources. This article helps people to know how much important the relationship between resources, capability, and competitive advantage is.
(Salunke et al., 2019)
Available at: https://eprints.qut.edu.au/121355/1/121355.pdf [Accessed: 1st November, 2022]
This article shows how capability makes an organization more and more powerful in its industry. Basically, the measurement of the company’s capability is called competencies. The basic difference between capability and competitive advantages is capability is a combination form of behaviour, knowledge, and skill which directly affect the company's value (Salunkeet al., 2019). On the other side gaining a competitive advantage is based on how much a company shows its capability to take advantage. After studying this article it should be possible to develop both to grow the organization. Going towards success stairs, an organization or a person always makes many strategies to achieve the goal. Strategy and strategic capability optimize a firm towards increments or decadence based on its performance. After arranging all resources the strategic capability is applied to the scenario of the company. Then after that, its competencies are utilized to complete the business environment (Salunkeet al., 2019). Utilizing the strength and weaknesses the competitive advantage or disadvantage will occur to the company. A company’s base is resource and capability and the result of this is called competitive advantage. These can enable the firm to a higher position in the market of that industry. Due to taking different paths, every organization has its own competitive advantages. After I studied this article I am clear about how a company creates its strategy and how they execute its strategy to gain a competitive advantage.
How the macro environment, competitors and whole market fit Together
(Donner and de Vries, 2021)
Available at: https://onlinelibrary.wiley.com/doi/abs/10.1002/bse.2725 [Accessed: 1 November 2022]
Donner and de Vries (2021) explored the significance of the macro environment in the overall business of an organisation. It is the basic set of conditions that can affect the whole business and it includes the GDP of a location and inflation and employment. Along with the macro environment, the sector, competitors the whole market affect the growth of an organisation. The article commented on the need for new business models.
The article focused on some highlights that can help in the innovation of new business models and the factors it depends on. It helped me to learn the basics of the factors that are crucial for the formation of new business models that need to be applied to combine the macro environment, competitors and whole market in the growth process of any organisation. The business model should follow the legal condition of the market and match the internal economics and the social-environmental factors (Donner and de Vries, 2021). However, it also gave a clear idea about the usage of linear strategies and their dominance on economic viability. For that, it is required to combine the organisational and the technological innovations altogether; therefore they can affect the organisation positively.
Treating a Strategic Drift for the betterment of an organisation
(Llamzon et al., 2021)
Available at: https://aisel.aisnet.org/icis2021/governance/governance/8/ [Accessed: 1 November 2022]
Llamzon et al. (2019) focused on treating Strategic Drift based on specific sectors, such as in the health information system. Strategic drift is a situation which occurs when an organisation completely fails in anticipates the current industry trends and what the consumers needs.
According to the article in most cases, the organisations related to the healthcare system fail to meet the target objective, despite their continuous efforts. This article helped me to understand the governance and strategic alignment which is needed in every organisation. The fascinating process can help to avoid the most common yet avoidable strategic drift which can occur at any level such as the national, regional and the organizational levels. In this article, the process was mentioned as a difficult and long process and even drifting but it can lead towards the betterment of the organisation, especially in the way of making the whole process digital. Different type of sectors demands separate treatments to address the strategic draft, however, it will help to achieve a better outcome which is essential for the betterment of an organisation (Llamzon et al., 2021). However, it also helps me to understand the different phases of strategic drift that play a major role in the development of the early warning system and in making strategies according to that.
The PESTEL framework in the improvement of the organisation
(Matovic, 2020)
Available at: http://society.education/wp-content/uploads/2022/06/ConScienS-Proceedings.pdf#page=101 [Accessed: 1 November 2022]
Matovic (2020) represented the importance of the PESTEL framework in analysing the environment for the business. It is the factors that make the difference in the growth and the success of the business and it also plays the role of the critical factors in the case.
This article proposes the use of the PESTEL framework in the analyse therefore impact of the different factors can be estimated. I have learned about the major factors that help to categorize the environmental influence of an organisation. There are no specific factors that play the main role, however altogether the political, economical, social, technological, environmental and legal factors affect the overall business. It helped me to emphasize these factors which are the most common challenges faced by any business authority. It helps to understand the overall situation, identity the basic nature of the area and also provide the basic knowledge about the improvement process that can affect the business positively. In this competitive business world, for starting a business it is essential to understand the basic need of the environment from where the business originated (Matovic, 2020). Not only for the betterment of an existing business but also plays a major role in analysing the environment of the business for a start-up.
Environmental factors and the key factors
(Grigorescu et al., 2019)
Available at: https://www.mdpi.com/2071-1050/12/1/102/pdf [Accessed: 1 November 2022]
Grigorescu et al. (2019) focused on the key drivers and essential skills that play the most effective role in the sustainability of any organisation. The major environmental factors that can affect the growth of an organisation are the economic, social, political and technological factors.
The article mainly emphasised the most relevant factors such as the overall innovation performance of a country and the technological factors that are available. I have learned from the article about the important drivers of the business that can eventually support growth and sustainability. The other crucial thing that I came to know from this is that the availability of raw material storage and environmental protections can be a game changer in that case. Not only that the growth of an organisation can be dependent on the factors such as the development of software in a specific area. Altogether they can play the role of the key factors that will affect the reputation, investment, and branding of an organisation (Grigorescu et al., 2019). It helped me to understand the major factors and pay attention to those; therefore they can be used for the betterment of an organisation.
Importance of the SWOT in the growth of business
(Namugenyi et al., 2019)
Available at: https://www.sciencedirect.com/science/article/pii/S1877050919314802/pdf?md5=68bfdfc32ee19b621d89206d541a754e&pid=1-s2.0-S1877050919314802-main.pdf [Accessed: 1 November 2022]
Namugenyi et al. (2019) focused on the investigation of the strengths, weaknesses, opportunities and the threats of an organisation system. These factors play a major role in changing the business and the treatment towards the business of an organisation.
I have learned the importance of the SWOT analysis from this article. It is essential to have a clear idea about the business and make further strategies for the organisation. It helped me to learn the use of SWOT in designing and promoting new strategies which can play the role of the game changer in an organisation. The basic elements of the SWOT model focus on the organisational issues, challenges and priorities therefore the basic path can be planned accordingly (Namugenyi et al., 2019). It also provides a clear idea about the analysed and documented which will help in the process of planning the further strategies of an organisation based on the factors mentioned in the SWOT.
From environmental to industry analysis
(García-Quevedo and Jové-Llopis, 2021)
Available at: https://www.sciencedirect.com/science/article/pii/S0301421521003311 [Accessed: 1 November 2022]
García-Quevedo and Jové-Llopis (2021) focused on the importance of environmental factors and industry analysis in the growth of a business organisation. Environmental factors and industrial analysis play key roles in understanding and analysing the factors.
This article focused on the environmental factors and policies that can help in the growth of an organisation. They can be market-based or the availability of resources can be the game changer. Those factors can help a business in grow in the most cost effective way, which eventually helps in the economic growth of an organisation. It helped me to understand some of the major factors such as the national and the international economy the natural environment and the influence of the government. The basic analysis of the industry helps me to understand the relation and availability of the suppliers, competitors and customers. It gave me an idea about the domestic structure can play a crucial role in the factor. Technology and social factors also play the role of the game changes in these cases (García-Quevedo and Jové-Llopis, 2021). However, it made me understand that all these factors can work differently when the sectors differ from each other. It also pays light to thefactors and role of the different environmental policies dependent on the origin of the organisation. This article helped me to analyse all the factors related to the industries and environment that can affect one organisation.
References
Journals
Arora-Jonsson, S., Brunsson, N. and Hasse, R., 2020. Where does competition come from? The role of organization. Organization Theory, 1(1), p.2631787719889977. Available at: https://journals.sagepub.com/doi/pdf/10.1177/2631787719889977 [Accessed: 1st November, 2022]
Donner, M. and de Vries, H., 2021. How to innovate business models for a circular bio?economy?. Business Strategy and the Environment, 30(4), pp.1932-1947. Available at: https://onlinelibrary.wiley.com/doi/abs/10.1002/bse.2725 [Accessed: 1 November 2022]
García-Quevedo, J. and Jové-Llopis, E., 2021. Environmental policies and energy efficiency investments. An industry-level analysis. Energy Policy, 156, p.112461. Available at: https://www.sciencedirect.com/science/article/pii/S0301421521003311 [Accessed: 1 November 2022]
Grigorescu, A., Maer-Matei, M.M., Mocanu, C. and Zamfir, A.M., 2019. Key drivers and skills needed for innovative companies focused on sustainability. Sustainability, 12(1), p.102. Available at: https://www.mdpi.com/2071-1050/12/1/102/pdf [Accessed: 1 November 2022]
Llamzon, R.B., Tan, F., Carter, L., Mouzakis, K. and Vasa, R., 2021. Treating Strategic Drift: Alignment Practices in Healthcare Information Systems Implementations.. Data envelopment analysis and social enterprises: Analysing performance, strategic orientation and mission drift. Journal of Business Ethics, 159(2), pp.325-341.Available at: https://aisel.aisnet.org/icis2021/governance/governance/8/ [Accessed: 1 November 2022]
Matovic, I.M., 2020. PESTEL analysis of external environment as a success factor of startup business. ConScienS, p.96. Available at: http://society.education/wp-content/uploads/2022/06/ConScienS-Proceedings.pdf#page=101 [Accessed: 1 November 2022]
Namugenyi, C., Nimmagadda, S.L. and Reiners, T., 2019. Design of a SWOT analysis model and its evaluation in diverse digital business ecosystem contexts. Procedia Computer Science, 159, pp.1145-1154. Available at: https://www.sciencedirect.com/science/article/pii/S1877050919314802/pdf?md5=68bfdfc32ee19b621d89206d541a754e&pid=1-s2.0-S1877050919314802-main.pdf [Accessed: 1 November 2022]
Nkuda, M.O., 2022. Can resource-based view or industry organisation theory alone achieve competitive advantage? The rbio hybrid theorising from outside-inside integrative framework. Available at: https://www.researchgate.net/profile/Matthias-Nkuda/publication/362537527_Can_resource-based_view_or_industry_organisation_theory_alone_achieve_competitive_advantage_The_rbio_hybrid_theorising_from_outside-inside_integrative_framework/links/62ef9a9f88b83e7320b6799b/Can-resource-based-view-or-industry-organisation-theory-alone-achieve-competitive-advantage-The-rbio-hybrid-theorising-from-outside-inside-integrative-framework.pdf [Accessed: 1st November, 2022]
Sachitra, V. and Chong, S.C., 2018. Resources, capabilities and competitive advantage of minor export crops farms in Sri Lanka: An empirical investigation. Competitiveness Review: An International Business Journal. Available at: http://dr.lib.sjp.ac.lk/bitstream/handle/123456789/8564/Resources%2C%20capabilities%20and%20competitive%20advantage%20of%20minor%20export%20crops%20farms%20in%20Sri%20Lanka%20An%20empirical%20investigation.pdf?sequence=1&isAllowed=y [Accessed: 1st November 2022]
Salunke, S., Weerawardena, J. and McColl-Kennedy, J.R., 2019. The central role of knowledge integration capability in service innovation-based competitive strategy. Industrial Marketing Management, 76, pp.144-156. Available at: https://eprints.qut.edu.au/121355/1/121355.pdf [Accessed: 1st November, 2022]
