Resource-based strategies and problem structuring: Using resource maps to manage resource systems
Journal
Journal of the Operational Research Society
Subject
Management Science and Operations
Publishing details
Authors / Editors
Kunc M H;Morecroft J D W
Publication Year
2009
Abstract
The resource-based view of strategy seeks to explain why some firms consistently outperform rivals in the same industry by acquiring a unique set of strategic assets (or resources). However, differences between dominant managerial mental models in management teams lead to disagreement at the moment of implementing distinct resource-building strategies. This managerial and cognitive view of strategic decision making and competition lends itself to investigation through problem structuring methods. We suggest that resource maps, as a problem structuring method, can be used to interpret managerial mental models for strategic decision making in terms of resource-building processes. Through resource maps, we represent the system of asset stocks believed to be most important for driving business performance. We illustrate the framework by comparing and contrasting maps of the system of resources (asset stocks) that best characterize two leading firms in the UK commercial radio broadcasting industry.
Keywords
System dynamics; Problem structuring methods; Strategic planning
Available on ECCH
No
