103-2 GFM THU. 1
Class Feedback
What you have learned from this class？
Todays lesson introduced the Internal Analysis, which provides a comparative look at a companies capabilities. What are the strengths and weaknesses?
This analysis helps the company to determine if the resources are likely to be sources of a possible competitive advantage and establish strategies that can exploit any sources of competitive advantages.
The theory behind Internal Analysis is The Resource-based view. This theory investigates why some companies achieve better economic performance than others.
We also discussed the difference between a company’s resources and capabilities. A resource is something used to conceive and implement strategies with such as (tangible) factories and products or (intangible) reputation. Capabilities can be marketing skills or cooperative relations.
It exist four categories of resources. They are Financial, Physical, Organizational and Human.
Last theory/framework we discussed was VRIO. This framework reveals the key factors to achieve a sustainable competitive advantage. These are:
- Value (valuable) - Rarity (be rare)
- Imitability (can competitor imitate?) - Organization (organized/structure)
I believe this framework is very valuable and useful in product development and also seasonal analysis of the company’s work and achievements.
The connection with yourself？
I believe Internal analysis will be necessary to use in the future work when analyzing a company’s financial state and also as extended part to a SWOT
103-2 GFM THU. 2
analysis.
I also believe that it is important for a company to have focus on all four resources within the company. The financial part is not functioning correct without a pleased and focused human resource. These parts all need to be satisfied and work together under a good management and through aligned policies/missions to achieve the right and best goal for the company.
How to apply to yourself？
I believe the open group discussion (brainstorming) for Ton’s shoe company was very interesting! It was both fun and educative to brainstorm and try to help him with ideas to put into his company and put yourself in his shoes/role for a second and think of ideas to making the company bigger and get the eyes from new customers. Fun exercise!
I think I will use the VRIO model this summer in my internship at the Swedish fashion brand Rodebjer when I have my internship at their production/product development department. Hopefully the framework or parts of it will help me understand the processes better and make better decisions for the work of the upcoming collection.
103-2 GFM THU. 3
Three most contrivable students in this class.
(What they said, why you think is important.)
A、
Name
Content Tangible resources are easier to imitate by competitors
Benefit
It is harder to build up intangible resources (example reputation) and these should have focus because they are harder to copy and build strong competitive advantage.
B、
Name
Content As in Zara case, customer service is hard to imitate. Clothes are easier to imitate
Benefit
This is true. I would classify customer service as an intangible resource and by that it means it is harder to copy as said above from xxx.
C、
Name
Content
Benefit
