Resource Management

2904 Words12 Pages
Running head: Introduction Resource management has been of crucial value when it comes to survival and development issues of an organization. In today's world where organizations are being highly competitive and are willing to exploit their competitive edge in every possible way, scarcity of resources makes this competition even tougher. This has given rise to the not so contemporary theory of RBV or resource-based view. The theory helps in examining how the organizations strive for the attainment of resources, how they manage them and how their strategies of resource management differ with changes in external and internal environment. Nature and Acquisition of the Resources By definition, it is obvious that resource means anything which can provide a certain advantage to the firm or can also act as its weakness. They can be of tangible or intangible nature and can be related to the firm on semi-permanent basis. Resources can be brand names, in-house knowledge of technology, employment of skilled personnel, trade contacts, machinery, efficient procedures, capital, etc. The nature of a firm with respect to the perfect competition determines how it will react to the availability of the certain resources e.g. a firm having monopolistic status in an industry will exhibit a different behavior as compared to the firms in a perfect competition. The nature of their firm affects its accessibility to the resources. In a perfect competition or an otherwise competitive market,
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