3 Approaches from strategic management: Resource-based view, knowledge-based view, and dynamic capability view
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Päivi Maijanen
Abstract
This chapter introduces three essential approaches of strategic management: resource-based view, knowledge-based view and dynamic capability view. They represent the modern streams of strategic management, each highlighting the role of intra-organizational factors as the source of sustainable competitive advantage. The resource-based view emphasizes the role and management of valuable, rare, inimitable, and non-substitutable resources as sources of market imperfections and thus able to create competitive advantage. The knowledge-based view focuses on the role of intangible knowledge assets as a main source of superior performance. The dynamic capability view studies strategic change with the question of how firms are able to keep their resources valuable and unique when the business environment changes. The emphasis on firm-specific and unique factors and drivers of success is highly relevant in the media industry where new technologies and keen global competition are changing existing business models faster than in any other industry. For media management, the approaches studied in this chapter provide important concepts and analytical tools to analyze intra-organizational dynamics of change and to detect what types of resources and change-enhancing capabilities media firms would need to outperform others and remain competitive.
Abstract
This chapter introduces three essential approaches of strategic management: resource-based view, knowledge-based view and dynamic capability view. They represent the modern streams of strategic management, each highlighting the role of intra-organizational factors as the source of sustainable competitive advantage. The resource-based view emphasizes the role and management of valuable, rare, inimitable, and non-substitutable resources as sources of market imperfections and thus able to create competitive advantage. The knowledge-based view focuses on the role of intangible knowledge assets as a main source of superior performance. The dynamic capability view studies strategic change with the question of how firms are able to keep their resources valuable and unique when the business environment changes. The emphasis on firm-specific and unique factors and drivers of success is highly relevant in the media industry where new technologies and keen global competition are changing existing business models faster than in any other industry. For media management, the approaches studied in this chapter provide important concepts and analytical tools to analyze intra-organizational dynamics of change and to detect what types of resources and change-enhancing capabilities media firms would need to outperform others and remain competitive.
Kapitel in diesem Buch
- Frontmatter I
- Preface to Handbooks of Communication Science series V
- Contents IX
- 1 Management and economics of media and communication – History and definition of the field 1
-
Section I – Theories
- 2 Industrial organization of media markets and competition policy 21
- 3 Approaches from strategic management: Resource-based view, knowledge-based view, and dynamic capability view 47
- 4 (New) Institutional media economics 69
- 5 Political economy 87
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Section II – Methods
- 6 Quantitative methods 109
- 7 Qualitative methods in media management research 129
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Section III – Key issues
- 8 Convergence 151
- 9 Content platforms 169
- 10 Media concentration 187
- 11 (Re)defining public service media from an economic perspective: Damned if they do, damned if they don’t 203
- 12 Innovation & creativity: Media as business and commons 223
- 13 Labour and risk in the media industries: Individual and organisational perspectives 241
- 14 Media and the economic cycle 261
- 15 Designing marketing models for media products 281
- 16 Branding: Media brands and brands as media 311
- 17 Transnational media and their management 333
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Section IV – Regional perspectives and peculiarities
- 18 North America 355
- 19 Latin America 365
- 20 Media management and economics research in Northern Europe 375
- 21 Southern Europe 393
- 22 Central and Eastern Europe 405
- 23 East Asia 417
- 24 Media management and economics research in China 427
- 25 Media economics in India: Traversing the Rubicon? 441
- 26 Australia and New Zealand 457
- 27 Media management scholarship and research: Emergence and trends of the discipline in Africa 469
-
Section V – Future
- 28 New media and the need for new analytical frameworks: Dual challenges to media economics and policy analysis 485
- Contributors 497
- Index 505
Kapitel in diesem Buch
- Frontmatter I
- Preface to Handbooks of Communication Science series V
- Contents IX
- 1 Management and economics of media and communication – History and definition of the field 1
-
Section I – Theories
- 2 Industrial organization of media markets and competition policy 21
- 3 Approaches from strategic management: Resource-based view, knowledge-based view, and dynamic capability view 47
- 4 (New) Institutional media economics 69
- 5 Political economy 87
-
Section II – Methods
- 6 Quantitative methods 109
- 7 Qualitative methods in media management research 129
-
Section III – Key issues
- 8 Convergence 151
- 9 Content platforms 169
- 10 Media concentration 187
- 11 (Re)defining public service media from an economic perspective: Damned if they do, damned if they don’t 203
- 12 Innovation & creativity: Media as business and commons 223
- 13 Labour and risk in the media industries: Individual and organisational perspectives 241
- 14 Media and the economic cycle 261
- 15 Designing marketing models for media products 281
- 16 Branding: Media brands and brands as media 311
- 17 Transnational media and their management 333
-
Section IV – Regional perspectives and peculiarities
- 18 North America 355
- 19 Latin America 365
- 20 Media management and economics research in Northern Europe 375
- 21 Southern Europe 393
- 22 Central and Eastern Europe 405
- 23 East Asia 417
- 24 Media management and economics research in China 427
- 25 Media economics in India: Traversing the Rubicon? 441
- 26 Australia and New Zealand 457
- 27 Media management scholarship and research: Emergence and trends of the discipline in Africa 469
-
Section V – Future
- 28 New media and the need for new analytical frameworks: Dual challenges to media economics and policy analysis 485
- Contributors 497
- Index 505
