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The main concept of RBV is to emphasize on how the firm utilizes and manages the resources available in order to gain competitive advantage. The resources must be intact with the characteristics of VRIN, whether in the current state or future. Resources of the firm must be protected. The firm must continually improve the current resources of the firm. Not only that, the firm must keep on building new resources. These measures are improved to ensure the competitive advantage can be sustained. To know about RBV, please read : Managing Resources - VRIN
One of the methods to protect the resources to be intact with VRIN attributes, is through protection of Intellectual Properties of the firm. Intellectual property includes copyright, trademark, industrial designs, and patent. For instance, it is crucial for a firm to at least have protection on its trademark regardless of whether the firm is providing services or products. A trademark symbolizes the image and brand of the firm. Trademarks must be rare due to its uniqueness to avoid any infringement. A trademark can be rare if the goodwill being the intangible asset of the firm is having a good value and reputation. With that, the trademark of the firm will be inimitable and non-substitutable if proper protection is made. By registering a trademark with organization such as Malaysia Intellectual Property Organization (MyIPO) will allow the owner of the mark being the lawful and registered owner in Malaysia, that confers the owner of the mark with the proprietary rights to attempt civil action to seek for recourse on any infringement made against them.
Next, Big data analysis is important to build resources of the firm. Engaging the community will build more resources. Big data prediction analysis is considered as a bundling of resources. The resources and being bundled and combined together to develop the capability of the firm. Big data prediction analysis is developed through combining strategic resources such as data connectivity and information sharing together with human skills and big data culture, which resulted in the enhancement of operational performance of the firm (Dubey et al., 2019). Big data analysis helps the firm to analyse large scales of data and has been found to add value in decision making processes (Bamel & Bamel, 2020). Such big data is also considered as the resources available to the firm which is highly inimitable and rare and valuable as well as non-substitutable. Big data analysis is a very useful resource for the firm to generate sustainable competitive advantage when the firm can utilize these data to enhance the quality of the goods or the performance of the services.
Moreover, the culture of the firm is essential to be preserved in a healthy manner. Culture is “a complex set of values, beliefs, assumptions, and symbols that define the way in which a firm conducts its business” (Barney, 1986). Culture eats strategy for breakfast. The efficacy of the strategy of the company can be destroyed by a bad culture. As discussed, culture is highly inimitable and hard to be copied by the competitors. Culture will drive the performance of the company. The morale of the workers, and the environment of the firm has to be worked aligned together with the culture of the firm. The firm’s culture can be monitored by the core values being promoted to the staff of the firm. Everyone in the firm must embrace the similar core values and move towards the same vision and mission. Culture of the firm has to be protected as it will determine the firm’s efficiency and disrupts the strategic decisions of the firm.
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