【正文】 ed for by the industry to earn aboveaverage returns. Selection of a strategy linked with aboveaverage returns in a particular industry Strategy Formulation I/O Model of Superior Returns Ch114 External Environment General Environment Industry Environment Competitive Environment Attractive Industry An industry whose structural characteristics suggest aboveaverage returns are possible Strategy Formulation Selection of a strategy linked with aboveaverage returns in a particular industry Action required: Develop or acquire assets and skills needed to implement the strategy. Assets and Skills Assets and skills required to implement a chosen strategy I/O Model of Superior Returns Ch115 External Environment General Environment Industry Environment Competitive Environment Attractive Industry An industry whose structural characteristics suggest aboveaverage returns are possible Strategy Formulation Selection of a strategy linked with aboveaverage returns in a particular industry Assets and Skills Assets and skills required to implement a chosen strategy Action required: Use the firm’s strengths (its assets or skills) to implement the strategy. Strategy Implementation Selection of strategic actions linked with effective implementation of the chosen strategy I/O Model of Superior Returns Ch116 External Environment General Environment Industry Environment Competitive Environment Attractive Industry An industry whose structural characteristics suggest aboveaverage returns are possible Strategy Formulation Selection of a strategy linked with aboveaverage returns in a particular industry Assets and Skills Assets and skills required to implement a chosen strategy Action required: Strategy Implementation Selection of strategic actions linked with effective implementation of the chosen strategy Superior Returns Earning of aboveaverage returns Maintain selected strategy in order to outperform industry rivals. I/O Model of Superior Returns Ch117 The ResourceBased model suggests that aboveaverage returns for any firm are largely determined by characteristics inside the firm. This model focuses on developing or obtaining valuable resources and capabilities which are difficult or impossible for rivals to imitate. ResourceBased Model of Superior Returns Ch118 Resources Inputs to a firm’s production process. Action required: Identify firm resources. Study strengths and weak nesses relative to rivals. ResourceBased Model of Superior Returns Ch119 Resources Inputs to a firm’s production process. Action required: Determine what firm capabilities allow it to do better than rivals. Capability Capacity for an integrated set of resources to perform a task or activity. ResourceBased Model of Superior Returns Ch120 Resources Inputs to a firm’s production process. Capability Capacity for an integrated set of resources to integratively perform a task or activity. Competitive Advantage Ability of a firm to outperform its rivals Action required: Determine how firm’s resources and capabilities may create petitive advantage. ResourceBased Model of Superior Returns Ch121 Resources Inputs to a firm’s production process. Capability Capacity for an integrated set of resources to integratively perform a task or activity. Competitive Advantage Ability of a firm to outperform its rivals An Attractive Industry Location of an industry with opportunities that can be exploited by the firm’s resources and capabilities Action required: Locate an attractive industry. ResourceBased Model of Superior Returns Ch122 Resources Inputs to a firm’s production process. Capability Capacity for an integrated set of resources to integratively perform a task or activity. Competitive Advantage Ability of a firm to outperform its rivals An Attractive Industry Location of an industry with opportunities that can be exploited by the firm’s resources and capabilities Action required: Select strategy that best exploits resources and capabilities relative to opportunities in environs. Strategy Formulation and Implementation Strategic actions taken to earn aboveaverage returns ResourceBased Model of Superior Returns Ch123 Resources Inputs to a firm’s production process. Capability Capacity for an integrated set of resources to integratively perform a task or activity. Competitive Advantage Ability of a firm to outperform its rivals An Attractive Industry Location of an industry with opportunities that can be exploited by the firm’s resources and capabilities Action required: Maintain selected strategy in order to outperform industry rivals. Strategy Formulation and Implementation Strategic actions taken to earn aboveaverage returns Superior Returns Earning of aboveaverage returns ResourceBased Model of Superior Returns Ch124 Core Competencies When these four criteria are met, Resources and Capabilities bee: Core Competencies are resources and capabilities that can serve as a source of Competitive Advantage. The ResourceBased model argues that Core Competencies are the basis for a firm’s Competitive Advantage, Strategic Competitiveness and Ability to Earn Aboveaverage Returns. Ch125 Stakeholders: Groups who are affected by a firm’s performance and who have claims on its wealth The firm must maintain performance at an adequate level in order to maintain the participation of key stakeholders Organizational Employees Managers NonManagers Firm Capital Market Stock market/Investors Debt su