01 May For your final paper, please choose either th
For your final paper, please choose either the industry, resources, or institution-based views of strategy, and apply that model to a company or industry of your choosing. You can choose any company or industry for this assignment, and you are encouraged to choose one that you have a personal or professional interest in.
You should aim to write your paper for an audience that is familiar with strategy, but not necessarily the company or industry you choose to analyze (In short, your professor). That is, you can assume your readers will know the models and terminology of strategy, but are unfamiliar with your specific company or industry.
In general, your paper should include the following sections
- An introduction (with a clear thesis)
- Literature Review
- Background Information on your company and industry
- Analysis (that is, applying one of the above models to your company or industry)
- Conclustion
- Bibliography
Below are the key elements of these sections, but depending on your topic you may wish to have sub-sections of the above, or include other sections that contain relevant information.
- For your introduction, you should clearly introduce the topic of your research paper, and the models you will apply. This introdcution should also include a thesis statement, which is usually a few sentences to a paragraph that succintly states what you will argue in your paper. For example, if you are applying the 5 forces framework to a particular company, this is where you would state explicitly what forces are strong and weak and why.
- For Background Information, you should describe your company or industry (assume your audience is unfamiliar with this). Here you might describe the company history, size, ownership structure, etc. If you are looking at an industry, you might want to relate the history of the industry, the number and size of companies within it, etc.
- For the Literature review you will review more specific literature on the framework that you use (i.e., the industry, resources, or institution-based frameworks). Keep in mind, these are well-known models of strategy and there are many academic articles associated with them (not only the ones we read in class). Here you should describe the usefulness of the model you pick, and its relevance for the industry or company of your choosing. The review here should be mostly (peer reviewed) academic articles, as opposed to the background information section, which can be news articles or company reports.
- The Analysis section is where you apply the model of strategy to the company/ industry that you pick. You will have practice doing this in our case studies, but this is an opportunity for you to perform this analysis on a topic that is of personal interest to you.
- In your conclusion, you should make recommendations for the company or industry based on your analysis. What are the potential opportunities and threats for your company/ industry in the future? How can your company develop a sustained competitive advantage? How will your industry evolve and what will firms need to do to remain competitive? These are some of the key questions you may wish to consider.
- Include a bibliography with your paper. Please use APA style for citations.
- Finally, include at least 5 quality references from peer-reviewed sources. These will usually appear in your literature review (they do not include company reports and news articles). Aim for 12-13 double spaced pages (not including bibliography) in Times New Roman size 12 font. Have one inch margins on all sides of the paper. Please be sure to spell check and grammar check your papers too. Paper will be submitted via on Canvas, and they are due on the last day of class.
Running head: RESOURCE BASED VIEW MODEL 1
Resource based View Model in Healthcare
Arthur Barnes Jr.
Husson University
RESOURCE BASED VIEW MODEL 2
Resource based View Model in Healthcare
Introduction
Barney introduced the resource-based viewpoint (RBV) in 1991 to deal with international
business issues. Strategic management and International Business (IB) have both benefited greatly
from RBV's emphasis on the firm's internal environment and use of SWOT analysis. This view
also assumes that a company's unique resources and abilities allow it to perform better than its
counterparts in the same industry. For example, tangible and intangible resources can be found in
a company. Resources and capabilities can be used interchangeably. There are many functional
areas where resources and capabilities are integrated and developed (Arbab Kash et al., 2020).
These include distribution, human resources, marketing, manufacturing, and R&D, among others.
Resource based strategy look on the resources within the firm and focus on how to use the
resources to gain competitive advantage in the market and because the resources are valuable, rare
and non-substitutable. The strategy is applied in all industries including the healthcare where the
determination is to make sure that the available resources are used to satisfy the needs of the
patients and emerge the best healthcare facility in the industry. In this paper, we will discuss about
application of resource based view model in healthcare organization and its analysis.
Background Information
Founded by William and Charles Mayo in Rochester in the 1880s, the Mayo Clinic is one
of the oldest private medical practices in the country. A pair of identical twins named Will and
Charlie Mayo aspired to be surgeons. Their rise from a little Minnesota hamlet to an international
orbit was due to an unusual set of circumstances. Franciscan Sisters who founded and staffed St.
Mary's Hospital in Rochester, New York, in 1889, played a significant role in their success as
RESOURCE BASED VIEW MODEL 3
surgeons. And it was not until Harvey Cushing returned in 1905 that his father, Johns Hopkins
surgeon William Cushing, learned of the Mayo brothers' reputation for excellence in surgery and
how well-protected they were from malpractice lawsuits by a knowledgeable staff of internists,
specialists, etc. “U.S. News and World Report and Newsweek's No. 1 ranked hospital is led by Dr.
Gianrico Farrugia, president and CEO of Mayo Clinic, every year, Mayo Clinic treats more than
1.3 million patients from all 50 states and more than 130 countries with serious or complex
illnesses” (Arbab Kash et al., 2020). More than 100 Mayo Clinic locations can be found throughout
the country. Mayo Clinic's International Patient Offices make it possible for patients from around
the world to get high-class treatment, regardless of geography or language barrier. The successes
in the healthcare facility is contributed by the fact that the healthcare organization adopted the
resource view model in understanding the
Literature Review
As a strategic management theory, RBV focuses on the link between organizational
objectives and company resources through the value, rarity, and uniqueness of the (organization)
framework of the model. 'In-firm decision making and external strategic elements' amass
resources, which might be tangible or intangible (Smętek et al., 2020). RBV is built on the
foundation of an organization's physical, human, and organizational resources. They serve as the
foundation upon which a business can construct its strategy and, as a result, its success.
Capabilities are an organization's ability to use its resources in an orderly manner in order
to achieve a desired outcome. Organizational capabilities in critical areas such as manufacturing,
marketing, and innovation can be developed as a result of this linkage or bundling of resources
(Arbab Kash et al., 2020). It is important to note that the extent to which an organization's
capabilities contribute to its competitive advantage through innovation implementation depends
RESOURCE BASED VIEW MODEL 4
on the organization's "complementary resources (Danviboon, 2018)." To put it another way,
achieving institutional advantage requires the integration, coordination, and organization of
resources and talents.
According to RBV, resources and capabilities are not the same in every organization. RBV
attempts to answer the fundamental question of why certain organizations perform better or worse
than others when all other variables are equal. That healthcare organizations are behind other
businesses in adopting new technologies is also explained (Arbab Kash et al., 2020). This suggests
that healthcare organizations will need to identify, organize, and then exploit their own unique
resource strengths in order to successfully integrate new innovations. Developing the ability to add
value and enhance performance is dependent on this for the organization's continual efforts to
improve quality of care and care delivery.
In healthcare, change management is a major concern.. Risks must be addressed,
administrators and clinicians have disagreements, and mission statements are typically vague and
don't provide operational guidance, therefore this is why. A healthcare organism's capacity to
encourage the interaction and integration of resource capability use amongst staff and across
departments, engaged in innovation implementation practices, is crucial to enabling the change
that comes with innovation management and subsequently the creation of institutional advantage
(Arbab Kash et al., 2020). Resources must be converted into resource capabilities, which in turn
necessitate integration and coordination across the entire business, as explained by RBV
According to RBV, a wide range of organizational resource capabilities can contribute to
and explain an organization's superiority over its competitors (Smętek et al., 2020). Oftentimes,
these capabilities complement each other and aren't available to all firms. The formation of
‘strategic partnerships' and the exchange of 'best practices' in healthcare has been strongly
RESOURCE BASED VIEW MODEL 5
encouraged by healthcare accreditation systems and funding authorities, yet healthcare
organizations can still safeguard the rareness of their resources by erecting resource position
barriers.
Resource rarity is defined by Barney (1995) as the extent to which the organization has
complete control and access to the resource (Smętek et al., 2020). Competition for the same
resource can lead to a loss of control and access in partnership arrangements. Examples from other
industries, such as being the first to market with a service, building strength in 12 branding,
codifying knowledge, and having highly competent staff bases, can be used to illustrate how
healthcare businesses might protect the inimitability and rarity of their resources. In addition, a
healthcare organization's ability to use resources in a way that is difficult for others to replicate is
likely to stimulate future innovation.
Analysis
SWOT analysis targets on bringing the understanding about resource-view model of a
healthcare organization like the Mayo Clinic. The management of resources within the facility
contributes to its strengths and competitive advantage.
Strengths of Mayo Clinic
Exploration and Development
The Mayo Clinic places a high value on research and education. Multidisciplinary research
at Mayo aids in the quick discovery of new treatment and preventative methods.
Prioritize High-Level Performance
RESOURCE BASED VIEW MODEL 6
At Mayo Clinic, the total experience of a patient is considered, not simply the sum of the parts.
Mayo Clinic is known for its expertise, kindness, and cutting-edge innovation. Quality indicators
include fatality, surgical infestations, and the number of people who have been effectively
diagnosed. In addition, the integrating of personal health records is an indicator of quality
(Cassedy, 2018). Time spent with patients, their treatment with dignity and respect, the regularity
of appointments and the availability of doctors at Mayo Clinic are also taken into consideration.
Health Information Technology and Teamwork
As a result of the implementation of a scheduling for health services, Mayo Clinic is able
to assign patients to physicians and manage their appointment times. Information such as the
patient's availability, laboratory tests, doctor remarks, and any further diagnoses are all recorded
by the system. Doctors can look up a patient's past medical history, allowing a group of specialists
to collaborate on a patient's care.
Weaknesses
There is still potential for improvement at Mayo Clinic, such as the fact that area physician
groups concluded that Mayo Health System's alternative treatments ranked lower than the regional
average of 12 in 2008. Among patients treated at several Mayo Foundation Hospitals, researchers
discovered "surprising diversity" in the level of end-of-life care, necessitating more uniformity on
the part of the organization as a whole. There were limited resources to meet the uniformity and
the healthcare facility need to focus on ways of making it work.
Conclusion
A resource-based strategy focuses on the company's internal resources and how to best
utilize them in order to acquire a competitive advantage in the market. With this technique, all
RESOURCE BASED VIEW MODEL 7
sectors, including healthcare, are able to meet the needs of their patients and emerge as the top
healthcare institution in their field (Cassedy, 2018). Management of resources and service delivery
is improved by using this strategy in the healthcare organization. Mayo Clinic's success in a highly
competitive and expensive market requires careful planning, and the firm's strengths and
weaknesses analysis helps allocate resources in the most efficient manner.
RESOURCE BASED VIEW MODEL 8
References
Arbab Kash, B., Spaulding, A., D. Gamm, L., & E. Johnson, C. (2020). Healthcare strategic
management and the resource based view. Journal of Strategy and Management, 7(3), 251-
264. https://doi.org/10.1108/jsma-06-2013-0040
Cassedy, J. (2018). The Origins and Evolution of the Mayo Clinic. Circulating Now from NLM.
Retrieved 24 April 2022, from https://circulatingnow.nlm.nih.gov/2016/06/14/the-origins-
and-evolution-of-the-mayo-
clinic/#:~:text=The%20clinic%20has%20its%20origins,to%20become%20specialists%2
0in%20surgery.
Danviboon, P. (2018). Critically Assess the Resource-based, Industry-based and Institution-based
Perspectives, and Examine their Relevance in Relation to Internationalization Strategies
undertaken By Multi-National Enterprises (MNEs). International Business Strategy.
https://doi.org/DOI:10.13140/RG.2.2.26263.21923
Ferlie, E. (2020). Resource based view: a promising new theory for healthcare organizations:
Comment on “Resource based view of the firm as a theoretical lens on the organisational
consequences of quality improvement”. International Journal of Health Policy And
Management, 3(6), 347-348. https://doi.org/10.15171/ijhpm.2014.107
Smętek, W., Węgrzyk, J., Klama-Baryła, A., Łabuś, W., Kraut, M., & Szapski, M. et al. (2020).
Resource-Based View of Laboratory Management: Tissue Bank ATMP Production as a
Model. Biochemical Testing – Clinical Correlation and Diagnosis.
https://doi.org/10.5772/intechopen.86561
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