in groups of four or five, use the PESTEL framework to identify elements from each factor of the general environment that could have a large effect on your future career.

Exercises

1. In groups of four or five, use the PESTEL framework to identify elements from each factor of the general environment that could have a large effect on your future career.

2. Use Porter’s five forces analysis to analyze an industry in which you might like to work in the future. Discuss the implications your results may have on the salary potential of jobs in that industry and how that could impact your career plans.

Chapter 4: Managing Firm Resources

Chapter 4: Managing Firm Resources 4.1 Managing Firm Resources 4.2 Resource-Based Theory 4.3 Intellectual Property 4.4 Value Chain 4.5 Beyond Resource-Based Theory: Other Views on Firm Performance 4.6 SWOT Analysis 4.7 Conclusion

4.1 Managing Firm Resources

Learning

Objectives

After reading this chapter, you should be able to understand and articulate answers to the following questions:

1. What is resource-based theory, and why is it important to organizations?

2. In what ways can intellectual property serve as a value-added resource for organizations?

3. How should executives use the value chain to maximize the performance of their organizations?

4. What is SWOT analysis and how can it help an organization?

Southwest Airlines: Let Your LUV Flow

Southwest Airlines’ acquisition of AirTran in 2011 may lead the

firm into stormy skies.

Wikimedia Commons – CC BY 2.0.

In 1971, an upstart firm named Southwest Airlines opened for business by offering flights between Houston, San Antonio, and its headquarters at Love Field in Dallas. From its initial fleet of three airplanes and three destinations,

4.1 Managing Firm Resources 108

 

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