Why do firms differ, and how does it matter?

Article Abstract:

Many economists commonly assume that the differences that exist between firms operating within the same business sector are the result of the differences in the market environments within which they compete. Strategic management scholars, on the other hand, regard this perspective as erroneous and point out that discretionary firm differences reflect the different management choices made by firms. Furthermore, strategic management scholars believe that discretionary firm differences are economically significant as they reflect the dynamic capabilities of firms as interpreted through the evolutionary perspective of economic activity. Strategic management research into the role played by interfirm differences is therefore useful as it can provide valuable insights into the nature of interfirm competition in specific business sectors.

Business enterprises

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A resource-based analysis of global competition: the case of the bearings industry

Article Abstract:

The contribution of the resource-based view of the firm to international competition and strategic management was investigated. A resource-based perspective views a company as a unique set of both tangible and intangible resources, instead of viewing the company from the perspective of its product-market activities. The concepts of core competence, the capability of organizations, and administrative heritage were compared to strategy in the bearings industry. The results indicated that both a resource-based perspective and economic analysis are necessary to completely understand international strategy.

Ball and roller bearings, Machinery industry, International competition (Commerce), International competition (Economics), Bearings industry

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