Buy my book today! http://bit.ly/bestbrandingbook Check out my Podcast: https://anchor.fm/caffeinated-content Contact me: http://www.edwindearborn.com/contact/ Connect with me on LinkedIn: https://www.linkedin.com/in/edwindearborn/ ​ According to the resource-based view of strategic management, a firm can gain a competitive advantage by gaining access to strategic resources. This begs the question of what a strategic resource is. When developing a firm's strategy, managers should understand the three basic strategic resources and how they can be used. Human Resources A firm's human resources are, quite simply, the employees that it has at its disposal. Having the right employees can provide firms with a competitive advantage. For example, a firm may recruit the best and brightest scientists for its research and development department or the top business school graduates for its management team. Firms need to manage their human resources, both by recruiting the kind of employees that they need and by retaining their best staff. Capital Resources Capital resources are resources that a company uses in the production of goods such as factories and equipment. Capital resources can provide a firm with a competitive edge in the marketplace. For instance, if a firm has specialized equipment that allows it to produce goods more efficiently, its production will be faster and less costly than the competitors. Capital resources can be expensive and time-consuming to obtain, making it difficult for competitors to gain them. Natural Resources Natural resources are resources that naturally exist in the environment, such as oil, fresh water, minerals or arable land. Natural resources cannot be created, so a firm has an advantage if it operates in a country where these resource exist. Firms can obtain natural resources, however, by entering new countries. For example, many foreign oil companies have entered Middle Eastern countries to access their oil reserves. Managing Resources To be successful, firms must manage and balance all three strategic resources. It is not enough to have access to just one resource. For example, if a lumber company has access to the natural resource it needs -- forests -- it still needs capital resources to manufacture the lumber and skilled workers (human resources) to harvest the trees and mill the lumber. Although some strategic resources may be more important for specific companies, they must remember to invest in other strategic resources as well. What is 'Brand Equity' Brand equity refers to a value premium that a company generates from a product with a recognizable name, when compared to a generic equivalent. Companies can create brand equity for their products by making them memorable, easily recognizable, and superior in ... https://www.youtube.com/watch?v=naYHuz5mPNw

100 Day Action Plan To Grow Business | Leadership 100 Day Plan Connect with me on LinkedIn: https://www.linkedin.com/in/edwindearborn/ Looking for a CMO? https://virtualcmo.expert/ Here are my Top 10X actions to take over the next 100-days to grow your business with additional revenue and more new customers: 1. Assess Your Resources and Any Past Successes. Growth begins with augmenting and strengthening what has already worked for you in the past. Look to your metrics, going back years, as well as those periods of affluent sales and growth. Discover and know with certainty what the crucial actions and processes that were in place to create such success. 2. Develop A Written Marketing & Sales Plan. Based on what you discover in the first point above, as well as looking at what new opportunities exist that could now be leveraged, write an actual plan for your sales and marketing growth. This is not something you discuss, but actually write down. Break this plan down into smaller tactical actions. 3. Have In Place A Marketing Budget. Nothing will move forward unless it is financed. You should be spending 10% of your profits to grow your business with marketing and sales initiatives and programs. 4. Execute Your Plan. Now that you have a written plan and budget in place, you have to work every day to ensure that these actions are put into place, are doggedly followed through, and that the WORK is being executed. 5. Look For and Develop Co-Branding Partnerships. The fastest method to get in front of more customers is to co-brand with non-competing companies; particularly ones which complement you and which you do the same for them. Promote their services to your database and then get them to reciprocate. The possibilities are endless. A handful of partnerships can place your brand in front of thousands of potential customers that you could have never reached otherwise. 6. Train Your Sales People & Customer Service Personnel. Educate your personnel to become more effective in how they communicate, educate, and sell products and services. Invest in increasing the knowledge and skill sets of your team. There is a bounty of courses, webinars, workshops, books, CD’s, YouTube videos, etc. on the subject of sales and marketing, that there is no longer any reason not to invest in the elevation of your team. 7. Spend Money on Advertising. You have to pay-to-play in today’s business world. Your best paid actions are emailing marketing, Facebook advertising, YouTube advertising, native advertising, webinars, and participating in conventions and workshops to contact prospects in person. 8. Become Your Own Media. “You are what you publish.” Content marketing is a vital branding and marketing activity which you can no longer avoid if you wish to attrac ... https://www.youtube.com/watch?v=ce26Wi9-NUQ