Corey Phelps Defines the Knowledge-Based View of the Firm

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    • 00:01

      [MUSIC PLAYING][Knowledge-Based View]

    • 00:10

      COREY PHELPS: The term knowledge-based viewwas coined in response to another [Corey Phelps,Associate Professor of Strategy and Organization McGillUniversity] theoretical perspectivein strategic management.This theoretical perspective was called the resource-based view.In the field of strategic management,as I mentioned earlier, the fundamental guiding questionis trying to understand why some firms are more financially

    • 00:31

      COREY PHELPS [continued]: successful than others.The simple, yet, unsatisfying answer to this question is somefirms have a competitive advantage other firms don't.Now once you start talking about competitive advantage,it raises the question, where does this competitive advantagecome from?The resource-based view basicallyproposed that a competitive advantage

    • 00:52

      COREY PHELPS [continued]: resides in the resources of the firm,such as the property, the plant, the equipment, the technologiesthat the firm deploys.Those resources help create value for customersby solving a customer's problem better than other companies.And under certain conditions, those resources

    • 01:15

      COREY PHELPS [continued]: are difficult for other firms to imitate, eitherbecause it's difficult to buy those resources,it's difficult to build them, or it'simpossible to borrow them from other organizations.So the resource-based view said that competitive advantageoften resides in the basket or collection of resources

    • 01:36

      COREY PHELPS [continued]: that an organization owns.The knowledge-based view was a termthat was coined in response to the resource-based view.The idea being that knowledge is a particular type of resource.Knowing how to do something is a resourcethat an organization can draw on to the extent

    • 01:56

      COREY PHELPS [continued]: that that knowledge is shared.So for example, if a service company in the IT service worldunderstands how to solve a company's problem, thatis how to manage their computer service desk,in a highly efficient, highly effective way,

    • 02:17

      COREY PHELPS [continued]: part of what makes that possible is theknow how that exist in the IT service providers organization.The extent to which that firms can protect that know howfrom leaking out to other companies,from being imitated by other companies,can be a source of competitive advantage.So the idea behind the knowledge-based view

    • 02:38

      COREY PHELPS [continued]: is that organizational knowledge can under some conditionsserve as a competitive advantage for companies.

Corey Phelps Defines the Knowledge-Based View of the Firm

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Abstract

Professor Corey Phelps defines the knowledge-based view of competitive advantage in comparison with the resource-based view. He explains that what a business or individual knows can be as or more valuable than its physical resources.

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Corey Phelps Defines the Knowledge-Based View of the Firm

Professor Corey Phelps defines the knowledge-based view of competitive advantage in comparison with the resource-based view. He explains that what a business or individual knows can be as or more valuable than its physical resources.

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