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Intellectual capital is the result of mental processes that form a set of intangible objects that can be used in economic activity and bring income to its owner (organization), covering the competencies of its people, the value relating to its relationships, and everything that is left when the employees go home, of which intellectual property (IP) is but one component. It is the sum of everything everybody in a company knows that gives it a competitive edge. The term is used in academia in an attempt to account for the value of intangible assets not listed explicitly on a company's balance sheets. On a national level, intellectual capital refers to national intangible capital (NIC).
Knowledge management (KM) is the collection of methods relating to creating, sharing, using and managing the knowledge and information of an organization. It refers to a multidisciplinary approach to achieve organizational objectives by making the best use of knowledge.
Knowledge transfer refers to transferring an awareness of facts or practical skills from one entity to another. The particular profile of transfer processes activated for a given situation depends on (a) the type of knowledge to be transferred and how it is represented and (b) the processing demands of the transfer task. From this perspective, knowledge transfer in humans encompasses an expertise from different disciplines: psychology, cognitive anthropology, anthropology of knowledge, communication studies and media ecology.
In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates. Strategic management provides overall direction to an enterprise and involves specifying the organization's objectives, developing policies and plans to achieve those objectives, and then allocating resources to implement the plans. Academics and practicing managers have developed numerous models and frameworks to assist in strategic decision-making in the context of complex environments and competitive dynamics. Strategic management is not static in nature; the models can include a feedback loop to monitor execution and to inform the next round of planning.
The word ‘dynamics’ appears frequently in discussions and writing about strategy, and is used in two distinct, though equally important senses.
Marketing strategy is an organization's promotional efforts to allocate its resources across a wide range of platforms and channels to increase its sales and achieve sustainable competitive advantage within its corresponding market.
In business administration, absorptive capacity is defined as a firm's ability to recognize the value of new information, assimilate it, and apply it to commercial ends. It is studied on individual, group, firm, and national levels. Antecedents are prior-based knowledge and communication. Studies involve a firm's innovation performance, aspiration level, and organizational learning. It has been said that in order to be innovative an organization should develop its absorptive capacity.
Explicit knowledge is knowledge that can be readily articulated, conceptualized, codified, formalized, stored and accessed. It can be expressed in formal and systematical language and shared in the form of data, scientific formulae, specifications, manuals and such like. It is easily codifiable and thus transmittable without loss of integrity once the syntactical rules required for deciphering it are known. Most forms of explicit knowledge can be stored in certain media. Explicit knowledge is often seen as complementary to tacit knowledge.
The resource-based view (RBV), often referred to as the "resource-based view of the firm", is a managerial framework used to determine the strategic resources a firm can exploit to achieve sustainable competitive advantage.
David John Teece is a New Zealand-born US-based organizational economist and the Professor in Global Business and director of the Tusher Center for the Management of Intellectual Capital at the Walter A. Haas School of Business at the University of California, Berkeley.
In organizational theory, dynamic capability is the capability of an organization to purposefully adapt an organization's resource base. The concept was defined by David Teece, Gary Pisano and Amy Shuen, in their 1997 paper Dynamic Capabilities and Strategic Management, as the firm’s ability to engage in adapting, integrating, and reconfiguring internal and external organizational skills, resources, and functional competences to match the requirements of a changing environment.
Birger Wernerfelt is a Danish economist and management theorist, and JC Penney Professor of Management at the MIT Sloan School of Management. He is best known for “A Resource-based View of the Firm” (1984), which is one of the most cited papers in the social sciences.
Competitive heterogeneity is a concept from strategic management that examines why industries do not converge on one best way of doing things. In the view of strategic management scholars, the microeconomics of production and competition combine to predict that industries will be composed of identical firms offering identical products at identical prices. Deeper analyses of this topic were taken up in industrial organization economics by crossover economics/strategic-management scholars such as Harold Demsetz and Michael Porter. Demsetz argued that better-managed firms would make better products than their competitors. Such firms would translate better products or lower prices into higher levels of demand, which would lead to revenue growth. These firms would then be larger than the more poorly managed competitors.
Robert Morris Grant is a scholar and teacher of strategic management. He has held faculty positions at a number of business schools in the UK, Canada, and the US for years and is currently Professor of Strategic Management at Bocconi University in Milan. He is also a visiting professor at Georgetown University in Washington, DC, where he has held a position for 15 years.
Capability management is the approach to the management of an organization, typically a business organization or firm, based on the "theory of the firm" as a collection of capabilities that may be exercised to earn revenues in the marketplace and compete with other firms in the industry. Capability management seeks to manage the stock of capabilities within the firm to ensure its position in the industry and its ongoing profitability and survival.
Shaker A. Zahra is the Robert E. Buuck Chair of Entrepreneurship and professor of strategy and entrepreneurship, Carlson School of Management, University of Minnesota. He is also the academic director of the Gary S. Holmes Entrepreneurship Center.
Udo Zander is a Swedish organizational theorist, and Professor in Business Administration at the Stockholm School of Economics until 2012. He is particularly known for his work with Bruce Kogut on knowledge-based theory of the firm.
Bruce Mitchel Kogut is an American organizational theorist, and Professor of Leadership and Ethics, Director of the Stanford C. Bernstein Center for Leadership and Ethics at the Columbia Business School. He is particularly known for his work on corporate governance, and with Udo Zander on knowledge-based theory of the firm.
The composition-based view (CBV) was recently developed by Luo and Child (2015). It is a new theory that explicates the growth of firms without the benefit of resource advantages, proprietary technology, or market power. The CBV complements some existing theories such as resource-based view (RBV), resource management view, and dynamic capability – to create novel insights into the survival of firms that do not possess such strategic assets as original technologies and brands. It emphasizes how ordinary firms with ordinary resources may generate extraordinary results through their creative use of open resources and unique integrating capabilities, resulting in an enhanced speed and a high price-value ratio that are well suited to large numbers of low- to mid-end mass market consumers. The CBV has been commented as “a new view with significant application” for emerging market firms and for small and medium sized enterprises in many countries. The view cautions though that composition-generated advantages are temporary in nature and that composition itself mandates special skills in distinctively identifying, leveraging, and combining open or existing resources inside and outside the firm.
Hart E. Posen is an academic, researcher, and business analyst. He is a Professor of Strategy and Entrepreneurship at Dartmouth College, Tuck School of Business.
References
- 1 2 Grant, R.M. (1996). "Toward a Knowledge-Based Theory of the Firm". Strategic Management Journal. 17 (Winter Special Issue): 109–122. doi:10.1002/smj.4250171110. S2CID 152155249.
- 1 2 Spender, J.C. (1996). "Making Knowledge the Basis of a Dynamic Theory of the Firm". Strategic Management Journal. 17 (Special Issues): 45–62. doi:10.1002/smj.4250171106.
- 1 2 3 Kengatharan, Navaneethakrishnan (2019). "A Knowledge-Based Theory of the Firm: Nexus of Intellectual Capital, Productivity and Firms' Performance". International Journal of Manpower. 40: 1056–74. doi:10.1108/IJM-03-2018-0096. S2CID 159244020.
- ↑ Nonaka, Ikujiro; Ryoko, Toyama; Noboru, Konno (2000). "ECI, Ba and Leadership: a Unified Model of Dynamic Knowledge Creation". Long Range Planning. 33 (1): 5–34. doi:10.1016/S0024-6301(99)00115-6.
- ↑ Ferreira, João; Jens, Mueller; Armando, Papa (2020). "Strategic Knowledge Management: Theory, Practice and Future Challenges". Journal of Knowledge Management. 24 (2): 121–126. doi: 10.1108/JKM-07-2018-0461 . S2CID 70096781.
- ↑ Alavi, Maryam; Leidner, Dorothy E. (2001). "Review: Knowledge Management and Knowledge Management Systems: Conceptual Foundations and Research Issues". MIS Quarterly. 25 (1): 107–136. doi:10.2307/3250961. JSTOR 3250961.
- ↑ Foss, Nicolai J. (1996). "More Critical Comments on Knowledge-Based Theories of the Firm". Organization Science. 7 (5): 519–523. doi:10.1287/orsc.7.5.519.
- ↑ Phelan, Steven E.; Lewin, Peter (2000). "Arriving at a Strategic Theory of the Firm". International Journal of Management Reviews. 2 (4): 305–323. doi:10.1111/1468-2370.00044.
- ↑ Grant, R.M. "The Knowledge-Based View of the Firm". In C.W. Choo; N. Bontis (eds.). The Strategic Management of Intellectual Capital and Organizational Knowledge. Oxford: Oxford University Press. pp. 133–148.
- ↑ Lamberg, Juha-Antti; Ojala, Jari; Gustafsson, Jan-Peter (2022-08-18). "Strategy and business history rejoined: How and why strategic management concepts took over business history". Business History. 64 (6): 1011–1039. doi: 10.1080/00076791.2020.1856076 . ISSN 0007-6791. S2CID 234437687.