Tyres Key Resources

Tyres Key Resources

Identifying the Key Resources That Separate Tyres from Its Competitors

According to Fisher et al. (2020), key resources are the resources that enable a company or organization to create a value proposition, earn revenue, reach markets, and maintain relationships with customers. One of the things I would do to identify the key resources that separate Tyres from its competitors is identify the things the business could not operate without on a normal day’s operation. The second thing is determining the tools and resources needed to complete operations within the company. Determining the intangible and tangible assets required to market the company’s products to customer segments is the third thing. According to García-Posada et al. (2020), tangible assets are the physical property or assets owned by a company, such as computers, while intangible assets are property that does not exist but has a monetary value because it represents possible revenue. The fourth thing is categorizing the resources within the organization to determine whether they include general things, people, or physical objects.

Key Resources Representing a Sustainable Competitive Advantage

An equipped manufacturing facility is one of the key resources that present a competitive advantage for Tyres and are not replicated by the company’s rivals in its marketplace. The company has an established manufacturing facility used to manufacture tires, thus sustaining production to ensure that the company’s supply meets demand. The second key resource is a strong brand image. The company distinguishes itself as a well-known brand that manufactures personal vehicle tires. Brand image is vital in developing a competitive advantage by attracting customers (Kostelijk & Alsem, 2020). The third key resource is human resources. The company has a network of employees to complete operations. Tyres can also leverage its reputation as a key resource in business expansion. For example, it can focus on its brand reputation when negotiating the terms of its integration into Interbrand. Another key resource is customer loyalty. Ieva (2019) defines customer loyalty as the emotional relationship between a brand, company, or organization and its customers. The company’s reputation as one of the best tire manufacturing brands for personal vehicles increases the likelihood of developing customer loyalty. The tires can also be customized to meet specific customer needs and preferences, thus creating a competitive advantage.

References

Fisher, G., Wisneski, J. E., & Bakker, R. M. (2020). Business model canvas. Strategy in 3D, 174-184. https://doi.org/10.1093/oso/9780190081478.003.0019.

García-Posada, M., Menéndez Pujadas, Á. & Mulino Rios, M. (2020). Determinants of investment in tangible and intangible fixed assets. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3532345.

Ieva, M. (2019). Managing customer experience to foster customer loyalty. Loyalty Management, 125-153. https://doi.org/10.4324/9780429022661-6.

Kostelijk, E., & Alsem, K. J. (2020). Brand image and brand values. Brand Positioning, 68-102. https://doi.org/10.4324/9780429285820-7.

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Few would argue that in order for a business to sustain its success, there has to be value beyond the mere product or service it brings to the marketplace. Every business has intrinsic value embedded within its assets. Some of these might be overt, while others might be hidden and less obvious. Here are a few examples: the patent holder, a great URL for a website, or a retail store’s location would be considered remarkable key resources.

Hypothetical Business Scenario
Since 2010, you have been the marketing manager for Tyres, a well-known brand of tires in the automotive industry. Tyres focus on providing tires for the personal (not commercial) vehicle market, and you have been overseeing the brand’s general marketing and promotional activities.
Recently, Tyres was purchased by Interbrand, a multinational conglomerate of consumer products. Interbrand is interested in increasing market share in all their markets, and as part of Interbrand’s expansion strategy, your new vice president (Mulan) asked you to identify Tyres’ key resources. Mulan wants you to focus on the brand’s key resources, which add to Tyres’ competitive advantage. Mulan will be including your report in a presentation he’s making to senior management.
Conversation Questions
How would you identify the key resources that separate Tyres from their competition?
Which key resources represent a sustainable competitive advantage and are not easily replicated by Tyres’ rivals in its marketplaces?