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1、Strategic Factor Markets: Expectations, Strategic Factor Markets: Expectations, Luck, and Business StrategyLuck, and Business Strategy Jay B. BarneyJay B. BarneyMain contentnIntroductionnCompetitive imperfections in Strategic Factor MarketsnDeveloping insights into strategic valuenSummary and implic
2、ationsIntroductionThe CompetitiveCharacteristics0f marketsStrategicFactor MarketsThe costOf resourcesThe size of returnsStrategic Factor MarketsCompetitive imperfections in Strategic Factor MarketsPerfect competitionnStrategizers &controllernTheir expectation is the same, and perfectly accurate.nThe
3、 price of the resources equal their value.nThis is a conclusion of normal returns with all perfect information models of competition where no competitive uncertainty exists.nAll pure profits will be anticipated and gained.Expectation in strategic factor marketsnMore commonly different firms will hav
4、e different expectations.nTwo possibilities of the return potential for a firm with accurate expectations其他公司的表现其他公司的表现这个公司的结果这个公司的结果原因原因高估避免损失准确的预期低估获得高于平均的利润nFirms without the superior insight can still obtain above normal returns when they underestimate this return，which is a manifestation of goo
5、d luck.nEven well-informed firms can be luck.Competitive imperfections in Strategic Factor MarketsOther apparent competitive imperfectionsnLack of separationnUniquenessnLack of entryProfit maximizingFinancial strengthLack of understandingAccurate expectationGoodluckCompetitive imperfections in Strat
6、egic Factor MarketsDeveloping insights into strategic valuenEnvironmental analysisMethodologies and conceptual models in the public domain the same info and conclusionsSkilltemporaryNonsystematic meansa firms good luck It seems less likely to generate the expectational advantages systematically.nOrg
7、anizational analysisTurning inwardly Analyzing info about assets controlledThe assets not controlled by large numbers of other firms Firms can be consistently better informed about the value of strategies.Summary and implicationsn Practical implicationsn Theoretical implicationsIntroduction of a strategic factor markets内部分内部分析析Thanks for your attention!
