Clear is this: when the locks become thinner, it means that the follicles cease to produce hair. Young is not an insurance policy at all. Sākotnēji tēmēju uz kādu no lielajiem Glāsgovas klubiem, taču tikt uz Rangers nav tik viegli - nezinu, cik vispār biļešu uz ikdienas spēli Glāsgovā tiek piedāvāts cilvēkiem no malas, bet jau pāris stundas pēc biļešu tirdzniecības sākuma sanāksmes dēļ nokavēju pašu sākumu piedāvājumā nekā vairs nebija. A Bear would choose Dictatorship. A diversified firm might have a possibility to use its former experiences when it is creating new critical assets or core competences in other fields, and thus, derive long-term benefit of this kind of dynamic relatedness.
Farms possess many valuable resources which can also be used in novel non-agricultural enterprises. The subject of this paper is to discuss how farm diversification can be approached within the resource-based theory RBT framework.
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Key questions are: what kinds of resources are important in diversified farms, and how diversified farms can compete with specialized firms.
Although the resource-based theory is seldom used in farm management studies, it provides a good theoretical framework for farm diversification.
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Also the latter valued intangible things highly, such as the firm s image or customer relationships. Diversified farms were an in-between group. Diversified farms were equally successful or even slightly more successful than non-farm enterprises in possessing the needed resources. Thus, farmers who have diversified are well placed in possessing general resources to run their farm-firm complexes.
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In the future, intangible resources are becoming more and more important in many sectors, so in the long run we should focus on them.
Key words: farm diversification, resource-based theory, rural area. Introduction Rural areas and the use of rural resources are going through rapid socio-economic change. Globalization, fierce competition in world markets, crises in food safety, and poor profitability of many agricultural products have led to a decrease in farm incomes and increased uncertainty.
New demands for land use and environmental issues will certainly change the operational environment of rural industries. In a similar manner, globalization, rapid technological change and population trends have affected other economic sectors in rural areas. Consequently, there is an urgent need for new enterprises and new income opportunities. At the same time, there is an increasing demand for rural services and products.
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Rural areas have many specific resources which can be used in many ways and they do provide unique business opportunities. Farm diversification provides one solution in meeting the demands. Local farmers are often well placed to take advantage of possibilities for increasing demand for rural products and services Haines and Davies, ; Carter, ; Rantamäki- Lahtinen et al. Diversification is not by any means a novel phenomenon among farmers.
Agricultural historians have reported diversification activities from medieval times Friedmann, ; ref. Recently, there is clearly an increasing interest toward diversification.
For instance, the share of farms with other gainful activity 1 OGA has risen from 7.
It can be predicted that the role of diversified farms will increase in the future. As agriculture is going through big changes, policymakers as well as farmers have many expectations concerning wake vairumtirdzniecības svara zudums body wraps fat burner xtrategy diversification. Farms do possess many valuable resources which can be used in non-agricultural enterprises as well.
Diversification is, however, quite a challenging way of running a small- and medium- 1 Other gainful activity is an activity which does not comprise any farm work but is directly related to the holding using its resources and has an economic impact on the holding Eurostat The term is narrower than the definition of farm diversification in this paper.
LLU Raksti 21; 4 L. The subject of this paper is to discuss how farm diversification can be approached within the resource-based theory framework. Key questions are: what kinds of resources are important in diversified farms and how diversified farms can compete with specialized firms. The term diversification covers farming and nonagricultural diversification within the same enterprise and portfolio entrepreneurship.
The former has two or more business economic sector wake up fat burner xtrategy within the one company Robson et al. Portfolio entrepreneurs are people who run at least two separate registered businesses simultaneously see e.
The majority of farm businesses could be wake up fat burner xtrategy as farm family businesses Gasson et al. Reed et al. Given the crucial importance of the family, the concept of the single portfolio entrepreneur has been extended to cover the entire farm family.
It can provide resourcelevel and firm-level explanations of sustained performance differences among firms. However, it is not very suitable for industry-level analysis. Hence, it is complementary, for example, for Porter s Diamond theory and game theory Peteraf and Barney, In RBT, the firm is defined as a collection of resources Penrose,p. These resources and the products of the firm are two sides of the same coin: most products require several resources Wernerfelt, Vice versa, most resources can be used in different ways, and a firm can seek new competitive advantages by using these resources in new ways, turning them to new products or services Coates and McDermott, In RBT, it is seen that firms or farms are bundles of heterogeneous resources.
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The resources can be defined broadly as inputs into the wake up fat burner xtrategy process Grant, or as tangible or intangible assets which firms use to develop their strategies Barney and Arikan, ; Ray et al.
There is a common understanding among wake up fat burner xtrategy researchers of the field that the focus should be on valuable or critical resources and capabilities which have a significant positive effect on costs or perceived benefits. These critical resources are important for their value-generating ability and their scarcity Peteraf and Barney, According to Barney and Arikanmany basic assumptions of the RBT are similar to those of other theories of persistent superior performance.
In fact, it has only two fundamental assumptions which are different from other frameworks. These assumptions are, first, resource heterogeneity and, second, resource immobility.
Heterogeneity of available and potential resources gives each firm its unique character Penrose,p. According to Barney and Arikanit is assumed that some firms, for some of the time, may possess valuable resources which enable them wake up fat burner xtrategy develop and implement strategies better than competitors resource heterogeneity and that these resource differences may be continuous resource immobility.
In empirical work, this type-positioning of RBT and strategic management is used as a means of determining which resources offer competitive advantage see e.
Competitive advantage means that the firm implements a valuecreating strategy which is not implemented by current or potential competitors Barney and Arikan, Grant linked the resources and capabilities to long-term strategy.
Resources and capabilities, on the wake up fat burner xtrategy hand, provide the basic direction for the strategy and, on the other hand, they are also the primary sources of profit which one could also understand as the success of the firm.
Diversification and RBT A firm is essentially a pool of resources the utilization of which is organized in an administrative framework. In a sense, final slaids ar kājām being produced by a firm at the any given time merely represent one of the several ways in which the firm could be using its resources, an incident in the development of its basic potentialities Penrose,pp.
Diversification has many advantages for a firm.
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Penrose stated that even though it might be true for most lines of production that productivity and costs svara zudums birmingham mi, ceteris paribus, be lower in specialized firms, the fact is only limited for the determination of the most profitable use of its resources in changing conditions.
The changing nature of business opportunities provides a firm with 2 LLU Raksti 21; 5 L. Rantamäki-Lahtinen Turning Rural Potential into Success possibilities to invest in new avenues, while at the same time maintaining its current lines of businesses. There are several problems in diversification strategy as well. In order to perform well, a firm must overcome these problems.
Diversification strategy has several risk elements, and entering into different markets is obviously a risky business Markides, Over-diversification refers to the situation when a firm diversifies beyond the optimal limit, and the diversification starts to have a negative effect on profitability and the firm s market value Markides, RBT has been used wake up fat burner xtrategy explain diversification strategy as it is a theory which is fundamentally concerned with the internal accumulation of assets with asset specificity and, less directly, transaction costs.
RBT has a very significant advantage in that it works as a unifying theory which allows it to view both related and unrelated diversification through a common lens Peteraf, Thus, RBT has drawn attention from product-market actors to resource factors. RBT has been applied to diversification strategy in different ways.
RBT can provide explanation for limits in a firm s growth. It suggests that a firm s human and physical resources limit the markets in which the firm can enter and its ability to produce and fund needed investments and growth management.
RBT can provide explanations as to why firms diversify and explain the underlying principle for the direction of the diversification.
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RBT can also provide an explanation for the relationship between performance and a chosen diversification strategy. In particular, the theory explains how resources which are associated within certain diversification types are related to performance. RBT can provide an explanation for portfolio-level relationships and how such linkages can be used to explain financial performance and, finally, it can also provide new insights for the efficient management of diversification strategy Bergh,pp.
Markides and Williamson stressed that diversification will only enhance performance, if it allows a firm to obtain preferential access to critical resources which cannot be purchased or replaced by its non-diversified rivals.
Even then, the advantage will eventually perish when non-diversified competitors imitate them and asset erosion affects these resources. One of the most important ways to obtain new strategic assets or critical resources is to accumulate them through learning.
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A diversified firm might have a possibility to use its former experiences when it is creating new critical assets or core competences in other fields, and thus, derive long-term benefit of this kind of dynamic relatedness. In order to gain a sustainable competitive advantage by sharing these critical resources between different lines of industry, the firm must also have an organizational structure which is more efficient in realizing the benefits of sharing than the alternative transaction modes used by competing non-diversified firms Robins and Wiersema, wake up fat burner xtrategy Farm Diversification and RBT Over the years, researchers representing numerous disciplines have studied wake up fat burner xtrategy diversification and portfolio entrepreneurship.
They have been studied, e. Some studies have focused on a single farm diversification industry, like agro-tourism Hjalager, ; Busby and Wake up fat burner xtrategy, ; Nickerson et al. In addition, diversification could be classified as one of the key issues in strategic management literature concerning large enterprises see e.
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However so far, not much small business or farm management research has used an RBT framework directly, although it is very promising approach.
Pascotto stated that, in diversified Italian farms, a diversification enterprise produces a high contribution to total revenues, even though the greater proportion of work time is spent on agriculture. This is due to the use of agricultural resources in the diversification activity, i. Cabrera- Suárez et al. These family business types with critical resources are, for instance, the high level of commitment of the family members wake up fat burner xtrategy employees and their dedication to the firm, and the quality and trust which are often related to family businesses.
Torkko studied farm diversification in her dissertation.
Her main objective was to find factors by which positive development could be promoted. A qualitative study was made using hermeneutic methods and a case-study approach. The main results were that farmers had stronger product-related skills as compared to wake up fat burner xtrategy, and diversified farms did not have official strategies.
Kujala et al. Triangulation of quantitative and qualitative data and methods were used. According to the results, the farmer himself is the key actor when successful innovative business concepts are created. His ideas, know-how and courage were the most crucial factors when ideas were developed for innovations.