The role of tangible and intangible resources for competing in Essay - 3

The role of tangible and intangible resources for competing in fast-paced technology markets - Essay Example The success of a business in the fast-paced technology markets will be determined by the resources the business or company has. Resources can be either tangible or intangible. The latter is necessary as they play different roles in the fast-paced technology markets. Before looking at the roles of the tangible and intangible resources, there is the need to analyze in order to understand them. Tangible resources are the physical or material goods that can be perceived by senses. They are easy to evaluate as they can be converted to other forms through some financial transactions. Some of these resources are raw materials, stocks, machines, money, land, and furniture. Balance sheets are usually used to strategically provide relevant information, under or overvalue resources. Some roles are played by the resources that a business venturing into the fast-paced technology markets cannot do without. This will be discussed in the course of this paper. Intangible resources are resources that cannot be seen physically but are links to the physical resources. In any business, intangible resources are more valuable than the tangible resources. They are invisible. Intangible resources are made up of the differences which are usually indicated in balance sheets of different companies. They will account for the under and overvaluations. Examples of intangible resources are operative processes, capacities, abilities, innovations, technology, databases, science or technical expertise, and relations with the clients. Intangible resources are usually controlled through four perspectives. These include learning and growth, internal process, customer, and financial. When the latter four perspectives are keenly monitored, then the business will be able to survive in the competitive markets. In the fast-paced technology markets, tangible resources have some roles they play. Their role is, however, less compared to the role that is played by the intangible resources. The idea is that the two different types of resources are dependent on each other thus the success of one may result in the success of the other. The first role that tangible resources play is making of profits. The stock and other materials that are converted to cash form are essential in making profits. These are essential in making the business to stand. In the fast-paced technology markets, profits are not easily made. It is usually hard due to the changes and competition. When a company is left behind with a single step, it becomes hard to make profits. Profits will be made with the help of some internal activities like branding and pricing. There is a need to do marketing research occasionally in order to analyze the objectives and situations of competitors. This will help in pricing so that they can make maximum profits. The aim of any business is usually to make profits. The output is supposed to be high than the input so that profits are made. In these markets, this will be enhanced by some tangible resources like raw materials and stocks.