Tuesday, May 31, 2011

Time After Time Tabs

As popularized by: Cyndi Lauper
 
*Intro
F- G- Em- F...

*1st Stanza
F/C...   C...  <----"just listen to the song"
Lying in my bed I hear the clock tick and think of you
Caught up in circles confusion there's nothing new

*Refrain1
G..       Em..    F..      G..     Em..
Flashback warm nights almost left behind
F..    G..     Em..   F..  G..
Suitcase of memories time after

*2nd Stanza
F...   C...
Sometimes you picture me I'm walking too far ahead
You'r calling to me I can't hear what you said

*Refrain2
G..     Em..     F..     G..    Em..
And you say go slow I fall behind
F..    G..     Em..   F..
The second hand unwinds

*Chorus
           G..                      Am..         F.. G.. C..
If you're lost you can look and you will find me time after time
           G..                    Am..         F.. G..  C..
If you fall I will catch you I'll be waiting time after time

F.. G.. Em.. F..

*3rd Stanza
After my picture fades and darkness has turned to grey
Watching through windows and wondering if I'm okay
*Refrain3
Secrets stolen ohh from deep inside
The drum beats out of time
*Repeat Chorus then...

G.. Am.. F.. G.. C..

*Repeat Refrain2
*Repeat Chorus twice then..
*Outro <----til' fade
F..  G..  C...
Time after time...

source: http://tabs.ultimate-guitar.com

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Monday, May 23, 2011

Creed - My Sacrifice Chords

|-o-|   |-x-|  |-x-|
|-3-|   |-x-|  |-x-| 
|-2-|   |-4-|  |-7-|
|-0-|   |-4-|  |-5-|
|-x-|   |-2-|  |-5-|
|-x-|   |-x-|  |-5-|

Verse1:Distortion
D
Hello my friend we meet again, Its been awhile where
         B       G 
should we begin? Feels like forever
D                              
Well in my heart a memory, A perfect love that you 
       B    G
gave to me! Oh I remember

Chorus:
G            D         Asus4         B             G
When you are with me i'm free, I'm careless, I believe
              D           Asus4              B
Above all the others with life, This brings tears
      G
to my eyes, my sacrifice

Verse2:
D
We've seen our shares of ups and downs oh, How 
                      B             G
quickly life can turn around, In an instant
D
It feels so good to reunite, within yourself and 
            B               G
within your mind, Lets find peace there
Chorus:
Bridge:
D
I just want to say hello again(x2)

----Then it does this thing----
-----6------
-----3------
-----x------
-----x------
-----x------
-----x------

Source : http://www.ultimate-guitar.com


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Friday, May 20, 2011

I Love The Way You Love Me Chords

by Eric Martin 
 
Intro:   C - F 
 
C 
I like the feel of your name on my lips

Am 
And I like the sound of your sweet gentle kiss

F 
The way that your fingers run through my hair

C                         E    F              G      
And how your scent lingers even when your not there

C 
And I like the way your eyes dance when you laugh

Am 
And how you enjoy your two-hour bath

F 
The way you convinced me to dance in the rain

C                     E     F            G 
With everyone watching, like we were insane.  
 
F           G                 C 
But I love the way you love me

F                 G                  
Strong and wild slow and easy
                
C                 F           
Heart and soul so completely

Dm       G            C       F - C - F 
I love the way you love me 
 
 
C 
I like the way that you sing sweet and low

Am 
When they're playing our song on the radio

F 
And I like the innocent way that you cry

C                 E               F           G 
At old time movies, you've seen hundreds of times

F          G                 C 
But I love the way you love me

F                 G                  
Strong and wild slow and easy
              
C                F         
Heart and soul so completely
 
Dm     G             C 
I love the way you love me


Bridge: 
F                  G                   C 
And I could list a million things I love to like about you

F                        G
But they all come down to one reason

F                    G 
I could never live, live without you Baby 
 
F          G                 C 
But I love the way you love me

F                 G                  
Strong and wild slow and easy
              
C                F         
Heart and soul so completely
 
Dm     G             C 
I love the way you love me
 
              F   G                    C - F - C
Oh, baby, I love the way you love me
 
Sumber: www.ultimate-guitar.com 



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Your Body Is A Wonderland Chords

by John Mayer
 
Intro: F . Csus4 . Bb . Csus4.

Verse 1: (chords of intro)
F .    Csus4 .    Bb .  Csus4 .  F .    Csus4 .  Bb .      Csus4 .
We've  got the afternoon,        You've got this room for two
F .   Csus4 .    Bb .    Csus4 .  F .        Csus4 .   Bb .  Csus4 . 
One   thing I've left to do,   Discover me discovering you 
F .  Csus4 . Bb .  Csus4 .  F .  Csus4 .    Bb .   Csus4 .
One  mile to every inch of, your skin  like porcelain
F .   Csus4 . Bb .  Csus4 .       F .       Csus4 .  Bb . Csus4 .
One   pair of candy lips and your bubblegum tongue 

Bridge: 
           Gm . . .        Csus4 . . .
And if you want love we'll make it 
                Gm . . .    Csus4 . . .
We'll swim in a deep sea of blankets 
              Gm . . .      Csus4 . . .
Take all your big plans and break 'em
        Gm .     F/A .   Bb2 . . . 
This is bound to be  a while 

Chorus:
               F .   Csus4 .  Bb . Csus4 .               
Your body is a wonderland
               F .         Csus4 .  Bb . Csus4 .                  
Your body is a wonder I'll use  my  hands
               F .   Csus4 .  Bb . Csus4 .                  
Your body is a wonderland                  (Repeat)

Verse 2: [F - Csus4 - Bb - Csus4]
             
Something 'bout the way the   hair falls in your face 
I love the shape you take when crawling towards the pillow case
You tell me where to go though I might leave to find it
I'll never let your head hit the bed without my hand behind it (to bridge) 

Bridge 2:
Dm7add9 
Damn, baby  You frustrate me
Dm7add9 
I know you're mine all mine all mine
Dm7add9 
But you look so good it hurts sometimes

Break: Dm7add9 . . . Dm7add9 . . . Dm7add9 . . . Dm7add9 . . .
 
Source: www.ultimate-guitar.com 


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Tuesday, May 17, 2011

Type of Gold Investment Choice

So far, gold was chosen as one antidote to inflation, because its value is relatively stable from year to year. Facts prove, if there is high inflation, gold prices will rise higher than inflation. Statistics show that, when inflation reached 10 percent, then gold will rise 30 percent. In fact, when inflation rose to 100 percent too, the gold price will rise by 200 percent. This is why investing in gold is considered very profitable.
However, gold prices will indeed tend to be constant when the inflation rate low. But gold is now available in a variety of investment options. Not only in physical form, but also by buying shares of gold mining companies as well as buying gold contracts on futures exchanges. Well, here's the advantages and disadvantages of each type of gold investment.


1. Gold Jewelry

If your investment goals for the short term, usually it will be difficult to benefit from gold jewelry. The reason is, when you buy gold jewelry, you not only pay the price of gold alone, but also must pay the cost of manufacture. Usually, when you sell gold back to the store, they are reluctant to pay the cost of manufacture. So they will only pay the price of gold alone. Therefore, investment in gold in the form of jewelry will be more profitable if the long-term goal, over 10 years. Because the price of gold has increased many fold, so that the selling price is much higher. Also, choose 24-karat gold jewelry, because of the possibility of much greater advantage.

2. Gold Bars

Gold investment is fairly good and safe is an investment in the form of gold bullion (precious metal gold.) Gold bullion will be easier to resell than gold jewelry. The reason is, when buying gold bars, you do not have to pay the cost of manufacture. That means, you will not suffer losses when selling gold bullion. If you want to invest in gold, this one option to consider.


3. Gold Coins

Gold coins is usually called by gold coin ONH (Fees Naik Haji), because this gold coin is expected to become an alternative investment for those who want to have savings to prepare for the pilgrimage costs. These investments are in fact similar to other gold investments, because it has the gold price following the price of foreign currency (U.S. dollar), and secure against inflation. ONH gold coins can be bought and sold on the branches throughout Indonesia PT Pawnshop, gold shops, and the unit of processing and refining of precious metals miner PT Aneka Tambang Tbk. For its size, usually available from the weight of 1 gram, 5 gram and 10 gram. The price of a gram of approximately USD 394,000.


4. Gold Certificate

Gold investment is not always in physical form, can also take the form of gold certificates. This is a piece of paper that proves ownership of the gold stored at the bank in a country. The owner of this certificate is only holding a single sheet of paper which will only be cashed at the bank concerned. That said, this gold certificate is a very profitable investment alternative and safe. Since you do not need to pay gold storage. Unlike gold investment in physical form which requires the cost of storage in safe deposit box.

5. Gold Mining Stocks

Alternatively, buy shares of gold mining companies. If the state of the gold market is being increased, the price of company stock will usually move faster than the price of physical gold. Although profitable, however, should still be careful, because the investment risks remain. It is better you learn the first equity investment, so no trouble following the development of gold mining stocks to you. Gold mining company whose shares are sold in the stock market today, namely PT Aneka Tambang, Tbk.

6. Gold Futures Contracts

With the help of technology, the gold can be traded as a commodity on the trade in futures (futures trading / margin trading). That is, you only need to have proof of ownership administration. Investing in gold on the Jakarta Futures Exchange was impressed flexible, because you could sell gold when the price is expensive and buy when prices are cheap. The advantage gained from the difference between the buying and selling price. To play in the futures market, you simply pay USD 4 million per lot (contract size lots. One lot equals 1,000 grams of gold), by opening an account at one broker. Furthermore, the value per contract (lot) will fluctuate in line with the rise and fall of gold prices in the stock.

Monday, May 16, 2011

The Overview of Bank Treasury

In broad outline can be taken the essence of training materials regarding the bank's treasury are as follows:

1. Asset and Liability Management

Asset & Liability Management (ALMA) is a process of planning, coordination and supervision of asset and liability in order to eliminate the risk, including liquidity risk, interest rate risk, foreign exchange and operational risks in supporting the achievement of bank profits. The scope of the role played by the ALMA is liquidity management, management of interest rates, foreign exchange management, and management of revenue and investment. All this ALMA role mampunyai strategic objectives, namely to maximize bank profits from fund management to the risk tolerance limits that are in the bank.

Risk that the background is the increasing need for ALMA fluctuations in interest rates, fluktiasi currency exchange rates, and monetary sectors, among others, globalization can be seen from the flows of foreign funds coming into a country (emerging market).

In general, ALMA aims to manage interest rate risk on bank balance sheets and ensure that the interest rate risk inherent in the bank's business activities do not interfere with and decrease the stability of bank earnings.

Liquidity Management

Liquidity management aims to ensure the ability of banks to meet short term obligations in rupiah and foreign currency.

manage liquidity management, in general, banks are exposed to in a problem, namely liquidity versus profitability. Where these two things are in a position contrary to rear. If banks are too much liquidity reserve fund in the bank's profitability will not be optimal, and vice versa.

Third party funds allocated to the liquidity reserve, would be a burden for banks, because of the fund, the bank must still pay interest to the owners of the funds (depositors). Likewise what if the banks are too aggressive to place third-party funds into productive assets and less attention to elements of liquidity, the bank must be prepared to suffer the consequences of risk due to the inability of banks to pay its short term obligations.

Bank liquidity can be a big impact risk for banks (major risk consequence) and even a liquidity crisis can lead to a rush on banks, if not handled properly. Liquidity management is a process to support the bank in order to optimize the use of funds (reducing idle fund) to meet regulatory reserve requirement Bank Indonesia, memeluhara daily liquidity to service withdrawals by depositors, and to maintain liquidity for the existing instruments in accordance with the needs of cash flow owned banks.

Interest Rate Management

Management of interest rates is intended to manage interest rate changes associated with the mismatch in the repricing structure of assets and liabilities held by banks, and ultimately the management of interest rates has the goal to optimize revenue for the bank while maintaining the level of risk at an acceptable level by management. Management interest rates may be one basis for pricing (pricing) of products both savings and loans banks.

One analysis that can be done to assess the condition of bank balance sheets as a basis for strategic decision making is by knowing the RSA (Rate Sensitive Asset) and RSL (Rate Sensitive Liability) on its balance sheet. The gap between these two aspects can be used by banks in mengahdapi projected increase or decrease in market interest rates.

RSA is the amount of assets that are sensitive to changes in market interest rates. While the RSL is the amount of liability that are sensitive to changes in market interest rates.

Position


Gap


Market Rate


Income

RSA> RSL


Positive


Up


Up

Down


Down

RSA

Negative


Up


Down

Down


Up

RSA = RSL


Zero


Up


Stagnant

Down


Stagnant

Foreign Exchange Management

The purpose of foreign exchange management is the process of foreign exchange management in both the asset and liability side unruk obtain optimal results and minimize the risk of losses on foreign exchange positions held it.

Risks associated with forex management is the loss due to changes in exchange rates, losses due to changes in interest rates, and losses due to credit risk.

The relationship between changes in currency exchange net open positions with the bank are:

Condition


Forex Long


Forex Short

The rupiah weakened against foreign currency


Fortunately


Loss

The rupiah strengthened against foreign currencies


Loss


Fortunately

While the relationship between changes in interest rates with banks net open positions are:

Condition


Forex Long


Forex Short

Interest rates fell rupiah currency or interest rate rise


Fortunately


Loss

Rupiah interest rate rise or fall of foreign exchange rate


Loss


Fortunately

Earning and Investment Management

ALMA role in earnings and investment management is very closely related to liquidity management as described in the previous section. So that is a function both have links to one another. The aim of earning & investment management is to maintain the liquidity needs, improve the NII and NIM, keeping the interest rate risk exposures, and determine the type of investment portfolio by considering the risks and revenues (optimization of portfolio assets).

2. Money Market Transactions

Money market is a place (abstract) in which the owner bana (lenders) and borrowers of funds (borrower) is related through the means of communication either directly or through an intermediary (broker) to perform transaction lending and borrowing of funds. Due to these transactions the borrower benefits or compensation funds received from the borrower of funds in the form of interest.

Transactions can be either money market lending and borrowing of funds directly or through short-term debt instruments of less than 1 (one) year.

Participants in this money market in general can be grouped into 4 (four) components, namely the central bank, commercial banks, non bank financial institutions, and companies or individual fund voters in large numbers. However, what is recorded in the transaction banking hanyalan money market central banks and commercial banks only.

In money markets, central banks have an interest in regulating the monetary conditions, while for commercial banks, money market used to meet the liquidity and profitability.

The role of brokers in the money market transactions are very useful, especially in influencing both the bid and offer prices so that prices of existing money market can be more controllable because the broker will be a market maker with the bid and offer to collect data from banks that need access to money markets.

Unlike the money market without a broker, the price will be determined by each bank. This is risky because it will hurt banks that are in need of money because it will get a relatively high price if known by other banks that have funds.

Risks contained in the money market include liquidity risk, interest rate risk, settlement risk, credit risk and sovereign risk. As a simple example but it often happens is, the bank is expected not to give or very cautious in giving loans to banks that are too easy to accept a high rate, or has a loan portfolio that exceeds reasonable limits.

To mitigate credit risk on money market transactions, the bank may apply a limit or a credit line for each bank in accordance with the credibility and risks inherent in each counterparty banks.

Credit line is used by the treasury to bertransksi money markets, but credit lines made by the Financial Institution with the work unit to get recommendations from the risk management unit in terms of measuring risk.

3. Foreign Exchange Transactions

In principle means of exchange forex transactions (selling or buying) a country's currency in the currency of other countries using a particular exchange rate.

While the forex market is an abstract place where it can be executed purchase and sale transactions of foreign exchange (forex) which resulted in transfer of ownership of the currency in the transaction. Forex OTC market is carried out continuously for 24 hours on each working day throughout the world.

In general, forex transactions aimed at:

a. Serve the demand of customer transactions.

b. Hedging (hedging) due to exchange rate movements.

c. Portfolio management to maximize the revenue of bank assets.

d. Buying and selling (trading) to get profits from foreign exchange rates.

In the forex transactions are largely inherent risks such as country risk, credit risk, liquidity risk, nili exchange, interest rate risk, settlement risk and operational risk.

The types of forex transactions are spot, cross rate, forward, and swap. Spot transaction is a sale and purchase transaction delivery of which is two working days after the date of the contract. This transaction is generally performed by the client to the bank. While the cross rate transactions is a transaction involving two foreign currencies at the same time in one transaction, and certainly with the rupiah as the basis for calculation. While the forward transaction is a transaction with the submission of more than 2 working days after the date of the contract. And the last is a swap transaction (swap sale or swap buy) which is a combination of transactions between the types of other transactions, or in other words, do different transactions with the same counterpart but with a different transaction penyelasaian date with the exchange rate determined at the time of the transaction.

4. Capital Market Transactions

Capital market transactions typically use bond (bond) as an instrument transaction. Bonds or debt instruments by the issuer divided into 4 types, namely government bonds, municipal bonds (not already in Indonesia), bonds Badau state-owned enterprises, and private corporate bonds.

Because the bonds are debt instruments, automatically will be very closely related to credit risk. In other words, the quality of bonds is determined by the party that issued the bonds. Therefore, dibelo bonds by banks should be at investment grade rating from a recognized institution by the regulator.

Credit Risk Management: IRBA

In making the application IRBA, banks must make arrangements in various aspects, especially the infrastructure, policies, and methodologies. One aspect of the most severe faced by banks in general are concerned with aspects of IT infrastructure availability and quality of data.

As we all know, that in risk management, data availability is a very critical element. Given that, should the bank can be proactive in developing inftastrukturnya to ensure the availability of data to conduct a comprehensive implementation of IRBA. The need for such data is historical data. Just as for the calculation of PD that requires minilmal 5 years and LGD data that requires a minimum of 7 years of data included therein is a writeoff and collateral data. This is not an easy task for banks. Infrastructure development should be done gradually by the bank.

Another aspect of methodological aspects, including the measurement of risk in the Risk Rating and Scoring, Risk-Based Pricing and the calculation of RAROC (Risk Adjusted Return On Capital). And aspects of risk management policies in order to establish a bank strategy, risk appetite, and so forth.

In the end, all efforts have been made by banks in implementing the IRBA is expected to lower the minimum obligations of banks in providing capital, or can be called with the incentive for banks. Surely the rest of the funds contained in the rest of the bank capital can be used to support business activities of other banks.

Asset Classification

In the IRBA, banks have to divide the bill (exposure) into some kind of bill, as stipulated in the Basel II document, both on-balance sheet and off-balance sheet, namely:

a. Sovereign

b. Public Sector Entity (defined by regulators)

c. Multilateral Development Bank (set by the regulator)

d. Bank

e. Securities Firm

f. Corporate

g. Retail

h. Retail exposures secured residential property

i. Exposures secured by commercial real estate

j. Exposure is past due

k. Exposure to a higher risk (determined by the regulator)

l. Eksposut / other assets

Internal Rating System

Overview of Internal Rating System:

a. Internal Rating System (IRS) to map the level of risk customers into a particular grade, in the sense that the credit risk assessment of quantitative and qualitative descriptive rating is expressed in a particular risk.

b. IRS as tools / systems to identify, measure, monitor, and control credit risk, both at individual and portfolio level.

c. IR is an important infrastructure in the development of Credit Risk Management (in accordance with the requirements of Basel II)

Development Program Internal Rating System:

a. Rating development, including model and methodology, rating scale, policies and procedures, review and validation.

b. Data Management & IT, including data collection, MIS, and the IRS application.

c. Communication and Socialization, include training, customization work culture, and komnunikasi to external parties.

d. Linkages with business processes, including changes in SOPs and testing.

Rating application that has been used must get validation at least for 1 year. The tests are used to the changes / improvements measurement model, adjusted for risk appetite owned bank.

Tuesday, May 10, 2011

Manrisk Goes to Bali

Pagi hari ini, Sabtu 7 Mei 2011, kita bersiap-siap boarding di Husein Sastranegara Bandung untuk flight ke Ngurah Rai Bali. Persawat di jadwalkan take-off pukul 11.30 WIB. Di foto ini teman-teman dan istri saya.
Sambil menunggu naik ke pesawat saya iseng-iseng menjepret beberapa objek. Salah satunya adalah sebuah kesibukan pada pesawat yang baru saja landing.
Akhirnya kami diinstruksikan untuk segera naik pesawat... bali.. i'm coming...!!
Setelah 45 menit diudara, akhirnya tiba di bandara ngurah rai.. tapi waktu setempat selisih 1 jam. Jadi waktu perjalanan total 1 jam 45 menit.





Foto selanjutnya...check this out aja :)













Short Story of a Puppy

One day an old man enters a pet shop to buy a puppy. Then he brought the puppy home to his house which was none other than a farm. Arriving home, dilepaslah puppy. The pup immediately ran to and fro with excitement.



When a walk to enjoy his new house, met the puppy with a horse owned by the old man. The horse was said to the puppy. "My little dog .. You must be new here. But please know that this is the animal I most loved by our lord because I was so strong that many of our lord's help in running this ranch. While you're just a small animal that will not be able to assist in any work. "
With feelings of sadness, the puppy was back walking and met a cow owned by the old man. The cow said to the puppy, "Hey little dog .. please know that I'm the most respected animal on the farm this. I can produce milk that is very valuable for the continuity of this ranch. With our host of milk I was getting keutungan by selling it or making cheese. While you could not make milk like me. "

After meeting with cow and horse, the dog went back to continue an increasingly lackluster pace, until he met with a group of chickens. Return the puppy to find the chicken say the same thing, they are very proud of the result of eggs that they can present to his master. And say to the puppy that you are not likely to provide valuable eggs like this to their masters.

So even with a cat, who said that he had managed to repel the rats on the farm
...



With the steps that are increasingly feeling limp and slumped puppy back home to his master's house. He realized he was devastated because unlike other friends at the ranch was so great that can provide tremendous benefit for the old man.

The pup was again contemplating her ... How could he carry goods or pulling carts, as did the horse. He thought how could he produce milk as did the cows, how could he produce eggs as did the chickens, and how can he catch a mouse as the cat did. Loss of confidence in front of his friends



In the afternoon when the old man's home, the puppy has welcomed the arrival of his master who maintain it. With the exhilaration, he jump into the lap of the old man. They drop their body above the green grass ... The puppy was heard the old man said, "It's a very tiring day, but when I came home to greet you like this, it's lost all letihku .. you are an animal that I liked most of all the animals in this farm. "
Seeing the happy face of his master, the little puppy aware, that to give something valuable he does not need to have power as strong as a horse, he does not need to produce such milk produced by cows, or even produce such eggs produced by chickens. All he needed was a little dog who brings happiness to the old man in the midst of exhaustion manage his ranch.
...
Have we ever experienced what is experienced by the pup? Not realizing, what role has really become our role in the environment. Doubt the potential that exists within us and consider the potential of other people much better than us. Feeling small in the midst of a great man ... And each of us has the functions and responsibilities of self inherent in each. Or even possible to feel what is felt by the horse, cow, or chicken? Feel yourself better than others. Boasting that the contribution that we give far greater and more important than others. Feeling great in the middle of the little guy ...
Is not the difference was created to complement each other ... not to be compared with each other ...

Friday, May 6, 2011

Competitive Advantage and Comparative Advantage in term of Corporate Performance

Abstraction
 

It talks about basic concepts of strategic management company that is competitive advantage in improving corporate performance by resource-based view perspective. Results of a study of one of the main factors in competitive advantage which revealed that the role of innovation, especially in conditions of market competition that increasingly tight in the era of the 20th century this.
 

Along with these discussions, is described in a simple easy to understand, regarding the development of the concept of resource-based view in strategic management as well as the birth of a new perspective of comparative advantage in the management firm corporate strategy.

INTRODUCTION
 

In the context of discussion of the strategies necessary to first note again, that the company's strategy was always there are three elements, namely: where the company is currently located, where the company aims, and how the company achieve that goal.
The first element, which the company is currently located, will talk among others about the market and competitive position, capabilities and power resources, as well as the company's performance today. While the second element of corporate goals, and lastly, how do companies achieve this goal by developing and executing strategy.
 

In general, the company's strategy consists of components of offense and defense. Attack means trying to compete with competitors that already exist in the market, while the second element means to withstand the pressure of competitors and all the things that threaten the sustainability of the company has had in the market.
 

COMPETITIVE ADVANTAGE
 

In 2004, Arthur Thompson et al. in a book entitled Strategy: Core Concept, Analytical Tools, Readings, said that in terms of achieving corporate objectives, quality diketegorikan strategies can be powerful or superior strategy, and strategy of the weak or does not have an advantage over competitors strategy. The quality of this strategy covers two areas of application of the external area, which is related to the market, and the internal areas concerning the creation of competitive advantage (competitive advantage).

Basic Concept of Competitive Advantage
 

With this competitive advantage, companies will eventually be able to win the competition in the market and took advantage with a maximum. While no competitive advantage, companies will be easily defeated by competitors and even deterioration of financial conditions will occur at the company itself.
 

In practice the business world, competitive advantage are constantly being created and developed by each company in the competitive marketplace. But on the other hand when a company managed to create a competitive advantage, often occur practices impersonation / imitation by its competitors, and vice versa.
 

A simple example is in the banking industry. Where in the current era of competition every bank in this industry is certainly using information technology to support its business. For example, during the internet banking has not been commonly used in banking services, Bank A, build competitive advantage by using Internet banking features to improve services to its retail customers. The goal is by the number of retail clients interested in this service may cause an increase in funding retail portfolio in the composition of the Third Party Funds (DPK). But it does not last long, this can be emulated by other competitor banks in this industry in droves to implement internet banking.
 

From the example above, there is the essence of the creation and development of competitive advantage is an activity that must be done in a sustainable and trending to the competitive advantage that is not easily imitated, so that companies always have more value in the eyes of consumers compared with the pesainya, ie sustainable competitive advantage.
 

Back to the competitive situation faced by Bank A on top, one competitive advantage that can currently be categorized as a difficult imitated is the competitive advantage in terms of service. These services include hospitality, the attitude of frontline staff are nice and polite, transaction convenience, and the factors other service quality.
 

By having a competitive advantage that is difficult to imitate by competitors, the company's performance can be better motivated. Consumers will choose the product or service that is cheaper, high quality, and best suited to their needs and desires, where it is formed from a competitive advantage, and ultimately will improve the performance of companies that have them.

Intensity of Competition in Innovation and Competitive Advantage
 

In a market with increasing competition and dynamic, innovation is vital to be possessed by every company. Porter (1990) states that at the end of the 20th century, is the phase where the industry will be oriented to innovation (innovation-oriented), and in this phase enterprise competing in the market will quickly raced in innovation (He, 2008).
 

He et al. (2008) make the comment that a concept of the importance of innovation in affecting the competitive position and performance of a company, to include also components of the intensity of competition in it. To test this concept, an empirical study conducted on 238 optoelectronic firms in Wuhan East Lake High-Tech Development Zone, China.

The study found that innovation has a positive relationship with firm performance. This is supported by many other studies. One result of this study is that innovation in technology and products, also to do with resource-based view in creating a valuable resource, rare, and difficult to imitate by competitors, to drive corporate performance (H1). Likewise, the market position of excellence, innovation has a positive relationship, where innovation, among others, to create new value for consumers and cost / price is more efficient (H2). The next relationship is that the primacy of the market position also has a positive relationship with firm performance. Excellence, which among other positions due to the added value perceived by consumers will give a positive influence on satisfaction and their loyalty to the products offered by the company, which in turn will encourage the return on investment (return on investment) firms (H3).


Porter (1980) states that the intensity of competition (competitive intensity) is the level of competition faced by firms in the market. This can be reflected as price competition, advertising, the number of rival products, and supplementary services provided by competitors (He et al., 2008). The higher the intensity of competition, the higher the need for innovation. To illustrate the relationship between these components, can be formulated that the higher the intensity of competition, the more closely the correlation between innovation with firm performance (H4), and the higher the intensity of competition, the more closely is also a correlation between innovation with excellence in the competitive position of companies in the market ( H5).


DEVELOPMENT OF RESOURCE-BASED VIEW


In its development, in a simple, theory-based resource based on the six things: resources, strategic factor markets, strategy, superior performance, economic rents, and competitive advantages (Barney et al. 2001).


Resource (resource) shall include tangible and intangible assets used by the company in running the strategy that has been structured to achieve its objectives. Companies develop or obtain these resources from the strategic factor markets (Barney, 1986a), where this market can be perfectly competitive or not. This resource is only valuable when to use it is said, companies benefit compared with not using it. In other words, just have not enough resources to make the company stronger in excellence and have superior performance than its competitors. Hill & Jones (1992) states that it is precisely that determines success is the capability (capability) of the company in using its resources.


Barney added that like other theories on strategy, resource-based theory using several assumptions, including an entity is a company that aims to maximize profit. But there are two assumptions underlying the distinction between resource-based theory of strategy theory, namely, the assumption of resource heterogeneity and resource immobility.


The assumption of resource heterogeneity means that companies who compete to have a set of resources different from each other. Heterogeneity of the concept has two attributes namely scarcity where demand for resources is greater than availability, as well as non-substitutabilility where there is no substitute for resources that can make a company can run the strategy with the best resources initially (Barney 1991a). While the assumption of resource immobility means that the difference in ownership of these resources can take place continuously, whereas this is partly because the factors that the availability of resources is inelastic to total demand for these resources.


Andy Lockett et al. (2009) reviewed the developments and implications of the RBV theory that has been run over time, highlighting the five things, namely the theory, methodology and practice of constraint in the RBV, the empirical evidence, insights in the practice of RBV, RBV and development which will describe where and where RBV development should be directed.


In line with the theory previously put forward Barney (1991) on sustainable competitive advantage, in his review, Lockett et al. explained that the sustainable competitive advantage comes from resources, where resources must be Valuable, rare, inimitable, and non-substitutable (VRIN). Followed also by Lockett et al. about the role of managers in RBV theory, where managers through the decisions made, can affect conditions of competition that occurred in the market. The role of managers in the RBV has also affected the three other important elements in the RBV, resource functionality, resource recombination, and resource creation.


Resource indicate that the most important functionality for the company of a resource that is not the kind of resources, but it is functionality. Second, resource recombination shows that very rarely a resource becomes valuable when isolated from other resources. In other words, the optimal benefit may be obtained from virtually only one type of resource only. In the end, this opinion suggests that the combination of various resources to produce benefit or value to the company. Third, resource creation indicates that the company will not be able to have a sustainable competitive advantage if it is only wearing a same resources continuously, thus should be the creation of new resources to execute its strategy.


Heterogeneity and A NEW PERSPECTIVE


Heterogeneity of resources (resource heterogeneity) is one of the assumptions (Barney 2001) in describing the theory of resource-based, where the resource heterogeneity meant that competing companies have different resources to each other. In the concept of heterogeneity there are two attributes of scarcity and non-substitutabilility as described in the previous section. The key idea of ​​heterogeneity in the context of the RBV is the 'ability' among the companies that make imitations besaing to each other each other in terms of creation of competitive advantage.


One of the latest developments in the context of strategic management that happened this year is the birth of a new perspective in viewing the concept heterogeniteity. This is a Firm Perspective Comparative Advantage (CFA) suggested by Anoop Madhok, Sali Li, and Richard L. Priem (2010).


In the general theory is described that comparative advantage is it about the advantages of a country in the efficiency of production of a commodity compared to other countries so as to create a pattern of trade between countries (international trade). While describing the benefits of corporate competitive advantage from competing vendors. From the above there are different levels of the context of the discussion, one of whom spoke at the state, while others spoke at the enterprise level. However, opinions about the separation is nowadays is a bias, where the concept of comparative advantage can also be applied to the enterprise level.


Comparative Perspective Firm Advantage


Williams (1994) argues that the RBV view the company as a collection of resources and capabilities are managed with the aim to get 'Rent' (Madhok et al. 2010). In simple terms, the rent can be defined as the profit from the calculation of opportunity cost. In other words advantage of the opportunity cost calculation is also called the opportunity cost of rent.


Madhok et. al. (2010) categorized the opportunity cost of rent into two types, namely use-based opportunity cost of rent and user-based opportunity cost of rent. The first category to compare the use of a particular resource by the 'one' company to use a 'different'. While the second category to compare the use of a particular resource by 'more than one' company to use the 'same'.


Firm understanding of comparative advantage perspective this can be done with these concepts in mind, a plus with the help of comparison from the perspective that has been there before, namely conventional view and the resource-based view.


In brief, the earliest perspective, conventional view, this type of opportunity cost of rent that is used is use-based. This is reflected that in this perspective, as seen is how the 'one' company thinking about efficiency on the internal side only to compare the efficiency of two different products. While in the RBV perspective, the scenario turned into two (or more) of the company that produces a similar product. So who is more efficient than anyone? And how 'ability' of each in doing imitations of each other on the heterogeneity that happen? Type of opportunity cost of rent that is used is a user-based because that is calculated is the ratio between 'users' resources.


In the new perspective, namely firm comparative advantage, there has been developments in scenario thinking and concepts are used. Among others is the scenario that there are two (or more) companies involved and not just produce a similar product, but more than one type of product. So the concept of heterogeneity, there is shift from 'ability' (ability) to 'willingness' (Willingness) to do imitations of each other. Type of opportunity cost of rent that is used is both a good use-based or user-based.


Isolating Mechanism in Competitive heterogeneity


The interesting thing from a new perspective is the emergence of thought that tries to define the limits of the shift that occurs is of ability to be Willingness, and the linkages between this with the concept of isolating mechanisms or the protection of resources from the threat imitated by competitors.


Ability-based isolating mechanism (AIM), highlights the problem of inter-firm differences caused by the heterogeneity that occurs because the problem of 'ability' company in doing imitations of other companies. Protection against imitation, among others, may be copyright protection or the high cost of developing a resource.


While on the Willingness-based isolating mechanism (WIM), the difference between firms due to the heterogeneity that occurs because the problem of 'willingness' company in imitation, where in fact the company is 'able' to do imitations of the company if it wanted to.


A description of the WIM is the latest case happened on Ebay. When Ebay entered the Korean market, where there are two business segments namely business-to-consumer (B-to-C) and consumer-to-consumer (C-to-C). Ebay actually has a good advantage in the segment of B-to-C or C-to-C compared to its competitors in the Korean market. However, due to Ebay felt that the CFA and its strategy to achieve 'rent' would be better obtained from C-to-C only, then Ebay leaving the segment of B-to-C. On the basis of this condition, Ebay competitors choose to play in the segment of B-to-C. Actions taken by management Ebay is an example of Willingness-based isolating mechanism.


CONCLUSION


Competitive advantage can be encouraged to improve company performance. One of the main factors in the formation of competitive advantage, especially in the era of the 20th century this is the innovation that impact the company's performance is influenced by the level of intensity of competition in the market.


RBV as a theory of the other strategic management is a concept that continue to experience growth over time. One of the developments in management theory perspective this strategy is the birth of a new firm that is comparative advantage, CFA, which was considered to accommodate the implementation of management strategies in a more holistic enterprise in achieving its objectives.



REFERENCES


Barney et al. (2001). The Resource-based View: Origins and Implication. 
He et al. (2008). The Impact of Innovation and Competitive Intensity on Positional Advantage and Firm Performance. The Journal of the American Academy of Business, Cambridge. 
Lockett et al. (2009). The Development of Resource-based View of the Firm: A Critical Appraisal. Blackwell Publishing Ltd.
Madhok et al. (2010). The Resource-based View Revisited: Comparative Advantage Firm, Willingness-based Isolating Mechanism, and Competitive Heterogenity. EURAM MacMillan Publishers Ltd.. 
Thompson et al. (2004). Strategy: Core Concept, Analytical Tools, Readings. McGraw-Hill Companies.

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