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Critically review how the resource-based view has developed our understanding of strategy.
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Critically review how the resource-based view has developed our understanding of strategy. A key area of concern for businesses is how to obtain a competitive advantage and furthermore retain that advantage for a sustained period of time. Much strategic management research has focused on understanding sources of "sustained competitive advantage" for firms (Porter,1985; Rumelt, 1984). Strategists in recent times have traditionally based their research (Andrews, 1971; Ansoff,1965; Hofer & Schendel 1978) on a "single organizing framework" (Barney 1991) which first surfaced in the 1960s. Figure one. The relationship between traditional "strength-weaknesses-opportunities-threats" analysis, the resource based model, and the model of industry attractiveness. Strategy from this perspective involves responding to both opportunities and threats, and to internal strengths and weaknesses, as a means of achieving competitive advantage. (De Wit. and Meyer. 2002 p30) Most research on sources of sustained competitive advantage (prior to the Resource-based view (Wernerfelt, 1984)) have followed this "outside-in...
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