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Preferred term

resource-based view of the firm  

Definition

  • The term resource-based view (RBV) refers to a strategic management approach that has deep theoretical roots based in part on sociology and Ricardian and Penrosian economic theories according to which firms can earn sustainable supranormal returns if, and only if, they have superior resources and those resources are protected by some form of isolating mechanism precluding their diffusion throughout the industry.Resources, as defined in the context of the RBV, are the tangible and intangible assets firms use to conceive of and implement their strategies. Resources include physical, financial, individual, and organizational capital as well as managerial teams, senior management groups, entrepreneurial skills, proprietary technologies, relationships, and the collective learning in the organization.Firms that have the ability to capitalize on and exploit such valuable resources can, by doing so, achieve a competitive advantage, with the ultimate goal of transforming a short-run competitive advantage into a sustained competitive advantage. [Source: Encyclopedia of New Venture Management; Resource-Based View]

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https://concepts.sagepub.com/social-science/concept/resource-based_view_of_the_firm

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