Competing On Resources: Strategy In The 1990s.
In the article, the authors introduce a new approach to strategic management called the "Resource Based View of the Firm" – RVB. RVB attempts to develop a business model framework that helps describe how a company's resources drive its performance in a dynamic competitive environment. This approach integrates the internal analysis of the company (i.e. core competencies) with the external analysis of the industry and the competitive environment (i.e. Porter's Five Force Model). The article argues that both analyses are required to accurately assess a company's competitive position. While Porter's Five Forces Model helped strategic managers choose the right industries and, within them, the most attractive competitive positions, it did not place a high enough emphasis on a company's core competencies. The emphasis in the model was clearly on the phenomena at the industry level. Likewise, the core competencies approach emphasized the importance both of the skills and collective......
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