Elaborate on the resource-based view of competitive advantage.
What will be an ideal response?
The resource-based view of a firm provides a model that systematically aids in identifying core competencies. It is a model that sees certain types of resources as key to superior firm performance. If a resource exhibits VRIO attributes, the resource enables the firm to gain and sustain a competitive advantage.
It is important to note that the resource-based view of the firm uses the term resource much more broadly than previously defined. In the resource-based view of the firm, a resource includes any assets as well as any capabilities and competencies that a firm can draw upon when formulating and implementing strategy.
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