This article synthesizes the large literature regarding the Resource-Based approach to strategy (Wernerfelt 1984, Barney 1991), which suggests that firm success is related to the set of firm-specific resources rather than to industry attractiveness. After providing a brief history of the Strategic Management discipline, the phenomena of rents and superior returns persistence within an industry is discussed. Next, I examine the characteristics of the resource-based approach to strategy, which emerged aiming to explain firm diversity, and has become an alternative to Porter's model for strategy formulation. Finally, the implications and limitations of the resource-based approach to strategy are discussed.
Keywords:
Resource Based View, RBV, Economic rents, Superior returns, Firm performance, Revision
Olavarrieta Soto, S. (1995). The resource-based view approach; synthesis. Estudios De Administración, 2(2), 17–75. https://doi.org/10.5354/0719-0816.1995.56699
