Resource Based View of the Firm

Paper Summary:

"This paper discusses the advantages and the problems with the resource-based view of the firm (RBV), a concept that is based first on the view that the firm is made up of a number of resources controlled by the administrators of the firm and useful to those who need these resources as needed. How these resources are constituted and how they are managed determines how effective the individual firm will be and account for differences between firms."

From the Paper:

The resource-based view of the firm (RBV) has become more prevalent in recent years and has been refined by various theorists. The concept is based first on the view that the firm is made up of a number of resources controlled by the administrators of the firm and useful to those who need these resources as needed. How these resources are constituted and how they are managed determines how effective the individual firm will be and account for differences between firms. Resources may be tangible, including various assets and easily identifiable elements such as personnel, machinery, facilities, and processes. Some resources are intangible, such as patents, vendor relationships, and other business relationships. While the importance of such resources is generally recognized, what has not always been recognized is that the existence of these resources helps identify what makes a given firm unique and so what that firm does best.

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