The resource-based view (RBV) is a model that sees 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.

The resource-based theory (RBT) is an influential approach in strategic management. It has been widely applied as a managerial framework to determine vital resources for a firm to achieve a sustained competitive advantage.

resource-based theory acknowledge industry structure’s role in explaining firm performance? Does resource-based theory incorporate uncertainty? Does resource-based theory have strong managerial implications? In accomplishing these tasks, the article sets the stage for the further evolution and application of resource-based theory.

During the 1990s, the resource-based view (also known as the resource-advantage theory) of the firm became the dominant paradigm in strategic planning. RBV can be seen as a reaction against the positioning school and its somewhat prescriptive approach which focused managerial attention on external considerations, notably industry structure .

The role of resource- based theory in strategic management studies 133 work focuses on how rms can use alliances to either exploit their preex- isting resources or to develop new resources.