Competitive advantage strategies in times of adversity
In "boom" times, firms can be successful without clearly developed strategies, without the benefit of a clearly conceived concept of competitive advantage, and without a foundational understanding of the process of competition and the role of institutions in that process. However, in times of adversity, managers should understand how the different approaches to strategy development apply in different contexts, understand the process of real-world competition, understand the many dimensions of competitive advantage, and understand the role of institutions in competition. This article discusses how a recently developed theory of competition, the resource-advantage (R-A) theory of competition, (1) provides a perspective for managers that shows how competition is a dynamic process, (2) explicates in detail the concept of competitive advantage, (3) explains how institutions affect the process of competition, and (4) integrates the fragmented strategy literature.
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Document Type: Research Article
Publication date: 2009-06-01
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