Resources that are valuable and rare can lead to the creation of competitive advantage. The resource-based view (RBV) argues that firms possess resources, a subset of which enable them to achieve competitive advantage, and a subset of those that lead to superior long-term performance. Here we will use the stock of resources and capabilities that a firm has. For both Sen and capabilities theorists, resources are an input into capabilities.

Assets, capabilities, resources Concise description of theory. The important function of strategic management in fittingly modifying, incorporating and reconstituting the internal as well as the external organizational skills, resources, and functional competences to correspond with the necessity of a transforming environment relates to the term capabilities. 3. A functioning combination is a point in such a space, whereas capability is a set of such points. In the dynamic capabilities framework, the aim is to build a theory of the firm that can explain the competitive advantage of individual firms over time. Within resource-based theory, the key terms include tangible resources, intangible resources, and capabilities. In Porter, this is given by determining the boundaries of the firm within an industry.

These ‘basic capabilities’, such as education, health, nutrition, and shelter up to minimally adequate levels, do not exhaust the resources of the capability approach, only the easy agreement on what counts as being scandalously deprived. capabilities.
Sen’s goal is to build a theory of justice. c) the firm's dynamic capability to find resources that are valuable, rare, difficult to imitate and can be exploited by the organization. d) the combination of individual technologies and production skills that underlie a company's multiple production lines and critically underpin the firm's competitive advantage. They may be particularly helpful in assessing the extent and nature of poverty in developing countries. Resource Based View (RBV) refers to resources and capabilities within an organization in order to develop sustainable competitive advantage (Madhani, 2010).
Definitions:

Resources and Capabilities: the starting point Starting point for strategy formulation has to be a statement of the firm’s identity. Let's pretend that you're the owner of a fast food chain called McDreamy's.


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