Firm Resources and Sustained Competitive Advantage

Marketing inherited a model of exchange from economics, which had a dominant logic based on the exchange of “goods,” which usually are manufactured output The dominant logic focused on tangible resources, embedded value, and transactions Over the past several decades, new perspectives have emerged that have a revised logic focused on intangible resources, the cocreation of value, and relationships The authors believe that the new perspectives are converging to form a new dominant logic for marketing, one in which service provision rather than goods is fundamental to economic exchange The authors explore this evolving logic and the corresponding shift in perspective for marketing scholars, marketing practitioners, and marketing educators

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Evolving to a New Dominant Logic for Marketing

This paper elucidates the underlying economics of the resource-based view of competitive advantage and integrates existing perspectives into a parsimonious model of resources and firm performance. The essence of this model is that four conditions underlie sustained competitive advantage, all of which must be met. These include superior resources (heterogeneity within an industry), ex post limits to competition, imperfect resource mobility, and ex ante limits to competition. In the concluding section, applications of the model for both single business strategy and corporate strategy are discussed.

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The cornerstones of competitive advantage: A resource‐based view

The primary purpose of this article is to clarify the nature of the entrepreneurial orientation (EO) construct and to propose a contingency framework for investigating the relationship between EO and firm performance. We first explore and refine the dimensions of EO and discuss the usefulness of viewing a firm's EO as a multidimensional construct. Then, drawing on examples from the EO-related contingencies literature, we suggest alternative models (moderating effects, mediating effects, independent effects, interaction effects) for testing the EO-performance relationship.

Clarifying the Entrepreneurial Orientation Construct and Linking It To Performance

We build on an emerging strategy literature that views the firm as a bundle of resources and capabilities, and examine conditions that contribute to the realization of sustainable economic rents. Because of (1) resource-market imperfections and (2) discretionary managerial decisions about resource development and deployment, we expect firms to differ (in and out of equilibrium) in the resources and capabilities they control. This asymmetry in turn can be a source of sustainable economic rent. The paper focuses on the linkages between the industry analysis framework, the resource-based view of the firm, behavioral decision biases and organizational implementation issues. It connects the concept of Strategic Industry Factors at the market level with the notion of Strategic Assets at the firm level. Organizational rent is shown to stem from imperfect and discretionary decisions to develop and deploy selected resources and capabilities, made by boundedly rational managers facing high uncertainty, complexity, and intrafirm conflict.

https://www.jstor.org/stable/pdfplus/2486548.pdf

Strategic assets and organizational rent

The use of a fairly standard vehicle width of a little under 2 meters originates from the design of prehistoric carts and sleds as evidenced by rutting in ancient roads which aided in steering Despite dramatic advances in vehicular and infrastructural technologies, the standard has changed little over the millennia The gauges of railroad track, for instance, are now standardized at 4 feet 8 and half inches (1435 mm) across Europe and North America, the same as the first steam railway, and a mere half-inch wider than the typical pre-steam tracks in the mining districts near Newcastle, consistent in size with the wheel gauge used in Roman Britain This standard gauge lasted since it was first used on the Stockton and Darlington railway in 1825, and were adopted by most subsequent lines (Puffert, 2002), despite some railways trying alternatives (eg the Great Western Railway was originally built at 5 feet 6 inches, or 1676 mm) Alternative gauges would have accommodated wider, taller, and faster trains more easily, but the standard gauge that was adopted first acquired advantages as other railways sought compatibility with the standard to obtain access to the uses of earlier lines, and helped lock-in that standard

https://www.jstor.org/stable/pdfplus/2486211.pdf

First‐mover advantages

First Movers Advantages

This article reflects upon and updates our prize-winning paper, ‘First-mover advantages,’ which was published in SMJ 10 years ago. We discuss the evolution of the literature over the past decade and suggest opportunities for continuing research. In particular, we see benefits from linking empirical findings on first-mover advantages with the complementary stream of research on the resource-based view of the firm.© 1998 John Wiley & Sons, Ltd. We were honored to receive the 1996 prize of the Strategic Management Society (in cooperation with John Wiley & Sons) for our 1988 paper, ‘First-Mover Advantages.’ It is customary for the award recipients to write a brief article reflecting on the original work. As our paper aimed to provide a unified conceptual framework and critical assessment of the literature, we have chosen to write a somewhat longer piece to update our survey and suggest opportunities for continuing research. Our prize-winning paper began as a series of healthy disagreements between the authors, which took place over brown bag lunches during the summer of 1986. ‘First-mover advantage’ (FMA) was a term widely invoked in strategic management, marketing, and economics. We found, however, that our interpretations of the concept differed greatly. We wondered if our disagreements stemmed from the contrast in our disciplinary backgrounds, or if they reflected a broader lack of consensus among business scholars. During a sabbatical at Northwestern University,

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First-mover (dis)advantages: Retrospective and link with the resource-based view

Four fundamental issues serve to establish the identity of the field of marketing, distinguish it from other fields and disciplines, and compel further research inquiry. These issues ask (1) How do...

Charting New Directions for Marketing

This study examined whether early movers and technology leaders attained superior performance in emerging economic regions. We assessed the determinants and performance consequences of two key aspe...

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Resource commitment, entry timing, and market performance of foreign direct investments in emerging economies: The case of Japanese international joint ventures in China

David B. Montgomery

Papers

First‐mover advantages

First Movers Advantages

First-mover (dis)advantages: Retrospective and link with the resource-based view

Charting New Directions for Marketing

Resource commitment, entry timing, and market performance of foreign direct investments in emerging economies: The case of Japanese international joint ventures in China