The cornerstones of competitive advantage: A resource-based view
Version of Record online: 8 NOV 2006
Copyright © 1993 John Wiley & Sons, Ltd.
Strategic Management Journal
Volume 14, Issue 3, pages 179–191, March 1993
How to Cite
Peteraf, M. A. (1993), The cornerstones of competitive advantage: A resource-based view. Strat. Mgmt. J., 14: 179–191. doi: 10.1002/smj.4250140303
- Issue online: 8 NOV 2006
- Version of Record online: 8 NOV 2006
- Manuscript Revised: 9 NOV 1992
- Manuscript Received: 27 APR 1992
- competitive advantage;
- single-business strategy;
- corporate strategy
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.