Based upon the assigned readings (there are articles listed below) and supported by additional sources, describe the Resource Based Theory (RBT) school of strategic management theories and how it has led to advancements in the field.
The Resource Based Theory
As a platform for gaining and sustaining competitive advantage, resource-based theory (RBT) has been the most prevailing and dominant paradigm in strategic management over the past several decades. Resource-based theory suggests that resources that are valuable, rare, difficult to imitate, and nonsubstitutable best position a firm for long-term success. These strategic resource can provide the foundation to develop firm capabilities that can lead to superior performance over time. RBT persuades firms to gain competitive advantage through strategic resources, capabilities and distinctive competencies. RBT builds on past ideas about resources, but it represents a big improvement on past ideas in at least two ways. First, RBT offers a more complete framework for analyzing organizations, not just snippets of valuable wisdom. Second, the ideas offered by RBT have been tested and refined through scores of research studies involving thousands of organizations.