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Ten Truths About Competitive Advantage. Jay B. Barney Professor and Chase Chair Fisher College The Ohio State University. Central Principles of the Resource-based View. Firms are bundles of resources and capabilities

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ten truths about competitive advantage

Ten Truths About Competitive Advantage

Jay B. Barney

Professor and Chase Chair

Fisher College

The Ohio State University

central principles of the resource based view
Central Principles of the Resource-based View
  • Firms are bundles of resources and capabilities
  • Resources and capabilities that are valuable, rare, and costly to imitate can be sources of sustained competitive advantage
the vrio framework
The VRIO Framework

Is a resource . . .

Costly to Competitive

ValuableRareImitate Organized Implications

No

No -- -- Disadvantage

Yes No -- Parity

Yes Yes -- Temp Advantage

Yes Yes Yes Sus Advantage

Yes

truth one
Truth One
  • The attractiveness of an industry cannot be evaluated independent of the resources and capabilities a firm brings to an industry.
      • Southwest; Wal Mart; Crown, Cork and Seal; Nucor Steel
truth two
Truth Two
  • Competitive advantage is every employee’s responsibility.
      • Janitor at a Nissan plant, secretary at Koch
truth three
Truth Three
  • Doing just as well as the competition ensures mediocrity.
truth four
Truth Four
  • Product features are almost never sources of sustained competitive advantage; capabilities needed to create products can be.
      • Sony Corporation
truth five
Truth Five
  • It is usually better to be an excellent you then a mediocre them.
      • Competing with Cat, Competing with HP
truth six
Truth Six
  • If it is harder for them and easier for you, it is likely to be a source of sustained competitive advantage.
      • The Mailbox, Inc.
truth seven
Truth Seven
  • Trust, friendship, and teamwork—this is the stuff of sustained competitive advantage.
truth eight
Truth Eight
  • Firms with valuable, rare, and costly to imitate capabilities can screw up their organization and still make money—don’t learn from them.
      • Xerox
truth nine
Truth Nine
  • Firms with valuable capabilities that are neither rare or costly to imitate must rely on their organization to make them distinctive.
      • Farmers
truth ten
Truth Ten
  • If a conflict exists between your capabilities and your organization, change your organization.
      • The skill to change, the will to change