1980s – Strategic Management: In the 1980s, there was a shift from strategic planning to strategic management. Scholars and practitioners recognized that strategic management involved more than just planning; it required a holistic approach to managing the organization’s resources and capabilities in a dynamic environment.
1990s – Resource-Based View (RBV): The 1990s witnessed the rise of the Resource-Based View (RBV) of the firm. Scholars like Barney and Wernerfelt argued that sustainable competitive advantage arises from valuable, rare, and hard-to-imitate resources and capabilities possessed by the firm. This perspective emphasized the importance of internal strengths and capabilities in shaping strategy.
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