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date: 20 September 2020

Abstract and Keywords

This article explains how a strategy can be formulated for a firm. The approach treats the firm as a bundle of assets, in the spirit of recent advances in the resource-based view of the firm. The objective is to help executives who have a responsibility for strategy to construct a believable future direction for their firm. The article puts into practice the principles of resource-based theory. The strategy of a firm should set out the ways in which it intends to deliver future profits for its owners. Firms make profits if they possess attributes that give them competitive advantage. This article uses the term ‘strategic assets’ to describe these attributes. Strategy should aim to enhance the strategic assets of the firm, those assets that enable the firm to secure profitable business.

Keywords: strategy formulation, resource-based view, future profits, business owners, strategic assets, competitive advantage

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