Resource-Based View of the Firm

The video discusses how companies can gain a competitive advantage by leveraging internal resources to exploit external opportunities. It introduces the VRIO framework, which outlines that resources must be valuable, rare, inimitable, and organized to capture value effectively. The resource-based view of the firm is linked to understanding competitive advantage and strategy.

Describe the importance of organizing resources for capturing value.

What is the essence of using internal resources to exploit external opportunities?