Strategic Marketing and Competition
The Austrian Foundations of Resource-Advantage Theory
Keywords:Strategic Marketing, Austrian School of Economics, Competition, Business Competition, Competitive Advantagee, Competitive advantage
This paper investigates how the Austrian School of Economics is able to contribute to the study of Strategic Marketing. This is a qualitative and exploratory study and uses, on the one hand: a general theory of competition called Resource Advantage Theory; and on the other hand: the Austrian Triad - Action, Time and Knowledge, to better understand Business competition and what leads companies to achieve and maintain Competitive Advantage. Using those two theoretical frameworks I analyze in an unprecedent and detailed manner each one of the premises of the general theory of competition using the ideas of the different authors of the Austrian School and conclude that the Resource Advantage theory is perfectly in line with the different theoretical developments of the Austrian School of Economics and that the latter has a lot to contribute to the evolution of the understanding of Strategic Marketing in general, especially in what concerns market competition. Finally, I present conclusions, limitations and suggest future research to be put forward by people interested in the points of contact between Strategic Marketing / Business Administration and the Austrian School of Economics.
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