Essentially resources that meet the valuable, rare, inimitable and non-substitutable (VRIN) criterion and give rise to "fresh value creating strategies that cannot be easily duplicated by competing firms".

As they key and perceived as the cornerstone for competitive advantage. They are based upon highly firm specific managerial and organization processes and are shaped to a considerable degree by its specific asset position and path dependencies.

The capability of an organization to perform a coordinated set of tasks utilizing organizational resources, for the purpose of achieving a particular end result.