Resource-based strategies and problem structuring: using resource maps to manage resource systems

The resource-based view of strategy seeks to explain why some firms consistently outperform rivals in the same industry by acquiring a unique set of strategic assets (or resources). However, differences between dominant managerial mental models in management teams lead to disagreement at the moment of implementing distinct resource-building strategies. This managerial and cognitive view of strategic decision making and competition lends itself to investigation through problem structuring methods. We suggest that resource maps, as a problem structuring method, can be used to interpret managerial mental models for strategic decision making in terms of resource-building processes. Through resource maps, we represent the system of asset stocks believed to be most important for driving business performance. We illustrate the framework by comparing and contrasting maps of the system of resources (asset stocks) that best characterize two leading firms in the UK commercial radio broadcasting industry.