Strategic assets are anything rare and valuable that a firm owns. They include plant and equipment, location, brands, patents, customer data, a highly qualified staff, and distinctive partnerships. A particularly valuable strategic asset is a company’s brand. Starbucks, for example, has worked hard to build the image of its brand, and it would take an enormous effort for another coffee retailer to achieve this same level of brand recognition.
“Strategic assets are, the set of difficult to trade and imitate, scarce, appropriable, and specialized resources and capabilities that bestow the firm's competitive advantage.”
According to Amit & Schoemaker (1993), “strategic assets are resource and capability which are scarce, uneasily traded, inimitable, durable and can be used to convert the value become profit.” An entity needs these assets for maintaining its ability to attain future outcomes. A company’s future wellbeing can be in danger without these assets. These assets can be divided into larger groups, like physical assets, financial assets, intangible assets, technological assets, and human assets. So, the market leaders should integrate their capability and resources into strategic assets to achieve a competitive advantage for maintaining their strong existence.
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