Critically review how the resource-based view has developed our understanding of strategy.

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Focusing on the ambiguity surrounding the definition and implementation of strategy, this seminar paper explores how businesses aim to maximize profit through competitive advantage. It emphasizes that strategy serves as a framework for managing and directing a business within its environment to achieve a favorable market position. Citing influential theorists like Rumelt and Porter, the paper highlights the importance of strategic management in navigating competition and enhancing profitability.