Crafting Successful Theories The Case of Resource-Advantage Theory

1. by Shelby D. Hunt The Jerry S. Rawls and P.W. Horn Professor of Marketing Texas Tech University shelby.hunt@ttu.edu Prepared for: AMA Summer Educators’ Pre-Conference on Ideas That Matter August 2010 Crafting Successful Theories The Case of Resource-Advantage Theory

2. The Metrics of R-A Theory Success • Google Scholar citations for the Hunt and Morgan (1995, 1996, 1997) JM articles: > 1,000 • Google “hits” for “resource-advantage theory” > 75,000

3. Factors Explaining R-A Theory Success • An interdisciplinary theory • Draws on, has affinities with, other major theories. • Developed in the journals of marketing, management, general business, ethics, economics, and law. • Explains and predicts numerous phenomena. • Provides a vehicle for developing empirically testable research hypotheses. • Provides a foundation for understanding business and marketing strategy. • Provides a vehicle for teaching business and marketing strategy. • Provides a framework for working toward a general theory of marketing.

4. An Interdisciplinary Research Program • Evolutionary economics • Austrian economics • Institutional economics • Socio-economics • Economic sociology • Strategic management • Marketing

5. The Resource-Advantage Theory Research Program

6. The Resource-Advantage Theory Research Program (cont.)

7. Industry- Based Strategy Competences- Based Strategy Resource- Based Strategy Knowledge- Based Strategy Market Orientation Strategy Market Segmentation Strategy Relationship Marketing Strategy Brand Equity Strategy The Resource-Advantage Theory of Competition A Foundation for Business and Marketing Strategy

8. Implications for Crafting Successful Theories Craft theories that can …relate to both marketing and nonmarketing theories …be published in both marketing and nonmarketing journals …explain and predict numerous phenomena …provide a vehicle for teaching marketing …“fit” into larger research programs