Abstract Sustainable competitive advantage results from the possession of relevant capability differentials. The feedstock of these capability differentials is intangible resources which range from patents and licenses, to reputation and know‐how. A framework of intangible resources has been produced which formed the basis for a national survey of chief executives in the U.K. Some of the more significant findings of the survey were that: employee know‐how and reputation are perceived as the resources which make the most important contribution to business success; and that for most companies operations is the most important area of employee know how. This article argues, by means of both theoretical reasoning and empirical evidence, that the analysis of intangible resources should play a major role in the strategic management process.
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