Annotated Review:Strategic Marketing

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             2.0 Substantive issues to be explored.
             Some issues to be explored are the hypotheses of each article, the main findings, the practical implications of the theories, and lastly, is the resource-advantage of competition an improvement over the neoclassical theory of perfect competition? .
             Each article has its own viewpoint on the debate whether or not the new model of competition is superior to the existing theory of perfect competition. The task is to identify the issues brought up in the articles and sort them into groups that either support R-A theory or the neoclassical theory.
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             3.0 Annotated review of marketing (research) literature.
             The single most important macroeconomic phenomenon of the twentieth century has undoubtedly been the collapse of command economies (Hunt & Morgan, 1995). Economies that are based on competition rather than planned/ command economies are far superior in terms of the quality, quantity, and innovativeness of good and services produced. The proposed model provides insights into the moderating effects of the characteristics of services, service industries, and firms within an industry on the skills and resources underlying a service business's competitive advantage. How ever for many of the constructs presented in the model, such as brand equity, communication and goods effect, psychometric scales are not currently available (Bharadwaj et al. 1993). .
             The heterogeneity of firms in the micro environment is evident throughout the world's economies (Hunt & Morgan, 1995). The diversity of firms in the market economies is directly contrary to perfect competition theory. The differences in the theories are also present in the literatures that argue for both sides. .
             The series of articles by Shelby D. Hunt, Jay Barney, Sundar Bharadwaj and John Fahy all support the Resource-Advantage theory of competition. They argue the new theory of competition explains key macro and micro phenomena better than neoclassical perfect competition theory.