Abstract
The paper builds on the resource-based approach to the firm and develops it further towards the knowledge-based approach by exploring the importance of knowledge in a modern firm. Various concepts explaining characteristics of knowledge are compared and contrasted in order to contribute to the current strategic management thinking and to stimulate adoption of the concepts of knowledge management in modern businesses. The paper draws from the literature review made within the project Information and Knowledge Support for Strategic Management financed by the Czech Ministry of Education, Youth and Sports.
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