Assessing the Effect of Knowledge Acquisition on Competitive Advantage: A Knowledge-Based and Resource-Based Study

Abstract

The sustainability of competitive advantage is known to be influenced by knowledge-based threats like imitation, substitution, hold-up and slack.  Strategic management researchers have relied on the “resource-based view” and the “knowledge-based view” to explain how to avoid these threats since tangible/intangible assets and intangible capabilities contribute to the achievement of competitive advantage. This reasoning has further given rise to the question “why do some firm’s outperform others?” Thus, owing to the increase in the employment of knowledge workers, the use of Information and Communication Technology (ICT) in service delivery, and the upsurge in the number of hotels in the hospitality industry in Benue State, this study assessed the relationship between knowledge acquisition and competitive advantage. The study adopted ex-post-facto research design and multi-stage sampling technique to select the elements that completed the questionnaire from the population of employees of the selected hotels. The validity and reliability of the questionnaire was confirmed using Kaiser-Mayer-Olin (KMO), Bartlett and Cronbach alpha tests.  Linear regression statistical method was employed to test the research hypothesis. It was found that knowledge acquisition is significantly related to competitive advantage.  In view of this, hoteliers and hotel managers should employ ICT systems, skilled knowledge workers and all other relevant knowledge management resources that will further help to enhance knowledge acquisition. At every point in time, efforts should be made to acquire modern and latest systems and to improve employees’ skills through training and retraining. Again, a cordial relationship between employees/managers and customers/the general public should be encouraged to ensure free flow of relevant information/knowledge from the customers/public to the organization.

Keywords: Knowledge acquisition, Competitive advantage, Knowledge-based view, Resource-based view