Too often in undergrad and MBA classes, as well as consultant presentations, the neoclassical theory of competition rears its perfect head. With all its assumptions of perfect homogeneous demand and the free and perfect dissemination of information for all. Bearing little to no resemblance to reality, no wonders so many practitioner, aka business people, think academia lives in an ivory tower.
The Resource-Advantage Theory of Competition created by Hunt and Morgan is the answer. Pragmatic, realistic and comprehensive, the Resource Advantage Theory of Competition not only addresses the multiple short comings of the neoclassical theory, it effectively explains the truth of other key marketing concepts such as Service-Dominant Logic and the Resource Based View of the Firm.
Its tenants are testable and when exposed to it makes sense both on an academic and practitioner level. Perhaps, the highest compliment of all, when it's explained clearly one of the response you're most likely to hear is, "Well, that makes sense."
This is a great book to read alongside The Service-Dominant Logic of Marketing: Dialog, Debate, And Directions.
One of the true classics in Marketing is now thoroughly revised and updated. "Marketing Theory" is both evolutionary and revolutionary. As in earlier editions, Shelby Hunt focuses on the marketing discipline's multiple stakeholders. He articulates a philosophy of science-based 'tool kit' for developing and analyzing theories, law-like generalizations, and explanations in marketing science. Hunt adds a new dimension to the book, however, by developing arguments for the position that Resource-Advantage Theory provides the foundation for a general theory of marketing and a theoretical foundation for business and marketing strategy. Also new to this edition are four chapters adapted and updated from Hunt's "Controversy in Marketing Theory" that analyze the 'philosophy debates' within the field, including controversies with respect to scientific realism, qualitative methods, truth, and objectivity.