According to Industrial Organizational (1/0) theory, industry forces in which a firm operates are very important for the firm to maintain profitability. 1/O theory places a premium on the environment and is explicitly concerned with the opportunities and threats stemming from the environment. In contrast, based on Resource Based View theory (RBV), sustained competitive advantage largely depends on the resources (assets, capabilities, organizational processes, firm attributes, information, and knowledge) a firm possesses. Although a firm's external environment is important, firm resources are far more important than the environment in which the company operates. Discuss the differences of these two theories and suggest your opinions that benefits strategic planning process in organizations. (20 markah/marks)