Physical assets like buildings, equipment, and inventory are considered tangible resources. - Intangible resources include non-physical assets like brand reputation, customer relationships, and employee skills. - The VRIO framework assesses a company's resources and capabilities by examining their Value, Rarity, Imitability, and Organization qualities. Competitive advantage refers to a company's capacity to surpass its rivals by providing distinctive value to its customers. Resource-based theory, on the other hand, is a strategic management framework that highlights the significance of a company's resources and capabilities in attaining a competitive advantage. Consider the renowned eatery, "The Gourmet Table," and examine its tangible and intangible assets that could potentially provide it with a competitive edge