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The Business Management Group conducts research and teaching in the broad spectrum of approaches to strategic management. Strategic management comprises all the decisions, commitments and actions aimed at gaining a sustainable competitive advantage. The market-based view of strategy focuses on opportunities and threats of the industry and environment and suggests selecting an industry with low competitive pressures. The resource-based view of strategy focuses on the internal strengths and weaknesses of the firm and suggests accumulating of and applying valuable, rare, imperfectly imitable, non-substitutable and transferable resources. The institution-based view of strategy focuses on good governance that reduces transaction costs in order to exploit the productivity advantages from an effective division of labor and specialization.