We provide a summary of management theories by comparing their salient features. Then, we propose a set of working definitions by categorizing resources into physical, intellectual, and cultural assets. Using our definitions, a conceptual framework is presented showing relationships between assets, capabilities, competencies, and core competencies. We show how to isolate competencies from capabilities by evaluating the collectiveness and unique attributes of capabilities, and how to further determine core competencies by evaluating the strategic flexibility of competencies. We use this framework to evaluate the competencies and core competencies of a UK manufacturing company. Three approaches have emerged as "a counterpoint to market structure analysis of competitive strategy." An account of these is given, and a summary of their salient features is shown.