The importance of intangible assets in the strategic management of the firm : an empirical application for Banco Santander

Abstract

The focus of our research is to analyze, within the framework of the theory of resources and capabilities (TRC), what is the importance of intangible assets in the strategic management of the firms. An empirical application for the financial sector has been provided, a highly competitive industry which is undergoing big and major changes, and in particular the Santander Group. Specifically, we have analyzed the configuration of strategy, within the Group, at different levels: Corporate, Business, Segment and Functional. Meanwhile, due to the huge importance that corporate level is acquiring, we have also analyzed the values that underpin the organization, the source of competitive advantage, growth strategy and business levels that directly depend upon it. To respond to these objectives, we have developed a questionnaire for managers of Santander Group offices. We show the preliminary results in which we want to emphasize, as well as predicted by TRC, the importance of intangible assets in achieving results, both in terms of competition as well as purely economic. It is also noteworthy, according to managers’ perception, that the competitive advantage on which strategy is built is differentiation with a scope focused on the entire market. Similarly, this differentiation is supported by its financial strength, leadership and brand image.